ESSENTIAL FOR RETIREMENT ARE HERE.

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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.

As you get older, your insurance needs will likely change. For example, if you have fewer debts and dependants, you may not need as much life insurance coverage. But you might have more health problems, so you may want to consider critical illness insurance or long-term care insurance. Learn more about insurance planning for retirement
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