A blog about real estate, lifestyle and tourism in Pakistan | Feeta Blog

  • News
  • Construction
  • Tips & Advice
  • International
  • Amazing Design
  • Interior Decoration
  • Style Your Home
  • Design Ideas

Starting Your Retirement Plan: 5 Ways

5-Ways-on-How-to-Start-Preparing-your-Retirement-Plan
feeta_admin
Saturday, 12 March 2022 / Published in International, Technology, Trends, uk, ukraine, USA, Zillow

Starting Your Retirement Plan: 5 Ways

Are you worried about your post-retirement days? Though you have worked hard your entire life for your family and still want your finances to be ongoing. It is a great idea to start thinking of a retirement plan and by this, you will be able to accomplish your wishes with financial independence.

A retirement plan in simple words can be defined as making preparations for your future by planning today. It is important to design a retirement plan that suits your needs. The preparation for retirement planning includes

  • Deciding when will you retire
  • Formulating a retirement plan
  • Estimate the amount of money you will be needing
  • Planning investment to earn profit from your retirement saving
  • Plan about your healthcare
  • Calculate your mortgage

Managing your financial plan might seem a bit crucial because it determines the source of your income and your expenses as well. This is important because it helps in formulating a retirement budget by your plan. People entering retirement age mostly don’t plan for the time when they will no longer be working. But it is very important to ponder upon it at least 25 years before your retirement age to maximize as much profit as you can.

In Pakistan, it has been seen that unfortunately, people start thinking about retirement plans after they enter their 50s. Which is very little time to prepare and execute a retirement plan.

If you want to spend your time without depending on anyone for financial assistance, whether that might be your healthcare expenses, your joy and fun activities, or your daily expenditure, here are some ideas that will help you in your post-retirement days.

Feeta.pk in this blog lists down five ways how to start preparing your retirement plan.

  • Buying a commercial property
  • Investing in a plot
  • Opening a retirement saving account
  • Buying real estate for rental income
  • Purchasing lifetime insurance

Buying a Commercial Property

If you don’t want to rent out your commercial property, starting a business of your own is a big yes!

Buying a commercial property to run your business is one of the greatest ideas for your retirement plan. If you already have some experience in business this will be the cherry on top to utilize your commercial property for running your own business. The most convenient ideas for business setup include opening up a bakery, general store, or grocery shop. Other than this there are ample ideas that can work best for a business setup, which primarily are a café or a restaurant, a fitness or center, a salon, or a boutique. One of the main things that need to be kept in mind before starting a business at the commercial property is the location. Therefore it is very important to plan a business that is beneficial for you in the long run. Business is a nice idea to stay busy and earn even after your retirement, also you can always hire people for help if it’s not easy for you to work full time.

Investing in a Plot

When it comes to investing in a plot, two things can be done depending on your budget, buying a plot file or a plot

A plot file can be defined as a document that the housing societies issue before they are developed. For long-term real estate investors in Pakistan, this is considered to be one of the most popular investments. The rates of the files about the plots are increased once the possession is announced and the plot is allocated. The buyer must thoroughly check and analyze the place where they are planning to invest and if you are choosing this as a retirement plan then you will have to be very careful so that when you invest your money in a plot file, you get a long- term profit from it.

The second option is buying a plot. Once you have bought a plot, you resell it at a higher price after some time. This is considered to be the safest and most popular investment. Usually, smart investors buy plots in areas that are underdeveloped and then wait until the area is fully developed and the price of it increases.

Opening a Retirement Saving Account

If you want to start saving your money for post-retirement days, opening a saving account is one of the options. So if you are planning to start a retirement fund then open a savings account. The benefit of this will not only be saving your money but also generating profit on your deposit. In Pakistan, almost all the banks allow their clients to have this particular type of account and obtain interest periodically. These accounts are not fixed accounts and you can easily withdraw money from them at any time from your debit card, online banking service, or checkbook. This is one of the most ideal plans for your retirement. If you are self-employed or even salaried, opening a savings account is a great idea.

Buying a Real Estate for Rental Income

If real estate investment is new to you, it is better to familiarize yourself with it so that once you invest in real estate you can obtain maximum profit out of it. Not just for real estate but for any investment that you plan to do, you must start researching about it thoroughly.

If you are someone who owns more than one residential property, you can easily rent it out for your post-retirement days and fulfill your financial needs from the rent that you will get from that property. In case you don’t have more than one residential unit, you can start saving for more units as a retirement plan. Real estate for rental income is a remunerative investment option if you are planning your retirement. The reason why it is profitable is that it gives you a constant return on money that you have spent on it. It is understood that renting out your property is a bit of a hassle, but for this, if you prepare a proper agreement with the tenants and make them aware of your rights, it won’t be as difficult as it seems.

Purchasing Lifetime Insurance

If you are looking for a practical retirement plan, purchasing life insurance is the answer. In simple words, it can be described as an agreement between the insurance company and the policyholder. The company promises to pay an amount after a period once the policy has matured and in return for this, the policyholder makes payment to the company either monthly or yearly. This is a smart way of saving money for your old age.

Other than this life insurance companies also offer various benefits such as accidental disability or hospitalization. This will help you in not being worried in case of emergency about your health-related expenses.

Companies that offer Life Insurance in Pakistan

It is better to start thinking about your life insurance from an early age, for instance when you enter your late 20s start thinking about purchasing a life insurance policy.

Why is Retirement Plan Important?

It is better to realize the importance of a retirement plan before you can no longer work. Here are a few reasons why having a retirement plan is important.

  • It helps in the fulfillment of one’s dream
  • Ensures financial independence
  • Helps you meet the needs of family members who are financially dependent on you
  • Ensures that money is available upon urgent need whether that’s related to health or any other circumstance
  • An increase in the average life expectancy has been noticed
  • Relying only on pension is risky

Some Retirement Facts:

  • Normal retirement age is between 60-65 years
  • Early retirement age is 10 years before the normal retirement age
  • Late retirement age is 5 years after the normal retirement age
  • Members account balance will be used to purchase an annuity, on retirement
  • A tax-free sum of 25% of the account balance will be received by the member upon retirement

It is never too early to start thinking about your retirement plan. In this blog, Graana.com has listed down the five most popular and beneficial ideas for your post-retirement days. It depends on you which plan you think is most suitable and can benefit you in the long term.

To have a stress-free life, you should gear up and start planning for your post-retirement days for not only a regular income but to grow your money as well. This will help you in the days when you don’t want to be dependent on anyone, your kids, or on your family and also when you can no longer work. You can adopt any of the plans mentioned in this blog for a relaxing time during your retirement days.

So, what’s your pick?

Contact Feeta.pk today for investment opportunities to earn even after your retirement.


What you can read next

Tips-Inspiration-And-Decor-Accessories-To-Help-You-Nail
Nail the Look: Tips, Inspiration & Decor Accessories
40-Aesthetic-Dining-Rooms-With-Tips-Inspiration-To-Help
40 Aesthetic Dining Rooms: Tips & Inspiration
Where-Modernity-Meets-Mother-Nature
Where Modernity Meets Mother Nature

Style Your Home - Gallery

Pin #700169073308717038

Source: businessinsider.com

Parisian Dining Room design with Black dining table, Black wishbone chairs and crystal chandelier via Jean-Marc Palisse and CoteMaison

Parisian Dining Room design with Black dining table, Black wishbone chairs and crystal chandelier via Jean-Marc Palisse and CoteMaison

Source: curatedinterior.com

Pin #700169073308717050

Source: covethouse.eu

Top 50 Best Hidden Door Ideas – Secret Room Entrance Designs

Top 50 Best Hidden Door Ideas – Secret Room Entrance Designs

Source: nextluxury.com

31 Beautiful Hidden Rooms And Secret Passages

31 Beautiful Hidden Rooms And Secret Passages

Source: buzzfeed.com

57 Unbelievable secret doorways into hidden rooms

57 Unbelievable secret doorways into hidden rooms

Source: onekindesign.com

Mountainside Home – look how nice photos look printed in this dining room

Mountainside Home – look how nice photos look printed in this dining room

Source: mtnsidehome.com

Top 50 Best Hidden Door Ideas – Secret Room Entrance Designs

Top 50 Best Hidden Door Ideas – Secret Room Entrance Designs

Source: nextluxury.com

Pin #700169073308716940

Source: houseofturquoise.com

Best Lake House Decor Ideas (7)

Source: torontolife.com

Pin #700169073307264746

Source: dianaevans.topwomentrends.com

‘There was no turning back’: Mom builds magical hidden room through teen’s closet – Love What Matters

‘There was no turning back’: Mom builds magical hidden room through teen’s closet – Love What Matters

Source: lovewhatmatters.com

Pin #700169073308717045

Source: homeworlddesign.com

Joli pied

Joli pied

Source: trendedecor.com

Sweet Home 3D

under stairs hidden room ,homesecuritysystems,homesecuritycameras,wirelesssecuritycameras,surveillancecamera,securitysystems,homesecurity,alarmsystems,outdoorsecuritycameras,wirelesscamera,homealarmsystems,bestsecuritysystem,videosurveillance,hiddensecuritycameras,surveillancesystem

under stairs hidden room ,homesecuritysystems,homesecuritycameras,wirelesssecuritycameras,surveillancecamera,securitysystems,homesecurity,alarmsystems,outdoorsecuritycameras,wirelesscamera,homealarmsystems,bestsecuritysystem,videosurveillance,hiddensecuritycameras,surveillancesystem

Source: decoratedlife.com

Pin #700169073308716998

Pin #700169073308716985

Source: samtisdall.co.uk

Fine Bathroom Renovation & Remodel Must Dos

amazing remodel as well as renovation ideas and tips More hints

Source: sebringdesignbuild.com

Great The best way to Design a Secret Room

Consider it or not, secret rooms like you will have seen in a thriller/suspense thriller or science fiction/fantasy movie will not be only for film un… ,

Source: homebezt.com

GOSSIP

  • News
  • Construction
  • Tips & Advice
  • International
  • Amazing Design
  • Interior Decoration
  • Style Your Home
  • Design Ideas
TOP