How to Do Your Old Self a Favor ( By: Rita M)
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We have all pictured ourselves old doing super cool things we might’ve not had a chance to do when we were younger. So why are older people able to do these super cool things? Three words: A Retirement Account.
First, we need to make a retirement account. Open a savings account with your preferred bank that is specifically holding retirement money.
Next, start putting money into that account even if it’s just $5 because interest will eventually increase that amount as you grow older.
Now, let’s discuss how to maintain your retirement account. The idea is that everytime you gain income, you take a fraction of that money to put into your retirement account. As long as you have a steady money flow, all you have to endure is time. Typically, you should’ve been able to replace 70-90% of what you earned before retiring.
Finally, it is important to figure out where that retirement money is going. Budgets still apply to old retirees. It is the same deal where one must prioritize how to spend their money. Wether it be basic necessities to new condo or a cruise around the world, retirees must continue to be cautious of their investments.
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