15:29 25 February 2013
A lot of older men and women depend on the government or their children when they stop working. If these people did not save enough money for their retirement, they may become a burden to other people. Surely, you don’t want to become one of them, right?
The best thing that you can do when planning for your retirement is to start as early as possible. Start saving money the moment you get a job. Make it habit to set aside 10 to 20per cent of your salary the moment you get your paycheck.
Then, build your emergency fund. This is one thing that you need to do before you put your money elsewhere. This should be 6 times your normal monthly salary.
Next step is to invest money instead of putting them on your savings account where interest rate is very low. Consider stock market and mutual funds. You can also consider buying properties that you can sell later on.
If you’re very new to investing, do your research and get as much information as possible. Also, invest on hiring independent financial advisor. Their services can be pricey but their services and the benefits these can offer are worth it.
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