“Happy days are here at last. The days of 9 to 5 are in the past. I’ve worked all my life and paid my dues. Now I will just do what I choose.” This is something we all long to say. Retirement is something that eventually happens. If we live long enough, we will eventually reach a point in our careers where we either leave or opt for another less intense lifestyle. It is up to you to create a comfortable retirement for yourself when you are still young and able.
Learning how to start saving for retirement may seem like a daunting task. You may choose to open a personal savings account or you could opt for retirement saving policies. Whichever age you decide to begin saving towards your retirement there are steps you can take to help create a brighter future.
- Determine your retirement goals
Set aside a goal that you would like to reach. Determine how much you will need to contribute to reach that goal and more importantly how you will ensure that those goals are met.
- Create a budget
You need to create a budget for your recurring expenses and include your savings contributions as a monthly expense. A budget will clearly show you where your money is going. As soon as you create it, you need to create a mindset to stick to it.
Sometimes it may seem safe to put all your investments in one area. This may or may not work for you depending on what the investment is. As the saying goes ‘do not put all your eggs in one basket.’ Same technique applies to retirement. You can venture into a number of different investments.
The Madison Umbrella Retirement Benefits Scheme is an s hybrid between Occupational Retirement Benefits and the Individual retirement Benefits Scheme. You are able to contribute, facilitate collection and remittances of your employees/members’ contributions, maintain some level of control and enjoy the tax advantages applicable to registered schemes.
Some of the benefits include:
- Costs of running the scheme will be minimal as they are shared with other members in the Umbrella fund.
- Employer’s involvement is minimal hence they are able to focus on their core activities.
- Contributions attract interest every year from our high yielding investment tools.
- You will have a choice to invest either in a guaranteed or segregated fund.
For more details on the Madison Umbrella Retirement Benefit Scheme click on this link: http://www.madison.co.ke/retirement/madison-individual-personal-pension-plan-akiba-bora/murbs.html