Proactive employees worldwide have retirement saving plans.
They understand that their financial position when they retire and, hence, the quality of their retirement life depends largely on what they save from their earnings during their working years.
In fact, this concept is so popular among employees that how to save for retirement is one of the most widely taught subject in retirement courses.
Yes, many employees understand that their future financial security is just as important as their financial security today.
Unfortunately, despite the popularity of this concept and the elaborate retirement saving plans by millions of employees worldwide, only a relatively small percentage of employees have enough money saved up for retirement.
Yes, relatively few employees actually follow up with the guide on how to save for retirement given them in those expensive company sponsored retirement courses.
In view of the dismal record of employees when it comes to saving money for retirement, we decided to keep things simple and straightforward when discussing this subject.
Here are some practical and simple to implement steps that will help you focus on your retirement saving plans. And, therefore, succeed with saving enough to fund your retirement life.
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Most employees have their salary paid into a salary account by their employer.
In addition to that salary account, we recommend that every employee open a separate savings account that we will call his retirement savings account.
There are two reasons why this recommendation is beneficial:
First, it is easier to keep track of how much you have saved up for retirement if you have the money in a separate retirement savings account.
Second, a separate savings account for your retirement savings will help you discipline yourself to keep off spending money dedicated to funding your retirement.
Yes, make that retirement savings account a no-go area!
The money in the retirement savings account is money dedicated to your future self.
So, warn yourself to Keep Off!
The second tip we give to employees who wonder how to save for retirement is this: Pay yourself first.
What does that mean?
It simply means that you define the amount you wish to save towards your retirement every month and transfer that amount into your retirement savings account before you start spending your salary.
Why is this important?
The reason is pretty obvious.
If you allocate money to everything else first before paying yourself,( that is, before sending money to your retirement savings account), you will find that there will be nothing left to send to your retirement savings account at the end of the day.
You worked pretty hard to earn that salary.
You deserve to pay your future self first by sending a certain percentage of that salary into your retirement savings account every month . . . and before paying for anything else.
We recommend you do just that. And you will be glad you did.
The biggest challenge with retirement saving plans is Execution.
Millions of employees worldwide have great retirement plans. But they fail at execution.
Want to have a financially secure retirement life?
Then stick with your retirement plans.
Set aside 10 to 20 percent of your monthly salary towards your retirement every month.
More important, ensure you transfer this proposed retirement savings amount to your retirement savings account every month before attending to anything else.
Believe me, retirement planning is serious business.
Give it the seriousness it deserves and you will have a financially successful retirement life.
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