is is possible to people to save for retirement and not spend it before retirement?

funmi

Verified member
It is very important to plan and save for retirement, even civil servants are prepared for by the government.
But as a person who is not working for the government, you can only save by yourself for your retirement. Either by doing investment or establishing your self in preparations for retirement. But the only question I have here now is that, is it not possible for someone who is an entrepreneur to save for his or her retirement without spending out of it before he retires? I think an unforseen circumstances can happen that will make the person to start spending from the retirement savings.
How can someone try to save and not spend Out of it till the retirement comes?
Please, I will like to know people's take on this. Thanks.
 

sincerem

VIP Contributor
It is very much possible that way, if the civil servant will save the money on a fixed deposit and lock it for longer duration based on the contract agreed with the banking institution that he or she doing business with. Another option will be entering into INSURANCE. Ensuring for retirement benefits, making monthly insurance contributions and expecting the benefits at the of the service years of everything goes as planned.
 

Alexandoy

VIP Contributor
About 5 years before I reach retirement age I was already saving for that eventuality. I am lucky because my wife has a good job and my earnings are for my free use. I am also fortunate to have the self control to not spend my savings. Now I feel somehow secured with my finances as a pensioner.
 

Sherman198

VIP Contributor
It is possible if you are not highly extravagant. If you are prudent enough, with minimal family settings, you should be able to save for retirement.

But if you have so much responsibilities, I fear this can have a greater effect on your savings as you will be spending more than you are earning. Unless you set up a business aside that brings money apart from the salary your are earning.
 
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