Planning for your retirement should not become a burden. It should be part of an exciting journey through life. After all, retirement means you have done your part while you were young and it is time to spend the remaining years of your life living the results of your accomplishments. With this said, it is not hidden from view that many people do not enjoy their retirement days because they have not prepared in advance.
But what is there to prepare? There is only one thing, your savings.
The best time to start
The best time to start saving for your retirements is now whether you are young or whether you have a few years before your age of retirement. When you start saving for your retirements make sure you have an attainable goal in mind. Frustration can be your worst enemy in maintaining your savings.
Your retirement needs
Before retirements Home, make a list of what you really need when you are no longer employed. Aside from shelter, food, and clothing, you may want to think about other things you want to do. If so, you need an excellent plan to get to that part of your goal.
Lock up your savings
There will be times when you will be tempted to withdraw your retirements savings for some expenses you need to settle. This is a very common issue with younger people because they think they can compensate later on by saving more. Well, they often fail to save more, though. If you have to lock up your savings and throw away the key, do so. You can also try a time deposit strategy.
Don’t Miss:
Spend money within your means
The most common reason why people tend to fail in saving for their retirement at an earlier age is that they are inclined to spending more than they can afford. Understanding the principle of spending money within your means can save your bank from breaking.
Read here > 5 Ways Retirees Can Tackle Their Credit Card Debt
Prioritize
Every time you get your paycheck, make it a priority to set aside money to your retirement savings account. Most people would save the last of their paycheck for their retirements benefits. That is good, too, but the disadvantage would be if nothing is left then nothing is saved as well.
The United States Department of Labor says that less than half of Americans have really looked into how much to save for retirement. It shows that not everyone in society is ready to face retirement. Yet, it is a part of life everyone goes through.
Well I guess we must put our money in some investment plans like FD or etc. Or investing in land is also a good idea.
The above listed points are very helpful.
Hello Adam,
Yes I Agree With you, Thank’s For feedback,
Muhammad,
Useful article about planning for retirement. For me, the good thing was that I had a professor position at a college which provided a pension.
I also had invested some money in a tax-deferred annuity and in an IRA. So I didn’t think much about saving, I knew I could spend freely
and still have money saved up. What I did was to spend a lot of money on my own self-improvement, education to improve my teaching
and counseling skills, and then after retiring from teaching I spent a lot of money on learning how to navigate the web.
Without knowing you have some financial security, it is quite difficult to consider retiring. Although I have retired from my full time teaching position,
I am not fully retired. I have been seeing my therapy clients and continuing to build events and courses and I have my books online.
Warmly,
Dr. Erica
Hello Dr.Erica
Glad You Like It! Thanks For Lovely feedback!
Hey Tabish,
Saving for retirement is a lot like dieting. We all know what we should be doing, but actually doing it is hard. It’s much easier to make excuses. There are plenty of people who make enough to save but don’t make saving a priority.
When planning for retirement, the truth is that the earlier you start saving and investing, the better off you’ll be, thanks to the power of compound interest. And even if you began saving late or have yet to begin, it’s important to know that you are not alone, and there are steps you can take to increase your retirement savings. Eventually, thanks for sharing your worthy experience with us.
With best regards,
Amar kumar
Hey Tabish!! Thank you so much for this wonderful post. Really this post is very helpful for the people who are planning for their retirement. I gained knowledge regarding my savings. Keep posting such useful posts.
Arumugam Rangasamy,
I am glad you liked the post of Tabish
and hope it will be useful for you.
Thank you for your comment and visit
Erika
Hello,
Well prioritizing is really important in every financial matters. We must save money for retirement for a good life.
This is indeed a very useful post.
Thanks
Hello Rajkumar Brother,
Appreciated Your Lovely feedBack,
Great tips, I started saving for my retirement when I was in my 20’s and haven’t touched that money. I think it’s really important if you have spare cash not to spend it all but to put some away for the future, and what better time to save for than when you retire.
Enjoy the journey!
Good Steps, Allen Ma.am Keep It Up,
Hi Erika mam and Muhammad Tabish, Great tips i never thought of these things. I am habitual of living in today’s life never think of future. Thanks for sharing these great tips with us.
Hi Sazia,
Thanks For The Lovely feedback,
Have a nice Day Ahead,
Hi Sazia,
I am glad you liked the tips of Tabish .
It is true many people do not think about the future.
Thank you for your visit and commnet
Erika
Very good advice Muhammad. The best time to start planning for retirement is when you are young. If people would take your advice, they would be better prepared and not have to keep working like so many senior citizens have to do nowadays.
Thank You So Much, Lynn Ma.am, Keep Visiting
Good, Valid Points Muhammad.
It would surely help retired persons,
Keep posting such a informative post.
These are great tips, Muhammad. Retirement planning should be done as early as possible to reach your goals and to attain financial independence.
I agree that it is wise to spend money within your means. It’s a simple rule that everyone should live by if they want to reach their goals and to have enough savings for retirement.
When it comes to determining your retirement needs, make sure to include other potential needs like healthcare and long term care. Consider getting long term care insurance to protect your retirement income and as well as your loved ones.
Aside from enrolling in different savings plans and making sound investments, I agree that including healthcare expenses in your retirement plan is a must. Medical costs continue to become expensive and will hurt your savings and your family if you don’t plan for this right away.
These are great tips and I hope you’ll continue to share more tips about retirement.
Harry Burrow,
I am glad you liked Muhammad’s article and found it helpful.
Thank you for your comment and visit.
Erika
Hi Muhammad
These are great tips to save for retirement. You did a great job with this post. It is great to see you in Erika’s blog. Thanks for sharing. Take Care
Hi Muhammad,
Everyone wants to retire early and with a good money. So, it is an amazing post. Thanks got the great share.
Have a good week ahead.