Retirement is one of our biggest concerns, when it comes to our finances. While many obsess over mortgages and higher salaries, it’s important to properly prepare for our golden years.
Here are few strategies you could use for bigger retirement funds:
Save your windfalls
Most people who win the lottery end up broke again within months or few years. Lack of planning and financial discipline are the culprits. If you come into money, it’s a good idea to save it for your retirement.
Of course, if you are deep in debt, it’s wiser to pay it off as soon as possible and direct any money your earn towards your loans, but
Buy silver and gold
Investing in precious metals is always a great idea: no matter the country you are, gold (or other precious metal) is still gold. While prices fluctuate from year to year, overall the value has increased.
As someone who’s living in a country that’s been through a huge inflation (money you saved for a house was enough to buy a pair of jeans), I have absolutely no trust in ANY currency.
But real gold or silver? Well, it’s another story.
Buying real precious metals is very easy nowadays and, even if you are not a numismatist (to know a lot about coins, for instance), you can still purchase bullion at a click of your mouse on eBay or similar websites.
Create a small side business
A lucrative blog can get you at least few hundred bucks/month for instance. See my income reports to get an idea about how much you can earn with little effort. While I still earn most of my money as a web designer, you can find out how to set up a profitable blog and just focus on this.
Sure, if you have some skills for hire, you can earn a nice side income working from home.
What I love the most about my business is that I can do the work 1-2 hours/day anywhere in the world. I plan on still doing this throughout retirement, as much as possible, since it’s not such a huge effort and the money is good.
Retire in a rural area
One year ago we purchased a small house (OK, still a ruin) in a nearby village. Our main reason was to be able to spend 2-3 days/week in a less crowded and polluted area, while also having somewhere to retire when old.
While the house is in need of some huge repairs, the cost of living there is so small, we’d be able to survive on the state pension alone. Since we also own 2 city apartments, we plan on renting one at least (provided our daughter will be interested to live in one of them) and this would really help us during retirement.
So, it makes sense to move out somewhere quieter, where the cost of living is smaller.
What else are you planning to do for your retirement?