Should we save for retirement?
My husband and I are in our later thirties. We are planning to settle in Australia or Canada. Both of us do not have any good guidance from any experienced elders regarding anything in life. So far we have not saved a penny for our retirement. Experienced people please guide me on the follwing: 1) If we do not save will the governments of these two places help us in futureafter retirement? 2) Is setting up a parallel income recommemded? 3) What the conditions of old people who have not saved all thier life (will they be provided medical help)? 4) Is it prudent to save monthly, yearly? 5) Do children take care of poor parents? (My husband is currently well off. And we give the best to our parents and children. Will we too be taken care of similarly)? 6) Many parents who are financilally dependent on their children in their later years are insecure and encourage disharmony in thier children's married life. Why?
Public Comments
- U saved ur parents and ur kids...God will save u...but then first u need to do the half rest God will do....Save yourself yaaaaaaaaaaar
- absolutely,the goverment is not going to have the money or the intrest to help people who CHOSE not to help them selves.as little as 100.00 dollars a month could make a hugh diffrence for you.So shape up and start looking out for your selves instead of looking for some kinda hand out!!!The world is full of people with there hands open and we need to draw the line there.so don't blow your money today haveing fun and expect the rest of us to clean up your mess!!!
- The interest rates on savings accounts go up and down all of the time. However at the time of writing there are several accounts with a headline figure of 10% interest. These are ideal if you are already banking with one of the banks that offers these deals. Note however there are conditions attached; for instance you easily need to be paying a salary of over £1,000 in each month. The account normally closes after a year and of course you have to pay in in small amounts. Therefore they actually equivalence to a rate of about 5% on a fuller balance over the course of the year. However that said they can still be a useful vehicle to get a decent amount of interest during that one year.Well the most common reason for people not getting rich at all is that they are obsessed with getting rich quick. But the vast majority of people who become rich do so over an extended period of time, and this is the most reliable and surefire way of getting rich. The old adage of the hare and the tortoise certainly applies to money - income accrued gradually over many years is the best route to success. The key is to start saving as young as you can, and to stick to a disciplined percentage of your income and never touch it. For instance, at the tender age of 21 or whenever you start earning proper money, try to save 10% of your income every month. This might seem like a lot to sacrifice particularly when starting out, but it is worth tightening your belt for the future rewards. Then there is the choice of where to put your money. This depends largely on the risk you want - a safe savings account or something risky like shares, or somewhere in the middle. The key skill you need whatever you choose is discipline - resist dipping into that pot of money - forget it is even there as an option if at all possible. Ensure that you do not splurge it on a whim purpose, certainly, and leave the interest or dividends in there. Your biggest friend with making money over a period of time is compound interest, or the dividends being re-invested in the shares you own, so really do try to leave the pot of money well alone.
