It’s one thing to live long, it’s another to live long and comfortably, and the key to living long and comfortably is planning now! Majority of those who failed to prepare for their old age end up living a miserable life when they are too old to work.
Here are the rules you need to follow to be able to live comfortably in you old age;
1. Save up
Have a savings account, every time you put money into it, remember your retirement, better still, have a pension fund. Think about how much money you’d be needing for the kind of life you want to live after retiring and put that into account when saving.
2. Have a plan and make goals
You need a written plan, not having a plan will make it hard for your goals to be accomplished, each day, work towards achieving your plan. You will be needing a budget so you spend less, and save more.
3. The age you retire matters
If you’re doing a government job, consider the age when you’re going to retire although people usually retire from their age earlier than planned for one reason or the other. But retiring earlier than planned will put loopholes in your plans so stick to the plan and have an exit strategy if you have to retire from your job earlier than you originally planned.
4. Make your money hard to reach
If you have a pension fund, you won’t find it easy to withdraw your money any time you need it, although you can open a savings account for this purpose but don’t collect an ATM card for this account so you can’t access your money easily.
5. Move someplace cheaper
If you’re living in an expensive environment, consider moving to a cheaper state or country after you retire, this will save you a lot of housing, water, feeding and more. If you’re unsure of where, do some research!
6. Watch out for your savings
Don’t just plan for your old age, keep calculating the money you have saved and how much more you intend to save, find ways to cut your expenses and ways that your savings can grow.
You have to plan for the future and you need to start now!
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