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Retirement
How to save funds for the need in old age years
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[QUOTE="Caramelle, post: 217702, member: 150"] [JUSTIFY]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. [/JUSTIFY] [/QUOTE]
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