Tips On Your Retirement Planning

Retirement is a threat that every individual faces after the age of 60. However, this can be turned into a smooth and fun flowing phase of life if you plan well in advance for your retirement. Here are a few basic tips of advice for a smart retirement.  The three main strategies to follow strictly are:

a. Keeping the savings safely and making it available when it is needed.
b. Don’t lock them up in a cupboard or a savings bank. Instead invest it in safe and lucrative savings schemes.
c. Make sure to invest where the taxes and fees are minimum and not profit draining.

1. Live debt free – pay off all debts and as far as possible avoid using credit cards that charge an interest of 14%. Avoid the debt trap and invest in stocks that bring is maximum revenue.

2. Try to make yourself comfortable enough to enjoy your retirement instead of planning to take up another career for the want of extra money.

3. Save wisely but not at the cost of losing good health with eating non-nutritious food.

4. If you have extra money and want to invest, make sure you invest in products that you are well aware of and understand about.

5. Make your own investment decisions and as far as possible avoid falling prey entirely to finance planners who will charge huge commissions for less work.

6. Be aware of sales personnel that work on commission basis as they might try to push off a product of their company that may not be of much use to you but will fetch them high commissions.

7. Most financial advisors appear to be very helpful in giving advice but on the contrary they are making huge commissions out of their advice they give. Be aware of this.

8. The best and the most effective and sensitive retirement planning advice: be your own adviser for investment.
Diversify investments – the best and the safest long term retirement plan is to divide the money into well researched and planned investments like bond funds, stock mutual funds and money market funds. All these will charge very low fees and are bound to grow faster than the inflation rate.

Finally, the best advice for retirement planning is to stick to your plans firmly and not let agents or any others to change your mind or your plans, especially when you have done your own research and find that it’s the best retirement plan.

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