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4 STEPS TO DO BEFORE RETIREMENT

4 STEPS TO DO BEFORE RETIREMENT

4 STEPS TO DO BEFORE RETIREMENT

4 STEPS TO DO BEFORE RETIREMENT

Everyone’s career will not last forever and at the end of the day we should always think about our retirement in the future. Most of us think that retirement will bring us to scenarios like relaxing in different places and having a vacation but that’s not the case. Filipinos only save up to 3.6 months of wages for retirement which is the lowest in Asia. 

 

In the Philippines, we should be planning our retirement as soon as possible, specifically at the age of 30. 

Here are some retirement planning steps to help us have financial freedom after our career.

  • Calculate how much you need
  • Identify how much you need to enjoy life without employment income. You can use a retirement calculator, which factors in inflation and future costs of living.
  • You can also estimate your future expenses by multiplying your current monthly expenses and multiply it by 25. The product will cover your expenses for 10 years including inflation
  • Manage your expenses today
  • As early as possible you should change your financial lifestyle and put savings as your priority. The less you spend, the more you save. By managing your expenses and prioritizing savings, your life will lead to a less costly living.
  • Set a monthly savings target.
  • Create a monthly plan that involves your saving towards your desired goal. Factor out all the things that will affect your savings (increase of salary and promotions).
  • Start putting your money into investments.
  • Try different investment vehicles and diversify your savings. You can invest in life insurance plans that will grow your money and at the same time, will protect you from any unforeseen events that will vulnerably affect your savings.

Suggested link : https://thequarantineprojects.com/

Explore more : https://retirementprojectph.com/calculator-tools/

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