The
day you start job is the day and right time to prepare for retirement and the
following are the essentials for preparation of retirement.
Determine how much money you need to save for
retirement.
Determine
how much you have to save depends to the level of income you earn. Use financial
analysts to advice you in detail. Eg. Barakael Charles from IRDP Dodoma,Tanzania.
Find out how much you will receive from social
securities.
Better
to know exactly amount that you expect to receive from social security for
retirement for clear plans of the future. In observing this decides what to
save for future.
Explore and try to diversify your retirement
saving.
In
order to make your saving last longer you have to diversify by starting new
sources of income by investing the saving and pension fund so as meet future spending.
Pay off your debts.
Pay
off your debts as soon as you can ideally before you retire. To help you pay do
faster, make sure you are paying the lowest interest rate you can get.
Make a budget.
Figure
out how much you will need to spend to make ends meet in retirement – then see
if it matches your monthly income. If it doesn’t, you will need to find ways to
save more, cut spending or boost
your income in retirement.
Review your insurance needs.for more detai click here
