Top Retirement Money Saving Tips For The Average Jo

| May 6, 2014

When you’re nearing the twilight years of your life, it can be very stressful as you realise that you simply haven’t saved enough money to see you through. Of course, there are various schemes in countries around the world for looking after old people, but none of them really provide enough cash to allow them a reasonable quality of life, so it’s vitally important that each and every person reading this post starts to think about what they can do to avoid this happening to them. Don’t get me wrong, you won’t have to give up many luxuries during your working life, and you don’t need to save thousands to see you through. All you need is the right information, and to act upon this at the optimum time.

Considering that, the article in front of you at the moment should be considered your starting point. The information contained below this paragraph is very simple and easy to understand, so there’s no real reason why you should get anything wrong. At the end of the day, it all comes down to how well you work the timing. Obviously, paying ?10 per week into a pension scheme is going to be pointless if you’re already in your 50s.

Open A High Interest ISA

If you apply for an ISA account with your current banking provider, the best you’re going to get at the moment is around 5% interest. This is hardly worth the trouble, and so I would advise you to steer clear. However, there are many online banking providers who do things a little differently. Have a quick browse on the internet, and you’ll soon find companies offering around 20% interest on money saved in an ISA. The only stipulation is that the amount drops considerably if you remove any money from the account. As this is something you won’t be doing any time soon, that is your best option.

Join A Self Managed Super Fund

These are perfect for people who want to use their money to invest in things like property that can yield a lot of profit. That said; you need to be very careful that you select the right company, and selecting a SMSF fund manager is an important decision too. So, don’t just dive right in and hand over all your cash, as you might be making a bad decision. Instead, spend some time reading reviews and testimonials before ensuring you understand the system properly. That will give you the best chance of getting things right, and making the kind of money you desire.

Play The Stock Market

Okay, so, this probably doesn’t really count as saving, but it will allow you to increase your funds and live a more financially sound life when you get older. Contrary to popular belief, investing in the stock market is very simple, so much so, that even a child could get their head around it. All you really need to do is find yourself a reputable broker, and let them do all the hard work. However, if you fancy tackling the endeavour yourself, you should be able to do this without too much hassle after reading a couple of relevant books on the subject.

You now know how to make sure you have enough money lying around to do exactly what you want after your working life is over. Good luck with everything, I’m certain you’ll have a great time.

See you back here soon!

Category: Finances

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