(ThyBlackMan.com) Studies have shown that there is a link between how happy and enjoyable a person’s retirement is and how much they have in the bank. People who have a good amount of savings to live comfortably, once they retire, tend to be happier. That’s because they don’t have to worry about heating their homes or putting food on the table. After over 50 years of working, everyone should be able to enjoy their golden years without worrying about money.
Studies have shown that few people are saving enough money to live off when they reach retirement age. This is partly because 53 percent of people aren’t offered pensions by their employers. This means that almost half of all people of working age aren’t putting money aside for their future. This is a worrying trend and one that will have devastating consequences for future generations of seniors.
With that in mind, below are a few tips and ideas for saving for the
future. Along with reasons why each and every one of us should be putting money aside each month.
Learn to budget effectively
When we think of budgeting, most of us presume it’s something that we will only need to do while we’re young and just finding out feet. However, the truth is that most seniors have to budget their spending. This is to ensure that they don’t live beyond their means. Something that is especially important for older people, as once the money’s gone, it’s gone. There’s no monthly income to fall back on.
By starting to pay into a pension scheme or savings account each month, this teaches you how to budget effectively. To be able to put a set amount into your savings account each month, you need to budget the rest of your money. It may mean doing a little less spending on luxuries, but in the long-run, it’s worth it.
Make the most of your pay
Think about how much money on average you waste each month on non-essential items. Think meals out, nights at your favorite bar, new gadgets and gizmos, home luxuries – the list could go on and on. Tot up how much each month you waste on luxuries like this. You’ll probably be surprised by the amount of money you spend on luxuries each month.
However, by putting all spare money that you have into a savings account of your choice, you won’t be wasting it. Instead, you’ll be securing your future. It’s just a case of selecting the perfect way to save. What you need to remember when selecting the ideal option for you is that you need 70 percent of your current income per year to live comfortably.
The best option to consider is a plan that will not only include your savings but also regular payments from your employer to top it up. There are various options for doing this. However, one of the best ones is via an Nationwide Super account, as this allows you to make the most of the money that you’re putting in each month. Before making any decisions, it’s a good idea to take the time to do some independent research. This will allow you to see which plan is the best fit for you.
You will look forward to your retirement more
By being proactive about saving for your retirement, you will look forward to your twilight years more. Because you’ll know that come your golden years, you’ll have all the money that you need.
There is a link between having an enjoyable retirement and the amount of savings that you have in the bank. So it’s important to make saving funds for the future a priority. If you want to have a happy and enjoyable retirement, that is.
Staff Writer; Craig Baker