Thursday, February 14, 2019

3 Ways on How to Prepare for Retirement

This is a sponsored post. All opinions are mine.


Have you started thinking about your future and consider retirement planning seriously? It may sound too early to think of it especially if you are a Millenial. However, if you want to have a comfortable retirement, the best time to prepare for it is the soonest possible!

Let me share you 3 Ways How to Prepare for Retirement:

1. Save and Invest

Commit to setting aside a portion of your income for savings. It takes a lot of discipline and commitment on this one but having a specific and measurable financial goal will help you get motivated to kickstart saving and consider investments early on. Do not neglect to save for an emergency fund. This will protect you from unexpected expenses.

Look for initial investment vehicles where you can start small and determine how much you can afford. Stocks and Mutual funds are a great investment for building a retirement fund. There are other types of investments available to help you achieve your financial goal which assures the return of investments. 

If you want to know how long will your money last or if you are saving enough, try the retirement income calculator.

2. Take advantage of government-mandated retirement savings option

Here in the Philippines, we have different sources of retirement income such as GSIS/SSS, Pag-IBIG contributions and Personal Equity Retirement Account (PERA). Although, we should not rely on this to cover all our needs, but rather treat it as an additional income only.

3. Take care of your health

As we age, our health will start to deteriorate whether we like it or not. The cost of getting sick can really hurt our funds seriously. You can avail a Medical Insurance with benefits for critical illnesses and disability. The lack of preparation aggravates the cost of treatment and we don't want to be caught up by surprise and end up using all our of savings. 

With proper financial planning, the better prepared you’ll be to reach your retirement goals. Remember, the earlier you start, the better! 

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