How to Build Your Retirement Plan?

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2 years ago

When I had a job, I was saving money regularly. Whenever there was a new company was listed on the stock exchange, I tried to buy shares. Normally, I purchased shares from the primary market. Apart from investing in the share market, I did nothing when I was in a job. In fact, I did not have time to explore other things. Once I was fired, I began exploring a lot of things. That's how I started freelancing on upwork, blogging, and work on various earning sites. Since I was earning well on my job, I never have had any desire to explore other things. Now, I am exploring.

Building Your Career

Before you think about building your retirement plan, you need to get started with your career, make money, save funds and start planning retirement. In order to save funds for retirement, you need income source. You can build income source through a job or a business.

Before you take a job, whether online or offline, you should invest in yourself in your education and training. If you invested in education and training, you can get a high-paying job online or offline. Even when you are unable to get a job you can choose self employment because you already have knowledge and skills

If you are not making money, there are two reasons for this, one you lack proper skills, two you are not working hard. Whether you want to work online or offline, you need skills for jobs. Without skills, you don't get any jobs. People are also very impatient, they want to grow rich over night, they want to take a short cut road to success, which result in making no money.

If you are not making money online, you will have to analyze yourself. What mistakes you are committing and what you should be doing in order to make money online. In my opinion, one of the primary causes of failure to make money online is not having any skills and hot being patient.

What kind of retirement plan do you have?

Well, to be frank, I do not know what I will be doing after retirement. Actually, I have not even thought about when I will retire. I am a guy who likes working. I work not just to earn a livelihood but also to keep my mind and body healthy. I will be working until my health permits. I have seen a lot of people diagnosed with diabetes and heart diseases after retirement. The only way I can avoid that situation is by continue working.

In my home country, the recommended retirement age is 60 years. However, people consider working longer than 60 years of age due to the high cost of living and the pension not being able to feed the family and pay the medical bills. I do not have any plans for retirement, I will continue working as long as health permits. I work not just to make money, I work to keep my brain sane. When I don't work, I feel bored.

I do not have a retirement plan, but this does not mean I am not saving money for my old age.

When Should Your Retire?

I can't speak for other countries, but in my home country, the average retirement age is 60 years. When you are 60 years, what can you actually do to make money? You cannot work many hours like you used to, you will already have health complications like diabetes, blood pressure, arthritis, etc. Furthermore, you can't also risk your funds because if you lose your pension money, you will have no way to feed yourself. The best option to grow your pension funds is by keeping it in interesting bearing bank accounts. In my home country, you get 10 percent interest in bank deposits.

How to Build a Retirement Fund?

How much you need for retirement depends on the kind of lifestyle you will be choosing after retirement and your health conditions. If you have poor health, you need a lot of money to pay medical bills. if you have small retirement funds. If you want to live very comfortably, you might also need a lot of money to maintain your life. However, if you are in good health with no big health issues, and if you are living frugally, you can live with small retirement funds.

Here are my strategies for retirement savings: one, 20 years life insurance policy that will give me the insured amount and bonus after maturity; two, investment in shares that I can sell in my old age and maintain my expenses; investing in cryptocurrency for a long term, I might earn a lot of profits.

First published on Trendri, in author's name

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Comments

I don't even know how to plan for retirement, I'm just trying to save as much money as possible so that I can have extra savings in the worst case scenario in the future. Some people say that retirement does not mean that you have to quit your job but that it is about becoming financially independent.

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2 years ago

Nice article, I also don't know how to build a retirement plan yet, all I'm doing is trying to save money as much as possible so that I will have a spare in a worst case scenario in the future. Some people say that retirement doesn't mean you have to stop work but rather it's about you becoming financially independent.

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2 years ago