How to have a personal savings for retirement

[Alexandoy]

Young people do not care for their retirement which, I think, should be important. When I retired I was quite disappointed with the meager pension that was granted to me. That’s when I realized that if I had saved enough when I was younger then maybe I could have a bigger monthly allowance.

My advice to the younger generation is to set aside money in one savings account which will serve as the emergency fund and also for the retirement fund. That means the content of the account is not for the purpose of regular spending. Think if you save $1 a day then that would be $365 in a year and in 10 years that would be $3,000 plus which can be used for an investment. It is not easy to invest but a blue chip stock is a good one because of the minimal risk. For the young ones here, start saving a dollar a day.

 

[btaliat]

The plan is very good just that it may not work like that. There are many times where one be committed to some unforseen responsibilities where saving won't be that consistent. But the reality is that we have to a way of saving for our retirement, it is not necessary to be in a fixed amount.

 

[Good luck]

It is good to always plan for the future especially when you are in a country where you always struggled to get your pension after serving for a very good numbers of years.All the plans mentioned above are very good and lucrative.If one start saving some parts of one salary every month then one can fall back to something at the end of retirement.

 

[Mika]

Here are my strategies for retirement savings: one, 20 years life insurance policy that will give me the insured amount and bonus after maturity; two, investment in shares that I can sell in my old age and maintain my expenses; investing in cryptocurrency for a long term, I might earn a lot of profits.

 

[Jasmine]

When you start saving, even a small saving can be a big help. Just like the OP has said, saving $1 per day might not be very difficult for a lot of us, if we do that we will have $365 by the end of the year. If you keep this money on fixed deposit bank account and continue to add $1 every day to your saving funds, you will have a lot of money in 10-20 years.

 

[Dora Wi]

I think it is a good idea to save money for retirement from early on. I personally don't count on having proper pension in the future. A small amount like $1 can be a good start if you don't earn much, but if you can afford it, it would be better to set a goal such as saving a certain percentage of your earnings.

 

[Kendy]

The tips you have enumerated is really thoughtful and helpful if applied intentionally. There is no need positing that the way we make our beds, so shall we lay on it. This is a common and realistic adage. There is need to plan towards our retirement especially in our youthful days. Some people plan towards their retirement by savings either daily, weekly or monthly but I still think the essence of saving towards retirement is to have an investment or some assets acquired. Saving money only is not an asset because an unforseen circumstances could always occur and this will make the money vanish at the spot. People have responsibilities and challenges to cater for, which the means of saving money might not be achievable, even though you have a personal or fixed deposit account for it and this is because an emergency can always make you to withdraw the funds. For me, the best plan is to look for an investment scheme or plan like; investing in agriculture, investing in oil and gas sector, investing in oil palm processing and production, investing in stocks and shares, investing in real estate by buying of lands and housing properties, where you can build houses and rent to tenants or you can remodel the latter for a profitable purpose.