As far as your personal goals are and what you actually want to do with your life, it should never have to do with the government. You should never depend on the government for your retirement, your financial security, for anything. If you do, you’re screwed.
Drew Carey
Retirement is something that everyone must do. Nature has its own cycle and we are powerless against it. Old age is like starting life afresh as a toddler, and just like a toddler, you are not too strong to provide for yourself; but unlike the toddler, who is being provided for by the parents, your parents are your savings. To be safe, you have to start planning for your retirement now, no need to panic or worry, just start planning and the only way to plan is to save. “Preparation for old age should begin no later than one’s teens. A life which is empty of purpose until 65 will not suddenly become filled on retirement”. – Dwight L. Moody
The question should be “how to save”. To save and plan for your retirement, consider the following tips:
- Discover your passion:
“Planning to retire? Before you do find your hidden passion, do the thing that you have always wanted to do.” – Catherine Pulsifer
Retirement is sweet only when you plan it well. During your retirement days, you will have enough free time for yourself, but to spice up your life, you have to discover your passion, something to look forward to; this will help you to plan well.
- Start saving:
There is no better way to save for retirement than through investments. How you save your money can determine how much you will have. “Cash-in-savings account, short-term CDs, or money market deposits is great for an emergency fund. But to fulfill a long term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money” – Suze Orman, financial advisor
Put your savings in different types of investments. By diversifying this way, you are more likely to reduce risk of loss and increase your return on investments.
Making money is not the most difficult aspect of financial security, keeping the money, for yourself and for your generation, is. It takes commitment, self-denial, dedication and sacrifice to do that. The best saving method for the future is through investment, either in stocks, real estate, bonds or any other investment methods. If you are planning for retirement, in addition to stocks and real estate, bond should be in your investment portfolio, it is one of the best ways to save for retirement. You can always be rest assured that no matter what happens, there will be money for you. This is most assuring if you invest in a treasury bond. Real estate, bonds and stocks are about the only guaranteed and indestructible future financial security plan.
“A penny saved is a penny earned”. – Benjamin Franklin
Most employers do offer a sort of retirement savings plan in the form of 401(k) or other pension schemes, join the scheme and contribute all you can. If you are self- employed, you can still sign up and make your personal contributions to it, it is a way of saving for the future.
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