Saving for your retirement

[Carpon]

Retired workers do not get paid salaries and therefore, surviving will become a struggle. But saving is a good way out. Now, saving could come in different formats.

You can save by keeping your money in the bank, buying or purchasing shares with a company or business, purchasing a liquidity and many other ways people have taken advantage of while saving.

Saving is very good and for workers who are definitely going to retire, it is good that they have a savings plan and save beforehand. Such savings is what they can use to sustain themselves after retirement either by using the saved amount as capital to start a business or using the money directly to take care of needs.

It is always advisable that amounts saved to a huge sum should be invested in such a way that after some while, you can get some dividend on it.
What are your opinions on savings especially for retirees?

 

[Holicent]

You know that you want to save for retirement. You may even have started to save some money in an IRA or 401(k) plan. But if you're like most Americans, you're still struggling to save enough for the future.

This is where money management comes in. Here are some money saving tips for retirement:

Pay off high-interest debt first. One way to reduce your long-term costs is to pay down your highest interest debt first — credit cards, car loans and other loans with high interest rates. This can save you hundreds or thousands of dollars each year in interest payments alone.

Don't buy stuff on credit cards. Credit card bills can add up quickly, and most people carry balances at least partially because they don't know how much they'll spend during the month. But carrying a balance on a credit card can actually increase your overall cost of borrowing because it increases your interest payments and makes it more difficult to pay off the balance before it balloons out of control. Instead, put cash down whenever possible when buying things on credit, whether it's a new pair of shoes or something else altogether (like paying off a few debts).

Track your spending. There are several ways to track your spending, including tracking what you spend on your debit card or credit card, or using a spreadsheet or online budgeting tool. If you don’t know where your money goes, then how can you possibly make sure that it will last until retirement?

Use a retirement calculator. These calculators will help you see what kind of returns (on average) you’ll need to get from your investments so that they match up with how much time is left before retirement age (when Social Security kicks in). They’re also great for seeing if there are any issues with your savings plan — for example, if your plan has too much risk or not enough growth potential.

Don't overspend during retirement! It's easy to get caught up in spending more than we should during our working years, but don't do that once we hit our golden years! Save as much as possible.

 

[cmoneyspinner]

If you are fortunate enough to have a job that offers a retirement plan, then that's great! But in the USA we have an expression. “Don't put all of you eggs in one basket.” That means don't put your total reliance in just one thing. If your company offers employees a retirement plan, then take advantage of it. But look into other ways to grow your retirement nest egg. Consult a financial advisor or planner. Go to your local bank and ask about ways to save for retirement; and/or DYOR – Do your Own Research. Put money in interest-bearing accounts, buy real estate, invest in stocks, bonds, ETFs, crypto, etc. Whether you work for a buiness or you are self-employed, figure out what financial plan will work for you.

 

[Mika]

If your employer does not give you any retirement benefits, you will have to work hard on building your own retirement funds. In order to do that you will have to save money in your retirement funds. You can build retirement funds in two ways, one, deposit cash on your funds regularly for 20 years and keep your money in some sort of saving account where you will be receiving interest. Another way to build retirement funds is to buy term life insurance for your retirement benefit, pay the premiums for 20-25 years, and after the maturity, you will have sizeable funds. There are also insurance companies that offer retirement insurance plans where you pay a premium for x number of years and then after that you will receive monthly allowances for the rest of your life. You can also invest in the market as your retirement benefit, you can use your investment in your old age.

 

[cmoneyspinner]

Insurance companies offer retirement insurance plans? That's a new one for me. I have never heard of it and I don't know how to Google it. I can't seem to find the right search terms. The search engine results show everything except what I am looking for. Do you know the name of a particular company or do you have an article on this? I am curious..

 

[Finger Geek]

I would say that saving for retirement by investing in stock markets, buying shares and more is the best way to save for retirement. If we say that we want to save by putting our money in bank, then we are on the lossing end. Because by the time someone will be retired, the money would have been devalued. Looking at 10 years ago, we will see that value of a commodity is far different from today's value.

As it has been said that the only way to save for retirement is by investing with our money. And also before we invest in any stock market or shares, we must first do lots of research to know the ones with a bright future. It we don't do that , we might lost out investment and now be blaming ourselves for not using the money to buy things needed that time we earn the money.