How To Save For Retirement

December 2, 2019

A retirement plan is a very wise financial strategy. Whether you are 35 or 65, starting early or starting late, having a retirement plan is one of the best decisions that you will make.

Having one doesn't have to be complicated. You just need to plan it ahead or better - with the help of an experienced financial advisor.

With this, MAGCOOP lists some of the most practical tips on how to save for your retirement.

  • 1. Talk with your significant other about your retirement plan.

    Just as when buying a new stuff for your house or a new car, it is always recommended to talk with your spouse or partner about how much you think you will save or spend for retirement. Talk about how you are pictureing out your retirement goals so you are both in the same page.

  • 2. Monitor your investments or start investing.

    In retirement, the earlier you start preparing for it, the better off you'll be. So make sure that you are monitoring all your investments or if you haven't invested yet, start as soon as you can.

    In MAGCOOP, a Share Capital Investment Program is an example. At Php 500 per share, members share in the annual net profit of the cooperative through annual dividends.

    Another example is by opening a MAGCOOP Time Deposit Account where you can earn higher interest rates.

  • 3. Expect rising prices.

    Rising prices and inflation are constant in life. So when preparing for retirement plan, it is also better to expect that prices will eventually go up.

  • 4. Pay importance on your health.

    May it be physical or mental, it is very important to pay attention to your health. Health care is one of the most expensive costs that you will encounter when you are at the retirement age. By focusing and paying more importance to your health, you can reduce the risk of paying expensive health care costs in the future.

    CarePoint Medical, Diagnostic and Wellness Clinic, a health facility run by MAGCOOP, helps by meeting the health and wellness needs of members, families and individuals by providing quality healthcare services towards the achievement and maintenance of holistic well-being.

  • 5. Don't forget about your mortgage.

    At your retirement age, if you don't skip paying for your mortgage, a monthly expense for house rent will eventually be eliminated.

In conclusion, a retirement plan is something you should think about not only when you are nearing the retirement age. You can talk to any of our MAGCOOP Evaluators to ask for advice.

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