On Sunday, I read an article by Yap Ming Hui on NST online with the title SAVING little for retirement. This great article is an awakening call for those who are still not planning for their retirement. I won't be surprised to know that even those who make hundreds of thousands a year are not saving for retirement. The main reason is as their income go up, their lifestyle also go up. When a person earns 1K a month, he drives a small and economy car just to bring him to his destinations. With only 1K, how to save for retirement? When his salary increases to 3K a month, he's driving a bigger and more expensive car. In the same way, when his salary increases to 10K a month, he'll replace his car with a more expensive model. If he continues, he will not be able to have enough saving for his retirement.
Yes, as our income level increase, we will need to upgrade our lifestyle. But, do monitor and adjust your lifestyle from time to time according to your retirement planning. It's important to have enough saving for our golden years. Make it a priority to save a portion of our income while we are still in our income generating years as we'll not be working and earning forever.
As you are getting nearer to your retirement years, you will be grateful for your early saving attitude.