17 Jan

To Have a Bright Future after Retirement: Start Saving At 50

There are a lot of people who do not have much after retirement as they have not saved in their early age. There are many aspects of retirement and if you do not have a good retirement plan then you will have to lead a life full of misery. Retirement is the ugliest truth of life and every person either he/she wants or not have to face it. There are many people who save a handsome amount of money that would come in handy at the time of emergency after their retirement. This is the best way to keep yourself financially strong. So you should start saving in order to lead a happy life in future. Some of the best ways to keep yourself economically strong after retirement are given below:

  • Save money non-negotiable:

Most of the people do not take it seriously when it comes to saving money and they suffer a lot in the future. They have to take in account the facts that are important in their upcoming life. If a person starts to save money at the age of 50 through a specific plan then he/she could have saved a lot that would be sufficient for his/her requirements.

  • The 25 times rule:

This plan requires that you save 25 times the money that you require yearly. For example if you require 40,000 dollars per year then you should have saved about a million dollars at the age of retirement. This is the best plan so that you can have a healthy financial support at the time of retirement.

  • The minus 10 rule:

This rule is the most precious of them all as if you have started saving in your 20s then you just have to save the 10% of your total income. This will suffice all your needs after retirement. But if you start saving after your 30s then you should increase your percentage to 20%. As you grow old you should go on increasing your savings by 10% after every decade. You can save money at different places like your life insurance, you car, etc. There is much expenditure which is meaningless and you can cut it to increase your savings.

  • Save money for your heath care:

A lot of people do not take into account one of the most important thing which is their key of life. This thing is known by the name of health. In old age, people tend to get a lot sick and most of their retirement money goes into health care. If you start saving in the early age when you are young and healthy then you could save a handsome amount of money which would allow you to have a tension free life after retirement as you would have enough money to fulfill all your health needs. You will not have to rely on others to take care of you. You could pay all your bills by yourself and no one will feel you as a burden on him/her.

These are some of the notable things that you have to keep in mind so that you can have a good life after your retirement. Even if you have not saved a single penny yet, you should start saving at the age of 50 so that you could live a dignified life after retirement.