6 Tips to Consider for Retirement
Based on some previous interviews, we understand that most interviewees said they want to retire as soon as possible. However, how feasible is retiring early? With retirement comes with not working, which then means no steady stream of income. How are we able to live a carefree life when we no longer have a stable active income? Here’s where a well-planned retirement plan matters. So if you want to retire at 40, read on to see how you can save up for your retirement plan! 1.Estimate your retirement expensesDifferent types of expenses vary throughout your life. Some expenses, such as travel expenses, may increase when you get older, while others, such as clothing expenses, may decline. However, everyone has different spending habits, so it’s important to plan out your own retirement plan.Have a think about what will change once you retire, what your daily spending habits and amount will be like – once that is aligned, you can start saving with a clear target! 2.Consider future medical costsHealthcare costs are likely to increase as you get older. Spend some time on a health check up to understand your health, and any chronic diseases you might have in your family. This can help you more accurately plan out medical costs you might incur in the future. Having said that, it’s not easy to predict your health in the future. For peace of mind, you can consider getting medical insurance. Remember to also save up some emergency medical funds! 3.Pay off your debt on timeThe large your debt payments, the less you have to spend after retirement. Consider settling your debt payments on time so you no longer have to pay any outstanding loans after you retire. In addition, try using a debit card or cash to avoid racking up any credit card bills! By limiting new debt and reducing existing debt, you can avoid having to pay any interest when you retire! 4.Plan where you will liveWhere you live after you retire can have a significant impact on your savings for retirement. If you are planning to stay in the city but don’t want to spend too much, you can consider moving to a smaller house. You can also consider moving somewhere with a lower standard of living, so you can save some money. 5.Consult professional retirement plannersIf you have followed the steps above, but are still unsure about your retirement plan, you should consider finding a professional to help!Retirement is very important – so get a professional to help look through your retirement plan or even help you map out exact steps for your retirement will be very worth it!6.Join GoSave time depositDeciding when to retire mainly depends on whether you have enough savings. Why not take the chance to save your money with the snowball method? You can try GoSave, a time deposit product launched by WeLab Bank, to increase your retirement savings! Unlike traditional time deposit products where the interest rate is determined by the deposit amount, your GoSave interest rate is determined by the number of joiners in the same time deposit pot as you, regardless of how much your deposit amount is: the more people who join, the higher the interest rate for all! We understand that many people don’t like to do time deposits because they are worried about getting penalised for withdrawing money before the end of the deposit period. So, to give extra flexibility, people can withdraw their savings prematurely up to 2 times from GoSave with no fees incurred! How to open your WeLab Bank account 👉https://www.youtube.com/watch?v=fvKxPt0Fz8g