How to save funds for the need in old age years

Alexandoy

VIP Contributor
When you say old age that means the person is out of job and needing the service of a caregiver which can be partially or completely. Many seniors with debilitating health problems do not want to go to the nursing home. For them the nursing home is like a fashionable prison. For the rich families they prefer to keep their aged parents at home and be taken care of a private nurse or caregiver.

For an ordinary employee, how do you save funds for that eventuality? A friend said that she was saving a few hundred pesos every month from her salary. But when she retired that savings was eaten by emergency expenses. A health insurance is good but it has a limit on the maximum age. My idea is to invest in blue chip stocks with the market price that is always stable. What can you suggest?
 

Mika

VIP Contributor
When I had a regular job, I not only saved money in banks but also invested in the share market. When I lost my job I used some of my savings to create an online business. Currently, I am earning just about what I need to pay the bills. But I save what I can
 

Kendy

Verified member
Saving funds for old age is very important most especially in lower-tier countries where the authorities or government do not care about the welfare of their citizens. It will be a thing of scorn for an old-age individual to retire without having a source of livelihood or investment to fall back on. There are many ways in which you can start saving for your future most especially at your active and agile age when your still strong both physically and health wise. Saving money should be encouraged and inculcated because these funds will help in solving future challenges. It will help to cover up for your health insurance for your feeding insurance and for other benefits. However, an individual should not just rely solely on savings because emergency situations can erase all the money you work hard to save for so many years. The best way to secure your future and your old age is by investing your funds in reputable ventures which will yield productivity such as; stock and shares, real estate investment by buying and reseling of lands and by investing in reputable businesses where you get your returns on Investments according to the agreement binding both parties.
 

Caramelle

Active member
Employees can always save a portion of their income on a regular basis for retirement purposes. However, I do believe that investing in a property that can generate passive income is better. To this end, I would even advise taking a low-interest mortgage just to get started. Employees can avail of government housing loans to buy a property that they can start leasing. They can use the earnings from that property to pay off the mortgage. The rental will usually exceed the monthly installment payments and the excess can be used towards prepaying the mortgage to save on interest costs. To acquire a rental property, an employee will usually need some downpayment or equity on the property. The small monthly savings from one's salary can be used for this purpose. That's why I would really want to encourage people to save regularly no matter how small the amount is. If that is too difficult to do out of one's regular income, I would advise doing gigs while one is still strong and healthy. It's also very important to build relationships because, at one point in your life, if you live well within your 80s or 90s, you will most likely depend on someone else to care for you.
 

sincerem

VIP Contributor
Saving money for future use especially during old age is essential. Just as you said, insurance isn't an option for certain age grade and you suggested blue chip stocks. You know, it's not everyone who knows about stock exchange trading, even if I got some ideas about stocks. I just don't have the right capital or knowledge to go into stock trading. I am more into crypto, I believe in saving more in crypto without reasoning about your cryptocurrency investment for ages. Within that duration of time which is during the old age, the amount of profit you'll make from a coin like BTC, ETH, BNB etc, within the interval of 15-20 years will simply change the look up things during old age. Provided the exchange sure you saved from didn't crash down till then, it means you'll be having huge sum of money made as a profit simply holding your crypto like BTC, ETH, BNB for long period of time. People who kept their faith around crypto for just 10 years with their saved crypto untouched via Coinbase from 2012 to now are simply rich provided the amount they saved is worth reasonable amount then, it means they'rere rich during old age.
 
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