12:26 17 August 2014
Why is it that one person enjoys a better retirement life due to good savings as compared to another one who has some difficulties due to poor savings?
Well here are some of the secrets that successful retirees used to enjoy a comfortable retirement life.
1.Start saving early
The longer you save the more you will have at the end. So start saving today and you could be in a position to receive more returns as compared to someone who started saving late. Saving enough money for the retirement years should also be done without fail. If you build up your wealth in your 20s you will have more time to invest it and multiply it as compared to someone who has a year to go to retirement.
2.Save with every pay you get
You should ensure that you have a separate account an ISA, mutual fund or investments account that you should always make automatic a standing instruction for saving some amount from your salary. This will restrict you from spending all your money or even forgetting.
3.Boost saving plans
Anytime you receive a promotion or salary increase, it should not be the time to increase on expenditure but to boost your savings. You could also direct all windfalls like tax refunds, bonuses and gifts to your savings account. This will result in accumulation of more money that will carry you a little longer during retirement.
4.Avoid lavish spending
Instead of saving, most people are more onto shopping and spending their money for anything they fancy. Set a budget that you will earnestly follow and let it guide you in purchasing only what you need.
5.Diversify your income sources
It is not advisable to have just one income source for your retirement savings. Diversifying where your amount comes from will keep you on a safe side in case you lose one source of income.