Saving for Retirement

Planning and saving for retirement as early as now is not wishing that you’d lose your job; it’s actually a good thing, since you’ll never know what the future might bring. As the old saying goes, it’s better to come early and prepared, than come in late and clueless.

  1. Life expectancy due to health issues – if you think you’ll still live for the next few years after retirement, consider your annual expenses.
  2. Cash Inflow – Will there be other resources? Or will this be your money? Lump sums are pretty tempting, but always think long term.
  3. Family – Planning with the family is always best in these situations; do they know your plans? Make sure they do, so you can make the necessary adjustments, and you can discuss your options as a family, specifically when you’re talking about how to sustain each other.
  4. Plan B – Having a contingency plan is one of the best things you can have. If this doesn’t work, then what will? Closely related to the previous and succeeding items.
  5.  Investment – Investing your money into something is always, ALWAYS a great idea, especially if you’re already retired. To make sure there is a continuous flow on cash, engage in a business deal, or become a small-time merchant. Put it in a bank. Be creative. Just remember to place your money where it would be productive.

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