Saving for a More Extended Retirement
Thanks to technology, the effectivity of medicine and diagnostics are increasing every single day, which has resulted in people being able to live for a longer, and not slowing down at the age of 70-years old.
According to statistics, a few decades ago would present an entire generation of individuals retiring between the ages of 55 and 65, leaning more towards the average of turning 60-years old.
However, with the passing of time, people are averaged to live a lot longer. Those who turn 65-years old and are expected to retire can now live another 15 to 20 years. Most people also used to believe that once you reach the age of 70-years old, you’ll get sick and probably start becoming immobile.
In today’s developed day and age, this isn’t true and more years beyond retirement is promised more than ever before. With, it’s all good, but now individuals must consider saving money during their 20’s to 60’s, that will allow for sustainability over a more extended period.
How to plan for sustaining yourself for more years to come
So, you reckon you’ll retire at around the age of 65-years old, and you’ve only planned for 10 or perhaps 15 years going forward.
That’s not a very good idea. The truth is, life is unpredictable and who knows how long you could live. It could be another 20 to 25 years for all you know.
Avoid spending your savings when switching jobs
If you have multiple jobs during your career, be sure to take your retirement savings put it in an account you’re not able to access before you retire. Many people make the mistake of spending their money, thinking they’ll be able to make up for it over time when that isn’t necessarily always the case.
Choose the right investment
One of the easiest ways people tend to lose money is by investing in anything, which can result in making the wrong investments altogether. There’s nothing wrong with making investments left and right in your 20’s or 30’s if you know what you’re doing and how to salvage your potential losses to sustain yourself in the future.
Find multiple sources of income
Imagine having 3 to 4 different types of income and saving 2 to 3 sources of that income for ten years straight. Could you imagine how much you could save? For instance, if you have a side income or receive a 13th cheque, you could put that away. Saving that annually could add up to a fixed amount of money.