What to do when the savings for retirement is way over the budget

[Alexandoy]

This topic is the opposite of the usual insufficient savings or not enough pension. When your money in the bank is too much for your retirement needs. what do you think should be done? The first impulse is to invest the money so that in the future it will retain its real value and will not be much affected by the inflation. Now I realize that investing is easier said than done. When I think of my money in the bank it is like I become very choosy with the investment. Is it safe? Is the investment good enough to earn for maintaining the value of the money? So many questions come to my mind when I get an offer of investment. Maybe I am just overwhelmed with the funds that I received from the employer of my wife that now I became a bit paranoid. It's been 2 months now that I have been searching for an investment scheme that will satisfy my requirements.

 

[Kendy]

I presume, the best thing to be done when our savings for retirement is way over than our budget is to cultivate the habit and essence of investment. There are different ways in which we can invest our money and it will yield divedends. Savings might not always be enough when it comes to solving our needs but we can always use or savings in profitable ventures. Retirement is a gradual process and so is savings, having a budget towards retirement period is a good plan, but is it possible that the prices of goods, products or services in 2020 will likely remain the same on 2029? This is totally impossible, because the prices of goods has always been increasing especially in my country and the prices of goods is mostly regulated in relation with the prices of fuel. This is the reason we should not dwell solely on our saving capabilities. Savings would not be sufficient to cater for all our needs, especially in cases of emergencies and some calamities which is beyond our immediate control. Investments and saving concurrently is a better way of ensuring that our budget goes in line with our savings and our investments.

 

[Kingsley]

That will indeed become a blessing, because the usual pattern has always been that there not enough savings after retirement, this has been the usual trend here in this country and every now and then you will see the pensioners roaming the streets with placards and sign post all wailing and protesting over their unpaid pension funds. It is a very painful and horrible story altogether here in this country. Since I was born till death we have never experienced or heard about a situation where a pensioner will come forward boldly to say that he or she had a savings after retirement that is way over board his or her budgets. But in such situations where the pensioners savings outweighs the available savings, then such person will certainly be open to alot of opportunities that he or she can invest in.

Such a person can invest in a series of other business ventures he or she can invest in. Such a person can look out for other profitable business ventures where they can invest in to make more profits.

The person can either look into agriculture because this is one area that is very lucrative at the moment as there appears to be shortage of food.

 

[Mika]

When my father retired, he had more money than he needed in his old age. Therefore, he gave some of his money to his kids. Since his kids received money from their father, they regularly look after him (financially, as well as emotionally). In my home country, it is a common practice to give your retirement funds to your kids (provided you have surplus money). Well, not all kids can be responsible towards their old parents, I have seen a lot of people taking undue advantage of their old parents. However, there is a strong law against this. If the kids receive financial help from their parents and if they do not look after their parents, they will be sent to jail and fined heavily. It is too early for me to think about retirement, however, I plan to invest in property instead of saving money in the banks. By the time I retire, I hope to have a few acres of land in the countryside so that I can live peacefully in the countryside in my old age. I am also investing in the share market, hopefully, it will help me in my old age. I might also get involved with community work with the surplus money.