Retirement means the time to relax, to enjoy, to be contented, to be carefree and to live the twilight years of your life in peace and harmony. Needless to say, retirement is an important financial goal to consider, especially for those with the energy, the time and the money.
A study showed that
retirement planning for Filipinos averagely starts at the age of 35, but you
don’t have to wait to blow your 30th birthday candle or eat your 40th birthday
cake only then to consider planning for your retirement. Retirement doesn’t entirely mean a secure
old-age future. Others find it best to retire as early. Retirement means doing
what you want, when you want it with a secured financial life. To have that
beautiful early retirement experience in the future, this is what you should be
doing now.
1)
Open a bank account and save 10% of your
gross income.
They say your age is
your biggest advantage when it comes to preparing for retirement. So, it starts
with having a bank account. This should be an account that you don't want to
touch, much like your savings account. You can begin with saving 10% of your
gross income for your retirement fund. Imagine the retirement fund you get for the next 35 years.
This is just one method, you can always increase your percentage savings and
get more in the end.
2) Convert savings to income.
In short, increase your
earning potentials. You only get to live life once, so make the best out of it.
A millionaire secret is to have multiple incomes. If a stable job is the only
stream of income you got, you have to think rich by now. Invest in stock
market, plan on a business venture or have a passive income stream. There’s
nothing like enjoying retirement when you know you have secured income-generating
resources to keep you afloat for the rest of your lifetime.
Note that in order to
gain money, you will spend money first, so be wise and study before making
investment decisions.
