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You need to think about this while you are young! Otherwise, in old age you will survive on pennies!!! Yes, thinking about retirement at a young age is an important step that can change the quality of life in old age. The issue of pension provision is becoming increasingly relevant, because the state pension in most countries usually only partially covers the needs of the elderly. Let's figure out why and how you should prepare for this in advance. Why is the state pension not a guarantee of a decent life? Insufficiency: The average pension rarely covers all a person's needs, especially if he is accustomed to a higher standard of living. Demographic crisis: In many countries, there is an aging population, which leads to an increase in the number of pensioners and a decrease in the number of workers who fill the pension fund. Inflation: Money depreciates over the years, and what may be an adequate amount today, in 20-30 years will have much less purchasing power. How to prepare for retirement on your own? To ensure a comfortable old age, it is important to think about savings and investments. Here are some steps that can help: Start investing as early as possible: The earlier you start saving, the more compound interest will work for you. Even small amounts invested at a young age can lead to significant capital in the future. Open an individual pension plan: Many countries have programs that allow you to save for retirement on your own, with tax benefits and capital protection. In Russia, for example, these can be individual investment accounts (IIS). Study investments and portfolio strategies: The market offers a variety of financial instruments - from stocks and bonds to real estate and funds. Creating a diversified portfolio taking into account risk will help ensure a stable income. Maintain your health: Old age is not only a financial challenge, but also a physical one. By maintaining your health, you can save on medical expenses and stay active longer.