How to Prepare For Retirement?

[Spencer]

As an employee it's important to start planning your exit from day one, having funds saved in a bank account or in an index fund, it's the way to go when it comes to preparing for retirement, it also depends on the arrangements of your employer, some get pensions and gratuity while others especially those that work with non governmental and private organization have none of this.

Saving part of your money is very much ideal and then investing your money into a business or a fixed deposit that grows your funds as you save to increase your net worth and provide leverage to do other stuff when you finally retire.

What other methods can a retiree use to prepare for retirement?

 

[Mika]

Retirement means you do not work so you do not make active income. If you do not work and if you are not receiving salary, you still need some kind of income source to pay your bills. Therefore, before you retire you need to build passive income sources or residual income sources to pay your bills. Having investment portfolio can help you generate income after you retire. Having real estate property can also help you retire safely.

 

[Spencer]

Yes, as a retiree you need to be making money so as to be able to take care of yourself and your family, due to this most retirees return to low labor jobs, i think preparation should start from day one, if your retirement date is approaching you should be able to find a way to make money.

This could either be passive or an active income that do not require your full attention in running, this will help you tremendously after retirement as you won't be running helter skelter looking for what to do, if you do not make adequate plans you will struggle after retirement.