You need to be thinking about retirement the moment you get your first job. The longer you wait to start saving for retirement the lesser the years you will have to accumulate enough money for your retirement. However, you need to think about the kind of a retirement plan you should go for based on the benefits each one of them will give. The government does have a retirement plan where everyone can save but you need to explore more options in case they end up being better for you. However, things will be quite different as far as private retirement plans go and it will be worth a shot. Your money will not be taxed highly which is a bonus. You may spend years saving only for the government to take half of your savings in the form of taxes and that will be disheartening. Thus, ask questions before you choose a particular retirement plan so that you will not be uncalled for surprises.
The private companies will not just keep your money laying around but rather they will invest it to ensure every client gets his or her money during the agreed upon time. Many people are in the retirement age now and given that the government is not keen on investing the money people are giving them towards retirement they will always send the payments late because they have to move things around to get enough money. You will be thankful for the efficiency of the private sector as well. Whether you are seeking information or just interested in getting updates you will always be attended to fast. In addition, there will always be someone to listen to your concerns and questions if you have any and you will be directed appropriately. Therefore, you are better off getting a private pension plan if you do not want to deal with the inefficiencies that are rampant in the public sector.
You will not be restricted to only one option when you have decided to save for retirement at the private companies. You can work with the service providers to come up with a plan that will see you retire with the financial portfolio you desired. There is an upper limit on the savings with the government plan which is why you cannot entirely rely on it. For those who want to have accumulated a lot of wealth by retirement the government retirement plan alone is not enough. Given that you will not be working during this period you need to have enough to sustain you for the rest of your life so that you won’t burden your loved ones.