Secondly, saving for your kids’ education is important but many forget that there are loans and scholarships also available for that. However, you can’t exactly “loan” money for your retirement. Ideally you will allocate funds for both purposes, even if it means a smaller amount for each fund.
Instead of deciding on a set amount, consider the lifestyle you want to maintain after you retire. Money for food, transport and health care only covers the very basics of needs, but what about your travel dreams? It’s never too early to start thinking about your retirement investment plan — one that will provide you with monthly passive income — so you can live the way you want to in your golden years.