Learning about retirement in college might seem like an unnecessary use of time and resources.
After all, aren’t people in college looking to start their careers, not end them?
However, it’s crucial for people to learn about how to handle their finances at as early of an age as possible.
Here are five reasons why they should teach retirement planning in college.
1. Retirement is something you prepare for
While the typical retirement age is 65, those who are responsible understand that they need to be readying themselves for it well before then. In order to reduce the stress that comes from transitioning from working professional to retired, students need to have the best education possible about how to make the right choices to live comfortably in retirement.
2. Important to put money aside
Saving money is like doing a favor for your future self. When you prepare for your retirement in your 20s or 30s, you’re doing an incredible long-term favor. Letting college students know about the benefits of saving now will drive home how much it can help them in the future.
3. Investing tips
People shouldn’t just save for retirement. They should also invest for retirement. Investment accounts like 401Ks and IRAs allow money for retirement to accumulate impressively and result in even more than was initially deposited. When the time comes to retire, it will pay off very handsomely.
4. Understanding the value of patience
Young people can be focused on instant gratification. You might question why you should have to wait to enjoy the money that you earned. However, by preparing for retirement, you can realize how much of a difference taking your time to let money add up can make.
5. Retirement coming sooner than you think
Retirement might seem like it’s a hundred years away, but it can creep up on you. In order to not end up floundering when it comes time to retire, you need to start now. You don’t have to have thousands of dollars saved up. Just make regular deposits into retirement accounts with companies such as Trajan Wealth. Upon the day of your retirement, you’ll know why you started today.
We hope this has given you a good idea of why they should teach retirement planning in college. The future is yours, and you need to make the right decisions. With these tips, you can help ensure your retirement occurs on time.
- Larry Swedroe, Kevin Grogan
- Publisher: Harriman House
- Paperback: 304 pages
- JL Collins
- Kindle Edition
- Emily Guy Birken
- Adams Media
- Kindle Edition
Last update on 2019-11-15 / Affiliate links / Images from Amazon Product Advertising API