4 Things You Must Do Before You Retire

September 29, 2020

“You only live once”, as what many believe and live up to, especially when you are in your 20’s and start making your own money. You easily splurge on the things that excite and give you pleasure as if there’s no more tomorrow.

Before reaching your senior year you need a thorough consideration and evaluation of the life you want to have when you retire because ideally, a senior citizen shouldn’t worry so much about many things anymore. Life should be more relaxed and at peace, you should be enjoying and spending your time with your loved ones. The best time to start planning for your retirement is while you are still young. And to help you with that, here are some important things to consider before reaching your senior year:

1.       Stop spending on things that will not guarantee your money back.

Buying a car may be a liability for some but turning that into a business is a different story. Nowadays, carpool or rent-a-car is becoming increasingly common. There are even mobile applications that designed specifically for that. It makes one’s trip fast, convenient, affordable and stress-free.

Rewarding yourself with an expensive bag, shoes, clothing or spending on your dream vacation is fine as long as you’re spending your extra money for it and you live a balanced lifestyle. Even if you are earning more than enough, you still have to be money-wise.

2.       Include savings in your regular budget.

If you’re in your 20’s or a middle-aged adult and getting your resources from your salary twice a month, then, savings is a must! Allot a percentage of your salary for savings. Whatever is left after the savings and bills, make that as your budget for your daily needs. Always deduct the amount of your savings first and adjust your expenses around it, not the other way around.

3.       Invest in a business.

Starting up a business is the best idea you could come up with. It may not guarantee success immediately, but the learnings and experiences are certain which you can use in the future. Be as innovative as you can. Try new things, explore and see what’s going to be a hit in the market.

If you’re a regular employee and relying solely on your monthly salary, save and invest in a business. It could be a sari-sari store, an online shop, a small canteen or you can even turn your passion into a profit.

4.       Get a long-term insurance.

Many people think that getting an insurance is expensive and risky that’s why most people prefer to save money in the bank instead, without realizing how important and useful insurance could be not just to you but to your family. Before reaching your senior year, it is recommended that you apply for an insurance that provides you with security that fits your needs. Getting an insurance at a younger age gives you a much lower premium with bigger returns.

Paramount Direct offers MoneyPlus Protection Plan that gives you  Life and Accidental Death benefit and Cash Bonus, with low monthly premium starting from P379. It is applicable for ages 18 to 54 years old, which you can pay in flexible terms such as monthly, quarterly, semi-annual or annually.

In choosing an insurance, make sure to rely on the best choice possible.

If you want to live a comfortable life when you retire, set your goals, plan your future and make it happen!

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