According to experts, 50% of all Americans do not save for their retirement. Most people tend to consider their investments, which they have been making as their retirement money. However, with the Coronavirus pandemic bringing down markets in almost corner of the world, people have lost sizable investments.
In this article, we will look at why it is important to be financially secure in these tough times and crises. In addition to this, we will look at how you can generate safe and high returns investment opportunities, which are easy to make and are not going to take up much of your time.
Top Financial Habits, which can help secure a Happy Retirement: The List
1. Start your Savings Fund early in life-
If you have started thinking about your retirement, you should start saving for it immediately. This means cutting down on daily expenditures, prioritizing what is important, and creating a savings fund. You can set up a Fixed Deposit or a Recurring Deposit, depending on what you prefer. Every dollar saved can help you after you retire.
2. Keep Investing even after you retire-
There are many times, that we are unable to save enough to fulfil all our needs and requirements. This is why many smart senior citizens are still looking at investment options well into their retirement. This will not only help you keep growing your personal income, but also keep your brain working and attached in some way or the other.
3. Stop Lending Money to friends and family members-
If you listen to any of the financial experts out there, the first thing that they state is going to help you secure your retirement is putting a stop to the practice of lending money. You are going to get old, or are already in your retirement. A majority of people you lend to are not going to return your money. This is just the way of the world, and you should protect yourself.
4. Create a detailed monthly budget of all your expenditures-
There is a reason why governments have budgets and companies have annual shareholder meetings. If you are on your way to your retirement, you can create a healthy financial activity of creating your monthly budget. This will come in very handy when it comes to monitoring your expenditures and balancing them with your savings.
5. Be ready for Financial Emergencies-
As soon as we start getting old, there are numerous unforeseen emergencies, which can happen. These can relate to health emergencies, which you or your partner can have. It can also be an emergency, which is being faced by your sons or daughters and you would be required to help them. However, if you are planning, saving and investing in the right manner, you will be able to have a good enough cover to tide over them.
Why many Financial Advisors are suggesting that seniors should keep investing?
In the past few years, investing in stocks and shares has taken a tumbling. Newer and more exciting financial assets like Bitcoins and other cryptocurrencies, are leading the markets as high value assets to invest in.
This presents senior citizens with a very interesting possibility. They can sit at home and invest in crypto trading with the help of exchanges and trading platforms like the bitcoinup.
The best part about investing in crypto like Bitcoin is that the market is growing at a drastic pace. Just to give you an example, during the Coronavirus pandemic, Bitcoin outshined all other forms of investment including gold, in terms of growth and profit returns.
If you are someone who wants to generate a decent amount of income even after you retire, you should consider investing in Bitcoins as well as in other cryptocurrencies.