Question

250 Words

What steps are you taking now to ensure you have an adequate amount saved for retirement?

Answer 1

1)Start retirement planning as early in your 30s-invest 10% of income in mutual funds or high return assets like equity,you should do this for 25-30 years. As well as use the retirement plan of your company.

2)Upgrade skills at work-this will help in increase in income from which extra money can be saved and invested.The more you invest,the better it will be.Dedicate at least half of new money to retirement plan.

3)Save consistently- Pay yourself first and bank the money you save because at retirement you will find a big lot of money waiting for you. Try to increase the monthly savings.

4)Examine budget-Always prepare a budget and try to not spend unnecessarily.Priortize the needs and spend accordingly.

5)Health insurance-have adequate health cover and try to go with a plan with a lifetime renewal option as it will help a lot during post retirement days

6)Retirement account- There should be consistent increase of contribution in retirement account in every 6 months or at the end of every year.

7)Take help of financial advisor-It is helpful for those who aren't sure what their retirement planning move should be.