Keys to save for your retirement
The retreat is a stage that sounds distant for most people, so saving for this purpose does not fit into their priorities, however if you want to maintain an adequate lifestyle you have to start planning from today, recommend the specialists The younger you start saving for retirement, the more profitable it will be, so to the list of buying a car, buying a home of your own and having a life insurance you have to add the old age forecast.
- You must know your retirement needs. Experts estimate that you will need 70% of the income from your last job to maintain the standard of living when you stop working.
- As in any financial planning having a budget is essential to know how much we can save and where it is possible to reduce expenses. Consider saving between 10 and 15% of your disposable income once you’ve paid your fixed expenses.
- We say that the habit makes the monk, so it will be necessary to get used to saving, at first the amount may be small, but the gain lies in making a commitment and fulfill it because when you have the habit of saving gradually you can increase your contributions
- If the company where you work offers a retirement plan, take advantage of it. With the loss of purchasing power because of the crisis and the increase in taxes, contributing an amount of your salary to this item may seem crazy, but not taking advantage of this opportunity could have a very big impact on your savings for old age.
- When you set your financial priorities, carefully evaluate the pros and cons. For example, suppose you try to decide between paying your loans or putting the money in savings and investments.
If you have loans with a low-interest rate, you can earn more by prioritizing savings; but if you owe a credit card, it is best to settle financial commitments and then concentrate on the investment. Take your precautions; if you continue postponing until paying all your debts, you may never start saving the money you need to retire.
- Do not touch your savings for retirement, because with this you will lose capital and interest.
- Consider the basic principles of investments. The way to save can be as important as the amount. Inflation and types of investments play fundamental roles in the amount you will have when you retire, so you need to know how your pension or savings plan is invested.
- Fast and simple 2020 Medicare advantage comparison information is available http://www.medicareadvantageplans2020.org