Growing old is inevitable and we all have dreams of how we want to spend time in our old age. We could decide to travel, stay within our home country or even see the world on a ‘Vespa’ like Ajala Travels. Living out your dreams for retirement means that you must begin saving now!
The core reason behind saving is to put something aside for a future time of need. So, having a retirement plan fits this bill perfectly. Only that a retirement plan, takes care of all other aspects of life including financials. In the simplest sense, retirement planning helps you get prepared for life after regular paid work ends. The non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to completely quit working etc. A holistic approach to retirement planning must consider all these areas.
To be happy in old age, start retirement savings while still young!
Retirement planning is ideally a lifelong process. You can start at any time, but it works best if you factor it into your financial planning from the beginning of your career/business. This is one of the best ways to ensure a safe, secure, and fun retirement. The fun part of retirement is important, that is why it makes sense to pay attention to the serious and perhaps boring part, planning how you’ll get there.
The single most important thing you can do is to start saving early. The earlier you start, the more time you have for your investments to multiply.
Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risks. Future cashflows are estimated to gauge whether the retirement income goals will be achieved. Setting a personal target savings range will help you achieve the plan. This may vary depending on a variety of factors, including when you started saving, how much you’ve saved,
when you plan to retire and your desired retirement lifestyle. Retirement planning also reduces your tax burden and lets you retire on your terms.
Retirement planning includes a lot more than simply how much you will save and how much you need but you can start with your savings account with FirstBank today.
Visit FirstBank website www.firstbanknigeria.com to note our optional accounts. You can also talk to an experts on retirement at First Pension Custodian Nigeria Limited. You can transfer your FirstBank savings when you open a Retirement Savings Account (RSA) with a PFA, and work with them to set your retirement plan in motion.
With a retirement plan and your savings, you will have a good idea of how much you need to retire comfortably. You will be able to make smarter decisions about retirement as the days go by a with the guidance we readily provide.
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