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HOW NOT TO GO BROKE AFTER RETIREMENT

HOW NOT TO GO BROKE AFTER RETIREMENT

Gone are the days when parents consider their investment in their children as their retirement plan. With changes in the economy and the financial stress, lots of youths are battling, many elderly folks are learning to plan ahead for their retirement so they can give the young ones the chance to get their own footing. Moreover, in a country like Nigeria where a pension is not guaranteed and gratuity can be delayed for years, it has become expedient for workers to plan for life after retirement.

Retirement

Are you ready to join the clique of people who thrive financially even after retiring, then adopt the following techniques

1. Do a rough calculation/estimate of the amount you spend every month. This would give you an idea of how much you need to keep living well after retiring.

2. Create an automated savings plan. Some advise that workers save ten percent of their salaries for retirement but this depends on when they start saving. For those who start saving in their 20-30s, ten percent is advised. For those who start saving at a later age, thirty percent or more is advised.

3. Invest part of these savings in projects that would generate returns on the long run; projects that appreciate in value. Examples are investment in agriculture, land, stocks, real estate. Just imagine having an estate in your name. That’s a sure way to stay out of penury in one’s lifetime.

4. Get a passive job. For those who still have good health, getting a passive job that they love would not only be a way to generate income but would also help to keep the body in good shape.

5. Speak with a financial advisor: At Secure Capital, we are ever ready to help you live a financially fulfilling life. If you have any questions about retirement plans, feel free to reach out to any member of the team.

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