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01/07/2017

How to Save for Retirement and it's Benefits


Saving for retirement is a very good thing that makes a lot of things easier after retirement but i noticed is very difficult for people to actually save for retirement so in this very article i will outline some basic tips that can help you save for retirement.

I was listening to a radio program (on Hot FM) in that very program they were discussing about this very topic and some few points they made in that very program are very vital and thought i should share them here so that my beloved readers will also know about them and put them into practice as well.

Simple tips to help save for Retirement

1. Start Early: Do not listen to lies people tell that "You are still young" Trust me the earlier the better. Take for instance that you are 20years of age at the moment and you are earning #20,000 every month which can increase in the cause of time, take out #3,000 from it every month and save for retirement then multiply it for the next 40years or thereabout when you retire you will notice that you will have a whole lot of money to sustain you after retirement.




2. Do not rely on one job: Try to have multiple means of income that will increase your earnings and also help to increase the percentage you save every month.

3. Stick to a certain Percentage: Be consistent with the percentage you save monthly. Instead of decreasing the percentage, increase it because maintaining same percentage or increasing it will help you have a substantial amount of money by the time you eventually retires.

4. No amount is too small to save: Often i hear people say that i earn so little amount of money so that is the reason i cannot save for retirement but that is not true. In that very program they gave an example that basically explains this of people that complains of earning so little but still have a side chic( girlfriend) that they spend money on of which they could have set their priorities right and save that money that is being spent on their "side chic" for their future. No matter how little you earn try as much as possible to save for retirement.

5. Suffer yourself a bit: What do i really mean by that you may ask? If it will require living a supposed low class life to see that you have money to save for retirement so be it cause it's for a better future. Disregard that luxurious lifestyle and try as much as you can to maximize that income you earn effectively.

6. Do not look at your parents inheritance: Hoping on your parents inheritance will only make you Lazy trust me. If your parents are wealthy and have so many assets at their disposal, that's a very good thing but that should not make you to rest all your hope on those inheritance what if thing turns bad in the future (God forbid though) and those properties need to be sold to save the situation, what will now be your fate? Think about it. So my candid advice on this work hard and make your own money and save for retirement.

     Benefits of Saving for Retirement:

Saving for retirement has numerous benefits attached to it. For example when you save for retirement>>

* You have financial security at retirement.

* You can afford what you need at retirement.

* You can retire early.

* Your income at retirement will be stable.

In Conclusion: Take the initiative today, do not wait for tomorrow or the day after tomorrow. Start now and make it a duty to save for retirement.

8 comments:

  1. Great post! And I have plans to save for my retirement as well and am working towards it.

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    1. Please do cause it will really help in the future.

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  2. It is so very important to start saving for retirement as early as possible, even if you can't afford a large amount. You can always increase the amount as you begin to earn more. My husband and I have been saving for this for years.

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  3. Great post! As I am getting older I realize I really need to buckle down and start saving. Time flies and putting it off will get me no where.

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  4. As I am in my twenties, retirement feels like another world away. After reading this I have realised that I should probably start considering how much money is going where. We have Super which can be accessed after retirement but it would be nice to have a little more.

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  5. Yes the earlier the better. When you live in Europe you don't have to worry about your retirement because you will get it no matter what and if you had a decent job it pays well in retirement too. However I think our generation will be screwed because these benefits won't be shared with us due to changes and new bills and also bevause.lets just gave it, we are.too many millennials.

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  6. Glad!! I found this post..I was just looking for some kind of saving plan..

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  7. I think starting early is key. When we're young it's too easy to think it's so far away, but you can prepare for the future.

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