6 retirement planning tips
Retirement does not happen as an emergency; it takes time. One way to get comfortable at retirement is to start planning from the moment you get a source of income. Here are five tips on how to start planning for your retirement:
1. Draw a roadmap retirement 3. Start saving 4. Consider principles basic for your
Start planning for your retirement by drawing a roadmap. The roadmap must capture in clear terms where you want to be at retirement, what you want to do and how you intend to achieve them. Know your retirement needs. The roadmap will serve as a guide for your retirement journey.
2. Learn about your employer’s pension plan
If your employer has a pension plan, such as the Contributory Pension Scheme (CPS), check to see if you are covered by the plan and understand how it works. Contribute to the plan and so well. Before you change jobs, find out what will happen to your pension benefit. Avail your new employer with your retirement savings account details for continued remittance of your pension contributions.
You can still save aside from your pension contributions. You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month. Make saving for retirement a priority.
investment
Inflation and the type of investments you make play important roles in how much you will have saved at retirement. Know how your savings or pension plan is invested. Find low risk instruments, such as federal government bonds at dissed invest in. You can invest your savings in real estate and make income at retirement from rents.
5. Get yourself health insurance
Health is wealth and you must be healthy to enjoy your retirement. Find out if you can sign up for any health insurance that can cover for your he alth needs at retirement.
6. Improve yourself before you retire
You may retire before getting tired. So, improve yourself to avoid becoming redundant at your retirement. Improve yourself academically and go into consultancy at retirement. You can also get a good business plan and actualise it at retirement.