Working Towards Your Retirement

Retiring comfortably and securely is everyone's dream. However, like many people, you often wonder how to achieve that dream when so many financial obligations take priority. The daily living expenses, rising grocery prices and utilities, plus the other pressing expenditures like a child's education, or simply paying the rent. Coming from a Filipino family, you may have aging parents to support or is probably experiencing a family financial crisis such as the loss of a partner's job. Is it any wonder therefore how to manage all these financial neccessitie while saving up for the needed retirement plan to secure your old age? How does one turn their dreams into reality?

Are you looking forward to the day you retire? Or, do you dread the thought? Being able to retire when you want and how you want is important to many people. Planning ahead can put you in a position to live comfortably during your retirement.


1. Set a target date for when you want to retire.
2. Make an honest estimate of how much money you will need to accumulate for your retirement. Then create a retirement plan.

Your retirement plan should contain a detailed "road map" on how much you should earn, save and invest. It should contain your investment options, be it in bonds or stocks. It should also contain your anticipated expenditures in order to give you the quality of life that you want during retiremet.

3. Find out all that you can about your Social Security benefits to see what maximum returns you can be entitled to.
4. Make maximum use of the various financial instrument available and applicable to you. These could be employer or company retirement packages, individual retirement accounts, and retirement insurance packages. If you find these overwhelming, you can always consult an independent financial adviser to give you the best options.
5. Try not to touch your savings. The goal of your retirement plan is to practice systematic investment. You should develop sound money saving habits, like setting a fixed amount every payday. You can also build an emergency fund in the money market so you won't have to dip into your savings during unexpected situations.
6. Diversity your assets. Saving is good, but saving wisely is key to increasing wealth your wealth. Be always on the lookout for sound interest bearing accounts being offered by reliable financial institutions. You can play it safe with treasury bonds, or open a mutual fund account. The idea is to spread the investment in order to expect maximum gain.
7. Always ask questions, seek assistance whenever in doubt. If you can afford one, hire a financial adviser. It may be your most important investment.
8. Live below your means. The whole point is be comfortable, not extravagant.
9. Start planning your retirement today!Start by setting reasonable goals.
10. Make that retirement plan and monitor it regularly.
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About Jomar Lipon

Web Developer at your service and frustrated blogger in Cebu. Author of, SEO Specialist.
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