Leah Kelvin
Active member
Saving for retirement is a critical financial priority that necessitates long-term preparation and resolve. Listed below are some stages to steer you in your saving for retirement:
1. Retire Goals: Establish what you would want to achieve when you retire, an example of which could be the age at which you wish to retire, the kind of lifestyle you anticipate and the possible expenditures during your retired life. Clear goals will help in planning and saving.
2. Ascertain Your Retirement Needs: You need to find out how much money should be saved for retirement. Consider factors such as lifestyle changes desired upon retiring, medical costs coming along with it, inflationary pressure and any other specific expenses that may come about. The internet has retirement calculators that can help you estimate your retirement needs based on your current age, income and savings.
3. Be an Early Bird: Time is your biggest capital when it comes to saving for retirement; hence save early in advance. Saving early allows compound interest to work on your money over time; beginning small amounts of cash invested consistently over longer periods can have a major bearing on your pension savings.
4. Take Part in Employer- Sponsored Retirement Plans: Contribute fully to employer-sponsored pension plans such as 401 (k) or 403 (b). Usually employers make match contributions on these schemes translating into free money anyways.
1. Retire Goals: Establish what you would want to achieve when you retire, an example of which could be the age at which you wish to retire, the kind of lifestyle you anticipate and the possible expenditures during your retired life. Clear goals will help in planning and saving.
2. Ascertain Your Retirement Needs: You need to find out how much money should be saved for retirement. Consider factors such as lifestyle changes desired upon retiring, medical costs coming along with it, inflationary pressure and any other specific expenses that may come about. The internet has retirement calculators that can help you estimate your retirement needs based on your current age, income and savings.
3. Be an Early Bird: Time is your biggest capital when it comes to saving for retirement; hence save early in advance. Saving early allows compound interest to work on your money over time; beginning small amounts of cash invested consistently over longer periods can have a major bearing on your pension savings.
4. Take Part in Employer- Sponsored Retirement Plans: Contribute fully to employer-sponsored pension plans such as 401 (k) or 403 (b). Usually employers make match contributions on these schemes translating into free money anyways.
