Over 50? How confident are you financially?

Start planning for a secure financial future today.

09:35 17 May 2013

Hearing about cases of care home neglect cause us to think about our own futures and what we might endure. We inevitably also wonder about our financial status and what it will be by the time we retire.

 

Will we be living like paupers or in comfort?

 

There are a few ways to help achieve your goals as they pertain to your financial status. Here are just a few tips to start you off:

 

• Crunch numbers—you might want to enlist the help of a specialist but in order to set adequate goals, you’ll need to make sure you know what you’re trying to achieve. It isn’t enough to pick an amount, there are complex formulas which can help you know how much you should truly save. Even some online calculators can help.

 

• Savings plan—financial status is directly affected by your ability to develop a savings plan. Don’t despair if you can only save a small amount from each paycheck, it will make a difference in the long run.

 

• Dedication—the hardest part for many people is adhering to the savings plan they set up. It’s tempting, especially if you have just a small amount to put into savings, to spend the money on other things instead of tucking it away in a savings account.

 

• Efficiency—maximizes your return on small savings amounts by investing your money on a long-term basis. Choosing a successful investment fund can go a long way in securing your financial status for the future.

 

Your savings plan can incorporate short-term savings for things like emergencies, as well as long-term savings that can help set your financial status in the “comfortable living” zone.

 

If you combine both, you’ll have the best of both worlds and peace of mind as well, and you won’t have to rely solely on your pension pot.