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3 Legitimate reasons to delay saving for retirement

by , 16 July 2013

We've all heard the same old story. “If you don't start saving for retirement now, you won't even have one!” The thing is, it can be pretty hard to start saving money, especially when you not making enough of it to make it through the month. And while saving for retirement is important, there are cases where it makes sense delaying those savings. Because sometimes you'd be better off spending your money than saving it! Find out when you should spend instead of save…

The 3 reasons why you should delay saving for retirement
 
#1) Invest in your career for a brighter future
 
Having a tertiary education in today’s modern age is becoming more and more important. The competition in this world immense – and people need to get whatever advantage they can to get a job.
 
Back in the day, it seemed like all you needed were the right clothes, the right attitude – and voila – you were presented with a job offer.
 
Nowadays, for a well-paid job it is practically a requirement to have some form of tertiary education. 
 
Some studies indicate that people with a bachelors degree make 84% more over a lifetime than high school graduates. In fact, there are indications that the difference is growing larger and larger.
 
So if you want to earn more in the future – and have a better retirement – consider putting some money down into getting a degree!
 
#2) Start a new business to make it big later
 
Taking the leap of starting a new business is no small feat. It could require you to put most of your assets on the cards, as well as have large debts hanging over you…
 
But…the benefits that come with being an entrepreneur can make it well worth it.
 
For instance, my friend Paul started a simple ice-cream business a few years ago. His costs initially were high. He had to pay for the equipment, the staff and the time…
 
However, now he gets to enjoy the huge sums of money from his venture. But there’s more to it than just the money though… 
 
He gets to enjoy the freedom he gains from designing his own prosperity! What I mean by this is he gets to choose when to work, how to work and with whom to work with.
 
By having such a freedom he would even be able to even start another business to generate even more income! 
 
So spending money on a new business instead of saving could bring you great future wealth.

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#3) You are building an emergency fund
 
Before you start saving for retirement, it makes sense to build an emergency fund. 
 
Life is full of unexpected surprises that you should plan for. For instance, you could lose your job one day and be left stranded with no source of income.
 
So to prevent such a scenario what you should do is build an emergency fund. This fund should have a sum of money equal to three months of your salary. 
 
But after building this fund, you mustn’t touch it. It is strictly for emergencies. And having this fund could be your last lifeline before you are in serious trouble!
 
Things to note before you delay saving
 
It’s worth taking note that these reasons to delay saving for retirement may not apply to everyone. For instance if you’re near retirement it could be difficult studying or starting a new business… 
 
However, these ideas have the potential to save your retirement if you have the right skills and use them at the right time.
 
Thrive in your possibilities,
 


3 Legitimate reasons to delay saving for retirement
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