Who does not want a secure and tension free retirement? Everyone desires for a retirement which is peaceful and is free from all the worries of paying bills, managing expenses, constant worries and all the part and parcel that come along with it.. All people want is to spend their retirement with comfort and do all those things which they couldn’t do before due to work, responsibilities and lack of time. Uncompleted dreams of the people can only be fulfilled if the retirement is planned from the early ages of life. It is very important that we plan our retirement beforehand, so that we do not have to be dependent on anyone for anything and also if we want to live our retired life without any tension and at the end to have had our long lasting dreams and desires fulfilled. With the help of this article, So here I am listing some of the common tips that people can adopt, if they want their retirement to be more secure.
10. SAVE MONEY
Saving money is the most common solution that people adopt in order to secure their retirement. It is advisable to start saving money from the very beginning be it be a small amount per month only because at the end it will turn out to be a huge amount of money when the person will reach his retirement age. The most common way of saving money is to deposit it in bank and that too in a fixed deposit account which will give high rate of interest. So, if we want our retirement to be secured and we do not want to rely on anyone for anything, we should start saving money now.
9. BUY PROPERTY
It is a well known fact that value of property always increases with time and thus the buying property is the best way to invest money if we want our money to be safe and to increase with time. So, we should try and buy land whenever we have enough amount of money saved, as it will prove to be beneficial in order to secure our retirement.
8. INVEST SMARTLY
Investing in property, stock market, business, buying and selling shares, etc is a very common thing that people do nowadays. But the important thing is to invest wisely and smartly. People do invest in many things, but the investment will only prove to be smart if it provides handsome amount of profit. Investing all the money and losing it in losses is not a wise decision to make. Taking risks is not bad, but we should also use our brains while taking risks and should not take risks blindly. Before investing in anything, we should first acquire complete knowledge about the scheme and also we should not invest all our money savings, as even if we go in loss, so that god forbid if we incur a loss , we still have some money with us to help us with a fresh start. Thus, we should invest but should do it smartly if we want to secure our retirement.
7. BE AWARE OF THE PENSION PLANS
Government employees get pensions after retirement and many public and private sector enterprises also provide pension plans. We should be aware of the pension plans that are provided by our companies and if there are not any pension plans, we should ask for one if we have decided to work in that company till the time we will retire. Saving a little amount of money from our salary every month will provide us with pension after our retirement. Thus, we should be well informed of our pension plans if any and should ask for one if we want to live our life with comfort after retirement.
6. DO NOT SPEND RETIREMENT SAVINGS AT ANY COST
We save money to secure our retirement but often spend it on useless things. People nowadays are used to live a luxurious life having all comforts be it television, car, refrigerator, air conditioner, laptop and what not. For the desire or demand of a single thing, we usually spend all our savings which we have saved for our retirement. But that is not a very wise decision to take. We should not spend our retirement saving for such things. Seeing others we often tend to copy them and buy things without even realizing its need. We should not do what other people do and should manage our expenses according to our income. We should buy things which will make our life comfortable but only when we have enough money and should not at any cost spend our retirement savings for such things.
5. PLAN YOUR RETIREMENT NEEDS
We usually plan our expenditure according to our income. Same has to be done after retirement also. We should plan our expenses and needs after retirement beforehand only and should save money accordingly. This will help us to manage our expenditure after retirement as we will be having enough money saved with us and thus we do not have to beg or borrow money from anyone and thus can live a comfortable and secure life even after retirement.
4. LEARN ABOUT GOVERNMENT BENEFITS
Many countries have Social Security Benefits system for the elderly people to secure their retirement. People should join it as it will help to secure our future after retirement. Likewise, in India, people have National Pension Scheme. It is different from the Pension Fund of the Indian Government and was started on 1 January 2004. This pension system is contribution based where the individuals can decide how and where they want to invest their money. Many states have already approved NPs and the other States will soon finalize the National Pension Scheme. So, if you want to secure your retirement, join NPS as soon as possible as it is available for all the citizens of India.
3. KEEP WORKING PART TIME FROM HOME
We should never sit idle as it will not only make our body physically weak but it is also said that when we sit idle than we think about useless things which only increases stress and tension in our life and make us all the more miserable, sad and restless which ultimately affects our health. We should thus keep ourselves busy, and that can be done by doing some part time job from home which can be teaching, working online, home based job and many more opportunities are available these days. Moreover, it will also bring income. Thus, we should keep working part time from home even after retirement to make it secure and also to keep ourselves physically and mentally fit and healthy.
2. DO NOT RELY ON ANYONE COMPLETELY
Everyone these days is busy in their own lives and do not have time for others. Relying on someone completely in this fast moving life will only disappoint us at the end. Whether it is our family members or even our son and daughter, we should not rely on anyone completely. We should try and make ourselves capable enough so that we do not have to ask for monetary help from anyone. We can rely on our family members but we should try not to do it completely as it will not only lower our self esteem but will also bring differences between family members. Therefore, we should try and avoid relying completely on anyone if we want to secure our retirement.
1. ADOPT RETIREMENT PLANS
There are many retirement plans available with many banks that help us to secure our retirement. We should grab knowledge about all the retirement plans available these days and should adopt the one which is most beneficial for us and our family. This way we can make our retirement secure and can live a comfortable and peaceful life when we decide to stop working and take a much awaited retirement.