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Planning for Retirement? These Tips Will Maximise Your Retirement Savings  

  • November 26, 2019 02:53 PM AEDT
  • Team Kalkine
Planning for Retirement? These Tips Will Maximise Your Retirement Savings  

Retirement planning is essential for individuals to effectively manage their cash flow and liquidity when they would no longer be working and experiencing many changes related to health, income, lifestyle and finances. People who do have aggressive saving habits and enough untouched income while working, are all likely to be financially independent after retirement.

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In today’s era, most middle-class income earners leave behind a surplus for saving, thereby building an adequate amount of wealth to be able to retire comfortably. Moreover, advancements in health care and increasing longevity, call for retirees to ensure that their assets live as long as they do, and cash keeps pouring in to meet the necessary expenses.

A typical individual in a developed country may anticipate living for 20 years more even after he retires in his 60s. For leading a quality life as a retiree and spend those golden years doing whatever one wants to, it is highly recommended to begin retirement planning as soon as one starts earning, which almost nobody does, to accumulate maximum funds for a beautiful post-retirement life. Nevertheless, it can never be too early or too late to start with retirement savings.

Common challenges for a person planning for retirement may include-

  • Lack of general awareness and financial literacy regarding avenues for savings.
  • Starting out late.
  • No access to employer-sponsored saving plans.
  • Having to pay off student loans.
  • Lack of discipline to max out your savings.
  • Volatile market conditions such as falling interest rates.
  • Amendments in the central, state, and local tax rates and regimes.
  • Inflation and health care costs.
  • Significant life events like death of a spouse, addition or loss of a dependent.
  • Marriage may also impact one’s savings and cash flow.
[ Must Read: Is Gold Suitable For Your Retirement Needs ]

Let’s discuss some tips that you may find helpful while pursuing the retirement you envision:

  • Focus on starting immediately and compound interest. Earnings that are reinvested create even more earnings.
  • Start with your workplace and match your employer’s criteria for a 401(k)-contribution plan.
  • Add an individual retirement account (IRA) to help build your nest egg and let it grow through recurring investments from a savings or checking account.
  • Cut spending and invest the difference. Must sound less fun, but it is a solid practice for saving more in retirement.

Where could you allocate your money today to have steady streams of income flowing? Retirement income can be obtained from a variety of sources and at different times, which may require efficient management.

  • Pension Funds: Pension funds, also known as superannuation funds in certain regions, are investment pools like plan, fund, or scheme that pay for the retirement commitments of an employee who opts for it. The concerned organisation invests in pool of funds on behalf of the employee. Certain corporations and all levels of government offer pensions. The ROI becomes an income source for the worker whenever he/she may retire.

You may start right away and stop yourself the question, Do I have enough money to retire? Retirement saving is not a challenge if you begin at the right time. How will you be better off, Well?

  • Saved money can help you in emergencies, health wise or wealth wise.
  • One can also contribute to meeting the needs of family members–be it educational or monthly expenses.
  • You can even live out your dream of travelling the world – basis your own hard-earned money.
  • Most importantly, if your retirement planning is spot on, you do not have to depend on anyone financially, which is very liberating as an individual.
  • You can also gift things to your grandchildren, or simply choose to help your loved ones in times of need on the back of retirement funds.
  • Lastly, with a strong income stream in place, you can choose to retire and bid goodbye to your workplace instead of vice versa!

Read more: All About Retirement In A Warren Buffett Context ; Some Good Dividend-Paying Stocks To Secure Your Retirement


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