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Thursday, 23 June 2016

Exclusive - 3 Ultimate Ways To Save Money For Retirement


3-ultimate-ways-to-save-money-for-retairement

 The time is fast approaching when you want to seat back and enjoy the fruits of your labour, where you don’t need to worry about your monthly income, deadlines, monthly or quarterly progress reports. The question though remains how do I facilitate a robust, fuller retirement fund.
The Three words are Plan. Invest. Save.

1.Plan:
 The first thing you have to consider is how long do I expect to live, judging from your health, your parents and grandparents you get a good estimate. Then the next question will be when do I want to retire and how long will I get to enjoy my retirement. This is necessary to keep the end goal in sight. If your estimated life expectancy is 70 years of age and you plan to retire at age 50, then you have over 20 years of retirement. Having figured this out you need to set your goals. How much do you need to live that good life and how much do you plan to have in your retirement fund by your specified age of retirement. How much must you put aside annually. How much of your income do you want to invest? This should not exceed a specific percentage (0-15%). Do you need to work longer hours, what is the position of your children? Once this has been determined then you begin to pace yourself. Keep a track sheet and review it periodically.

2.Invest: 
You need a smart investment plan. Forget the stock market target instead guaranteed funds (regardless of whether profit is made or a loss sustained your initial capital is returned to you, if there is a profit you get your returns.) such investment have a medium to a high rate of returns they are closely monitored and extensively planned out. They span from three months to five years and are good mid-long term investments. Treasury bills will most definitely come in handy and fixed deposits are good to go. If you have property now is the time to start making necessary renovations or to buy a much smaller property in an area you hope to settle permanently after retirement (village, home town, beach front property, farm). This is because one needs to consider selling the current property especially as the children have flown the coop. if it is a large family type house it can be converted to flats and rented out for even more stable income.

3.Save: 
Take advantage of whatever benefits are due you from all available schemes. Elderly people have certain discounts, interests and allowances afforded them in different states both medical and otherwise. Also read the fine print in the pension scheme and retirement plan afforded by various insurance companies, pension fund administrators and your place of work. You can invest in a timed life insurance scheme.

Be sure to always set aside in a separate account to be fixed and rolled over periodically with its interest for emergencies and unplanned for events. It ensures that your nest egg isn’t affected and doesn’t pressure you to use above what you can handle. Eventually if unutilized it is added back into your savings and it acts as secondary fixed investment.

This allows you to save and add to your income. Have a savings only account that you do not touch. Cut down on your expenses and do not make them directly proportionate to your income. Choose a specific percentage of your income to spend and budget within the stipulated amount. If there is family support coming in from the children and relatives: Save half of it. Do not use it all especially if it was unplanned for.

Constantly review your finances and returns on investment to ensure that you are on track to your end goals, remember the easy life comes after loads of hard work.

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