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5 Ways to Save More Money for Your Retirement

Image for representational purpose only. (Photo courtesy: AFP Relaxnews/ Dmitry Berkut / Istock.com)

Image for representational purpose only. (Photo courtesy: AFP Relaxnews/ Dmitry Berkut / Istock.com)

Retirement savings are important. For a truly enjoyable old age, it is imperative to snowball your savings before you reach your silver years.

Retirement savings are important. For a truly enjoyable old age, it is imperative to snowball your savings before you reach your silver years. If you have enough savings for your retirement, you can easily retire without worrying about what future brings to fore. But, if you haven’t saved a sufficient amount yet, then don’t get stressed, just gear up for your retirement savings.

Start planning things today, prioritize your savings and use the following 5 ways to save more money for your retirement:

1. Minimize Your Debt

If you have taken some loans and you are approaching your retirement age then it’s the right time to fill up your loan as fast as possible. By minimizing the debts, you can get rid of the financial responsibilities and reduce your liabilities after retirement.

2. Plan Your Retirement Goals

If you haven’t done it earlier, then its time to indulge in some mathematics and find out a lump sum amount which you need to save for your retirement. A dream vacation, a nice home, your favourite car or a present to your grand kids, the list is endless. This will help you plan with more precision that how much you have to save, and what steps do you need to take to chase your goals.

3. Downsize Your Assets

After retirement, you may not need all the assets that you currently own. So, check out that which things you will not need at all after the retirement, and downsize accordingly to minimize your liabilities and gather some money which might be struck in the unuseful assets.

4. Invest in Government’s Retirement Policies

These policies are a great way to save money for retirement while enjoying the tax benefits. Many savings schemes give tax benefits, so it’s highly fruitful to invest in such schemes.

5. Invest in Pension Schemes

There are many government supported and private pension schemes that give you a steady flow of income on a monthly basis after retirement. These are known as pension schemes and they give you monthly pension right after your retirement so that you don’t have to depend on anyone. Depending on your age and the amount of pension you need after retirement, your monthly investment for the scheme can be calculated and you can set the amount aside for a grand retirement and fulfilment thereafter.

first published:June 27, 2017, 10:14 IST