Seniors face more financial roadblocks than other age groups, and more people find it nearly impossible to save in their younger years. What this means for seniors is a low monthly income to survive on each month, combined with rising healthcare costs. It’s more important than ever to make sound investments, but how can you do it in a way that’s best for you?
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Future Financial Regrets To Avoid

by Pam on April 18, 2017

You might be surprised how many people in their elderly life have regrets about their financial past. In fact, they often wish they could turn the clock back so they could have done things differently when it comes to their funds. That way, they could have enjoyed a happy retirement, and they could know their kids would be in sound financial health after they pass away. However, you don’t have to be one of the many people living in financial woe when they reach old age. In fact, here are some of the biggest financial regrets, so that you can avoid them to ensure you have a happy future when it comes to your finances!
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5 Steps To Take Before You Retire

by Pam on February 10, 2017

1.    Practice Your Retirement

This may seem silly. You are probably thinking: why would I need to practice for retirement? Well just like any major life change this will be an adjustment for you. One of the biggest complaints that retirees have is that they didn’t realize how hard it is to have so much free time. The transition from working to not working will be a shock to the system if you don’t ease yourself into it.
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Retirement can seem almost a lifetime away when you’re young and healthy, but it soon sneaks up on us. The topic of aging can be uncomfortable for many of us, but it’s important to be prepared – nobody else can ensure a safe retirement for us better than ourselves. It’s not just about researching the best retirement fund to pay into; it’s also important to be aware of other avenues, to ensure you have the safest and wealthiest retirement possible, and ensure you’re comfortable after all those years of hard work.

Plan ahead

Don’t just let retirement creep up on you – in general, we need to start planning for our retirement fund in our twenties. While it’s impossible to predict every major life event, it’s sensible to plan for the worst case scenario. Determine what you’ll want your retirement fund for, and why you’ll need it. Do you plan on traveling a lot once you finish in your employment, or perhaps buy a second holiday property? Do you need to prepare for health care expenses, or support family members? Or do you simply want to live comfortably day to day? This will give you some indication of how much you expect to spend in your retirement, and therefore how much to save on a month by month basis.
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Over 50 & Looking For Life Insurance?

by Guest on August 5, 2016

life insurance ratesIf you are over 50, you may still count on many years of life. According to Public Health England, in a press release dated the 12th of February 2016, life expectancy for those in their later years is now higher than it has ever been.

These days, in other words, 50 is no age at all. But as anyone of any age probably knows, it is never too early to start thinking about life insurance.

For the over 50s, however, there are certain benefits and advantages you may enjoy that are not available to those who are younger than you. Life insurance over 50, may carry an especially attractive appeal. These are some of the reasons why:

  • over 50s life insurance is a special form of whole life insurance – that is, it pays out an assured cash benefit whenever the beneficiary dies rather than only within the defined period of a term life insurance policy;
  • the assured cash benefit is return for the payment of monthly premiums for the remainder of the insured’s life – although many such policies waive the collection of premiums once the insured has reached the age of, say, 85 or 90 (depending on the insurer);
  • unlike some other forms of life insurance, acceptance is guaranteed, without the need for any kind of medical examination or questionnaire; and
  • the cost of the monthly premiums is likely to be fixed at the same rate for the duration of the policy.

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retirement adviceEveryone needs to save money for retirement, but some people are much better at it than others. Some people struggle financially and can’t save much at all. But other people just aren’t doing the right thing. They could have money to save and invest, but they’re not making the most of it. Or perhaps they are trying to save for retirement, but they’re not going about it in the right way. In fact, many people are approaching their retirement planning poorly. If you want to be smarter than those who are getting it wrong, there are several things you should be doing.

Start Early

One of the biggest mistakes that many people make is to start saving for retirement too late. The earlier you start, the more you can save and the more you can grow your money. If you’re able to start saving for retirement when you’re in your 20s, you’re already doing better than many other people. You don’t have to have a lot of money to put aside. Even a small amount is a useful contribution toward your retirement funds. Although your 20s and 30s are a time when you want to enjoy yourself, it pays to be sensible and think of the future too.
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Important Tips For Retirement Planning

by Guest on May 5, 2016

want a comfortable retirementRetirement is that time of your life when you may no longer have a regular source of income. It is the time when you have to live on the money you have accumulated throughout your professional life. So the earlier you start saving for your retirement, the more money you will have at the time of your retirement.

Everyone should save for the post-retirement life

Ideally, retirement planning should start as soon as you start earning. Most employers offer EPF for their employees. As per the rule of Employee’s Provident Fund (EPF) schemes, the employee has to contribute 12% of their basic salary and the employer also contributes the same amount to the fund. The power of compounding helps accumulate a huge amount at the time of your retirement.  However, those who are self-employed or do not have a fixed income, cannot enjoy the EPF schemes offered by employers. For them, the only option is to invest in a pension plan from a reputed insurance company. You can also invest in a mutual fund if your risk appetite is high. This will help your retirement planning to stay on track.
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