When you are in your 20s and 30s, retirement can seem far off in the distance. You are probably more concerned about making the most of your career or even beginning a new one, rather than putting much thought into what will happen decades down the track. However, you can set the scene for a comfortable retirement from a very early age. The sooner you prepare for your twilight years, the more options you will have when it comes time to leave the workplace.

Should I start early?

This can seem like a daunting process, particularly when our needs and responsibilities are constantly shifting. Most young people will have some idea of the lifestyle they would enjoy in their later years, so use this as a guide. You’ll need to determine what you have now and how it can serve you in the future. This will include examining any assets, like your house, savings and investments, as well as what superannuation you have and when you will likely be able to access it.

Think about what expenses you are obligated to pay. Whether it’s rent or loan repayments, staying in control of your finances early in life is an important part of retirement planning. Saving even small amounts consistently over the long term can add up to a significant sum. Remember: the more you save in your formative years, the greater resources you’ll have in old age.

Will I need help?

Sorting through your finances can be difficult at the best of times, least of all when you’re planning for the future. It is a complex process than takes time, so it’s worth getting financial advice as early as possible. An adviser can help you with more difficult decisions, like investment strategies, as well as reining in spending and budgeting to allow for a comfortable retirement.