The best financial consultants will always advice people seeking for their advice to start planning and saving for their retirement as soon as they have a stable job. As such, even if it’s your first time to work, even if you’re just in your early 20s, you should already have a retirement plan and you are already setting aside money monthly for your retirement fund.
Unfortunately, not all people heed this crucial advice. Many employees always find ways to postpone working on their retirement plan. And before they know it, it will only be 10 years before they have to retire. And usually, planning and preparing 10 years before your retirement is usually not enough for anyone to prepare sufficiently.
However, this doesn’t mean that you give up preparing for your golden years and simply wing it once you stop earning a fixed monthly income. Below are some helpful tips and pieces of advice for people who are near their retirement age so that they can still live comfortably in their golden years:
Prepare your cash reserves or emergency fund. Financial advisors say that you should have at least three to six months of your normal income in an account that is safe and easily accessible. This means having some money deposited in your savings account for all planned expenses. For example, if you know that you need to replace your roof in a few years’ time, you should be setting aside money for that in your savings account.