Start preparing for retirement as soon as you can

Start preparing for retirement as soon as you can
Published: 03 April 2019 (2593 Views)
It might not be something you think about very often, after all, retirement for some of you can seem like a long way away. However, before you know it, the day will come, and it's important you're prepared for it. More and more people have to rely on Social Security and other government benefits for the majority of their retirement expenses, but there are things you can do today to improve the likelihood of enjoying a comfortable retirement.

Start Saving Early
The earlier you start saving for your retirement, the better. The younger you are when you start putting money to one side for your retirement the greater its value when you retire. There's quite a difference between a savings plan you start when you're in your twenties and one you don't start until you're forty. It can be as much as $150,000. You have a number of retirement savings options including employer-sponsored retirement plans, IRAs and other types of savings accounts.

As well as saving as much as you can, paying off your debts while you're still working is essential. The number of retirees who are in debt is increasing, and you could find yourself in a downward spiral. If you've got credit cards don't use them unless you can pay them off monthly. Also, consider creating a budget or personal spending plan as this will help you lower your present expenses and increase the amount of money you're saving.  

Savings and Investments Aren't the Same
Many people confuse savings and investments, thinking they're the same when in fact they're quite different. Your savings tend to be very safe and liquid whereas investments come with various levels of risk. Investment options are varied and could include stocks and bonds, real estate, art, gold, and Canadian cannabis stocks, for example. The price of investments fluctuates depending on several factors such as investor sentiment, the economic and political climate and the nuances of each type of investment. With limited liquidity and increased volatility investments generally, provide a much higher return than a savings investment.

Stay Fit and Healthy
Your quality of life is not just dependent on your financial wellbeing. Your health and fitness should also be a top priority. The lifestyle choices you make when you're young have a significant impact on your physical and mental wellbeing. Smoking, excessive alcohol use, lack of exercise and obesity all have adverse effects, even though you might not experience them until you're much older. Taking care of your health when you're young pays off in later years because you'll have a better quality of life and your medical bills will be lower.

Your retirement years are meant to be your golden years, and there's no reason why they shouldn't be the years you've dreamed of. If you choose to take responsibility early on in life and are sensible with regards your spending habits, investments and lifestyle choices it means you'll be able to reap the reward in your later years, as well as those leading up to retirement.


- Byo24News

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Toddler drowns

by Staff Reporter | 20 August 2019 | 25 Views

Egyptian diplomat sues hubby's small house in Zimbabwe

by Staff Reporter | 20 August 2019 | 22 Views

Zimbabwe lags behind on fiscal transparency: US

by Staff Reporter | 20 August 2019 | 20 Views

Intra-party violence rocks Zanu-PF

by Staff Reporter | 20 August 2019 | 22 Views

Govt floats $60m Treasury Bills

by Staff Reporter | 20 August 2019 | 19 Views

Zimbabwe targets Japan for investment

by Staff Reporter | 20 August 2019 | 18 Views

Facilitate Gukurahundi apology, Mudenda urges NPRC

by Staff Reporter | 20 August 2019 | 17 Views

Mliswa praises ZNA efforts

by Staff Reporter | 20 August 2019 | 21 Views

Defiance Campaign for Mthwakazi

by Thulani Nkala | 20 August 2019 | 24 Views

Forex black market becomes unpopular

by Staff Reporter | 20 August 2019 | 20 Views

Former minister court case postponed

by Staff Reporter | 20 August 2019 | 21 Views

Mnangagwa beware, people will come for you

by Zanda Shumba | 20 August 2019 | 31 Views

June O-Level pass rate drops

by Staff Reporter | 20 August 2019 | 21 Views

Mnangagwa posters defaced in Marondera

by Staff Reporter | 20 August 2019 | 11 Views

Headmaster breaks pupil's arm

by Staff Reporter | 20 August 2019 | 20 Views

Mnangagwa intensifying crackdown against the opposition

by Staff reporter | 19 August 2019 | 174 Views

Mphoko now a fugitive, Zimbabwe genocide perpetrators still free

by Staff reporter | 19 August 2019 | 140 Views

Antipas appointed Warriors caretaker head coach

by Staff reporter | 19 August 2019 | 96 Views

Mphoko flees poisonous injection

by Staff reporter | 19 August 2019 | 232 Views

Chamisa plans to meet Putin over Zimbabwe crisis

by Sputnik | 19 August 2019 | 164 Views

BREAKING: Long convoy of army, police trucks seen in Bulawayo

by Staff Reporter | 19 August 2019 | 147 Views

MDC Alliance now a terrorist group

by Staff Reporter | 19 August 2019 | 148 Views

'Army rigged Jonathan Moyo in 2013 elections'

by Mandla Ndlovu | 19 August 2019 | 154 Views

MOPA Bill outlaws protests

by Darlington Nyambiya | 19 August 2019 | 111 Views

Zimbabwe troops and police deployed in force

by AFP | 19 August 2019 | 124 Views

FULL TEXT: Phelekezela Mphoko speaks on corruption charges against him

by Phelekezela Mphoko | 19 August 2019 | 141 Views

Kambarami abducted, dreadlock shaved off using glass

by Mandla Ndlovu | 19 August 2019 | 185 Views

Mudenda calls for Gukurahundi public apology

by Staff reporter | 19 August 2019 | 120 Views

Mnangagwa in show of force to thwart MDC Bulawayo demo

by Staff reporter | 19 August 2019 | 124 Views

BREAKING: Mphoko on the run

by Staff reporter | 19 August 2019 | 109 Views

Thabitha Khumalo and crew gets $200 bail each

by Staff reporter | 19 August 2019 | 90 Views

Chief Ndiweni appeals against jail sentence

by Staff reporter | 19 August 2019 | 107 Views

BREAKING: Bulawayo magistrate quashes MDC Alliance demo appeal

by Staff reporter | 19 August 2019 | 81 Views

Top 10 teaching sites for kids

by Staff Writer | 19 August 2019 | 98 Views

An open letter to Magistrate Gladmore Mushove

by MLF | 19 August 2019 | 127 Views

Harare CID officers deployed to Bulawayo to thwart MDC demo

by Staff reporter | 19 August 2019 | 72 Views