Most Agree: Retirement Planning Should Begin Early

Hindsight is always 20/20 and sneaking that crystal ball glimpse into the future is next to impossible. For many of our KBR readers, if they only knew then what they know now, they would agree that retirement planning should start early in life.

Our June poll question asked “If you knew you were going to live to be 100, would you change the way you organize your tax and financial affairs?” Of the 66 voters, 62% of KBR readers answered “yes.”

Diane comments: “I am 77 and knowing what I know now, [I] would have start investing 10-20% of my gross income with my high school job and throughout my working life. As it was, I was 56 before I learned to invest as well as save in my bank account.”

Bev reflects: “I would have gone to work for a company with an extremely good pension rather than as a proprietorship. And I would have started a savings account sooner.  I would have taken some of the opportunity and risks in land investment in my 20s and 30s when I had time to recover.”

Some readers admit they would have sought professional advice earlier. Eveline comments: “I would have made more of an effort to seek out qualified investment planners, listened less to propaganda and invested more conservatively.”

On the cusp of retirement age, Susan states: “At 55 I still need to work 10 or so years to pay my mortgage off, and by that time I will still need to have money for retirement, and with 4 children and still trying to help them with what I can, leaves very little for my retirement.”

Thirty-eight per cent of voters are comfortable with their retirement planning. Don writes: “As I am now 85 I have everything arranged for the next 15 years.” He later adds: “Reading the comments from others, I see that I had an advantage when I said I had everything arranged for the next 15 years. Born and raised during the depression years when my father had to take two jobs to support our family, I learned to save and be economical with my expenditures. When I got my paper route at the age of 15, I saved around 75% of my earnings and never spent them until I needed to fund my University education. I am not advocating another Depression just wondering how we can teach young people to plan ahead.”

Kathleen ponders: “My parents died at age 63 and 66. My grandparents, all four, lived much longer lives, not dying until the ages of 88 to 90 year old. So how long will I live? I have enough money accumulated to retire right now. I am a saver and an investor, and life in the country of Canada has been very good to me. While I would like to travel more, and read more, and write more, I also find an enormous purpose in getting up in the morning to go to work. I have tasks to do, people to communicate with, and knowledge to impart. If I knew I was going to live to 100 years old, then I would be very secure in working until age 70, knowing there still would be time to do other things I would like to do.”

Elizabeth candidly summarizes her position on the matter: “I wouldn’t change a thing – I’m a compulsive saver, but a high-risk investor, margin this, leverage that. Early retired at 51, I think the “running barefoot on the beach at 80” financial freedom ads are deplorable – most of us won’t be fit enough by then to do all that travelling, let alone running! And our partners may be deceased. Sorry for the doom and gloom. Do things now, you don’t need to leave a fortune for others – they’ll get plenty no matter what if you’ve got your affairs in order. So enjoy life now, health will deteriorate and time’s a-wasting! You deserve the fruits of your own labour! Now for me to take my own advice…”

Knowledge Bureau thanks the 66 people who participated in June’s poll. This month’s poll question is:…