MINIMUM AMOUNT YOU SHOULD HAVE BEFORE YOU RETIRE
The most common question arise in the mind of every salaried employee is the minimum amount of money he should save before he gets retired and it is pretty obvious to worry about the future plans and work accordingly in the present to lead an independent and stress-free life.
So, the first and the most important step to save the minimum amount of money is to calculate the time left for the retirement, daily basic living expenses with the extra expenses included. Therefore, we should go step-by-step to build up a safer side in the future.
- The horrible part thinking about the retirement is to give up the present living standard due to lack of money. Thus, some of the experts advised to calculate your daily expenses and multiply it with a year to get yourself aware of the minimum amount of money you need to maintain the standard of living.
- The daily expenses include housing costs of food and clothing, bills, transportation cost and insurance.
- The emergency can happen with anyone and anytime and if it comes at your old age, it will definitely be a burden. So, why to be tense when you are prepared in advance.
- The extra expense can be of any type whether it will be to pursue your interest in future, continue your financial responsibilities or may face any health issues. therefore, to accomplish that all, you need to have extra savings in your pocket.
- The common expense everyone exclude from their post-retirement plans is the travel spending which too becomes a hurdle while planning to visit your near and dear ones. Therefore, just keep aside the minimum amount of money as the travel expenses and travel anywhere according to your wish even after the post-retirement.
- Saving minimum amount of money in the present won’t assure your stability after the retirement as with the passing years, the inflation may move up and will leave you on the losing side. So, estimate the inflation factor with your left retirement years and save accordingly.
- Once you are done with all the calculations of Saving minimum amount of money, don’t delay and starts accumulating the money as it won’t go in vain but the delay might lead you on the losing side.