Into his 90s, Warren Buffett remains one of the most successful and influential people in the world of finance. He’s also one of the wealthiest people in the world. But despite being a billionaire, Buffett is known for giving practical advice that anyone can use to begin saving for a comfortable environment today. So we gathered some of our favorite Buffett quotes on retirement that everyone should hear.

24/7 Wall St. Insights

• Warren Buffett is one of the most influential people in the world of finance.
• His teachings have inspired everyone from ordinary people to billionaires.
• Buffett is known for seeking out quality stocks at low prices to hold for the long-term. Some of these stocks also pay dividends which can add an extra boost to your retirement savings. If you want some intel on some of the top players, check out our free report: 2 Dividend Legends To Hold Forever.

1. Prioritize saving

• Savings should be treated like it’s another monthly bill.
• Most experts suggest building an emergency fund that can cover you for six months worth of living expenses.

Saving should become a habit

While speaking to a group of college students, Warren Buffett said, “The biggest mistake is not learning the habit of saving properly.”

Unfortunately, many people fail to make saving become a habit. And thus they miss out on maximizing their retirement savings by the time they reach their Golden Years. Buffett believes savings should be considered something like another monthly bill to factor into your budget. You can take a look at your budget and determine an amount you can comfortably put away for savings. No matter how big or small.

Many banks allow you to automatically withdraw funds from your checking account to be deposited into your savings account, putting the practice and your retirement savings on auto pilot. Over time, you’d get used to setting this money aside and you can watch it grow with compound interest. This is why it’s also important to shop around and find high-yield savings or money market account to build an emergency fund with.

2. Stay invested

• Market fluctuations will happen, but it shouldn’t be a cause for panic.
• There’s room to benefit from market downturns.

Market swings can open up opportunities

Buffett once said, “look at market fluctuations as your friend rather than your enemy and profit from folly rather than participating in it.”

This is crucial to investors as their retirement savings portfolio is among their most important assets and watching their nest egg take a hit can cause one to panic. Some may go on wild sell offs or stop saving altogether. This can prove to be detrimental to your retirement nest egg.

Market downturns are a fact of life, but they eventually recover. In the meantime, you can essentially buy stocks and funds at a premium and then watch them bounce back. Selling them off would basically put you back at the starting line and ceasing to save puts any future compound interest and market returns out of the picture.

3. Don’t stop learning

• Learning new skills or enhancing current ones would always keep you employable.
• The more you learn, the sharper you keep your mind and body.

The more you know

As the job market changes and adapts to growing technology and various economic variables, you may find that you need to learn some new skills. But it shouldn’t be taken as a letdown. Instead, you should view it as an opportunity to hone your craft, and gain new abilities that will make you someone employers would compete for.

As Buffett put it, “The more you learn, the more you earn.”

Constantly learning could keep you not only marketable in various industries, but it will also keep your brain active and strong well into your retirement.

4. Buy value at low prices

• It can behoove you to buy valuable stocks when their prices dip.
• Whether you’re buying groceries or stocks, it’s always important to take advantage of a good bargain.

Buy the highs at the lows

Buffett famously said, “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

Buffett believes investing in companies with sizable potential when their stocks have faced a decline. It may seem counterproductive. But in this case you’re essentially buying high-quality stock on sale. So it’s important to do your homework and seek out stocks with potential for growth by carefully analyzing their company financials and other important factors.

5. Distinguish from needs and wants

• It’s important to stick to your retirement savings plan and not let income boosts influence you to splurge.
• Preserving what you’ve earned is crucial for a comfortable retirement.

Separate the needs from the wants

Buffett has been known for being a conservative spender, despite being a billionaire. He once said, “I’m not interested in cars, and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living.”

With that said, it’s essential to not lose sight of your retirement savings goals. As you move up in your career, you’ll earn more money. But it’s important to look at this as an opportunity to save more, rather than spend more. It’s totally ok to treat yourself, but not at the expense of your retirement savings.

Sure the Tesla cyber truck seems cool, but you might not need it.

6. Avoid debt

• High-interest debt can put a dent on your retirement nest egg.
  The more you borrow, the less you save.
• Debt is a virus in any retirement savings solution

Debt can implode your retirement nest egg

High-interest debt is something that millions of Americans face. And for some people, it can shatter their finances and be detrimental to their retirement savings strategy.

Buffett once said, “I’ve seen more people fail because of liquor and leverage—leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.”

Unfortunately, many people find themselves borrowing for their wants. This can launch an avoidable strike to your retirement nest egg. So it’s important to avoid debt and turn to it only for the necessities and only when all other options have been exhausted. Buffett warns to treat debt with extreme caution.

8. Avoid getting rich quick schemes

• If it sounds too good to be true, it probably is.
• We are unfortunately surrounded with “get rich schemes” on a regular basis.

You’re not getting rich quick

We’ve all heard of some get rich quick plots in one way or another. Maybe it’s a pyramid scheme offer disguised as a “business opportunity.” Or a FOMO-fueled itch to throw all your money into some new and untested asset that promises to be the next “insert previous booming investment.”

But the truth is you’d be taking a high risk that most people won’t succeed at.

As Buffett puts it, “It’s not easy to get rich quick.”

So stick to a steady and time-tested investment and savings strategy in order to keep your retirement plan on track.

9. Saving for retirement is a long-term strategy

• It takes time and effort to grow sizable savings.
• Don’t be discouraged by the downsides that everyone in life faces.

Saving is not easy

As you make your way through retirement, you’re undoubtedly going to face immense challenges. You may face job losses, market downturns, personal calamities, and economic realities that are beyond your control. This shouldn’t slow you down.

As Buffett put it, “Someone’s sitting in the shade today because someone planted a tree a long time ago.”

So it’s important to plant your savings now and keep going no matter what comes ahead. Everyone faces challenges. But it shouldn’t stand in the way of saving for the retirement you deserve.

10. Learn to say no

• Beware of what others may demand from you after you’ve amassed a sizable nest egg.
• Saying ‘no’ can be difficult, but will prove beneficial in the long run.

Just say no

After you’ve amassed wealth, it may be common for others to start seeking out a share. And while it may be personally difficult to do, it would help you to tell these people ‘no.’

Sometimes, you may also need to say ‘no’ to yourself to prevent you from squandering what you’ve worked so hard and so long to gain.

Why we covered this

Saving for retirement is perhaps the most important aspect of anyone’s financial life. After working hard and going through life’s challenges, you deserve a comfortable retirement. Of course, the road there won’t be a nicely paved one and you’re going to go through some ups and downs. But it’s important to start saving now and keep going regardless of any bumps in the road. To offer some navigational tips, we turned to one of the most successful and influential people in the world of finance – Warren Buffett.

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