Avoid dipping into retirement kitty for other goals

Save separately for all money goals such as children’s education, their marriage and buying a house

Till you are well into your 50s, chances are that retirement is not the only financial goal that you are worried about. You have many others—planning the purchase of your first house and children’s higher education (and maybe their marriages too).

These are some of the common goals that most people have. More importantly, these goals are more immediate than retirement, which in most cases is decades away. So the common refrain is why even bother about retirement when it is so far off in the future?

It is indeed tempting to disregard retirement when you are in the initial years of your career. But that should not be done. We will come to it in a bit.