Retirement is pretty much inevitable, unless you “live fast die young” but since you are reading this blog, I would assume that is not the case. However, along with the idea of retirement comes the ever-so-precious nest egg, which, you should start thinking about just around your 35th birthday.
In reality, putting up together a comfortable nest egg is not as easy as it may seem. It involves a lot of careful planning since, more or less, your future is in your hands. What’s alarming though is the fact that most older adults nearing retirement aren’t so sure if their nest egg would be enough to tide them over for the next 10 years or so. Yes, investments are in place, as well as their insurances and other retirement what-not but the fear of uncertainty is there, for sure.
For your own piece of mind, we have put together some tips for you to know if you are saving enough for your retirement:
•    Assessing your current financial status, especially your current lifestyle. It includes knowing exactly how much you are spending, let say, every month, and calculating your living cost from there, unless of course, if you intend to have a total “lifestyle overhaul” and end up living like a hermit up in some faraway mountain.
•    Consistent enough. Once you start to save a certain percentage of your income for retirement, make sure that you do this like clockwork. No more excuses, no more allowances. Just straight save up and forget about it—well at the very least, for now.
•    Setting aside budget for everything. Budget for future medical bills, trips you are planning to take, the taxes you are most likely to pay–even your vet bills if you have a pet! These should be considered as a separate entity from your personal nest egg.
•    Considering your dream retirement life. Your retirement plans should be laid out clearly so you can weigh how much you are going to need in the future.
•    Use retirement calculator available online. AARP has one, here is the link:  AARP Retirement Calculator. It will give you an idea how far you are in saving up for retirement and if you are putting your money in the right places.
•    Seek help from a financial advisor. If you’re in a serious doubt, you can consult a financial advisor right away! Two heads are always better than one anyway.