The Managing Director of EDC Investments Limited, Paul Mante has shared insightful tips on how one can manage financial resources to their advantage and retire with a healthy bank balance.
In another edition on the Effective Living Series on Citi FM, on Thursday which centered on Retirement, Mr Mante shared nine tips on why it is essential to have a retirement plan during your working life.
Nine tips why it is important to plan for retirement;
- Low Pension payment
- Easy for great retirement
- Longer life expectancy
- Escalating Health cost during retirement
- Less Energy to work
- Lack of Suitable job
- Unable to depend on your children
- Fragmentation of Family system
Mr Mante also encouraged workers must build enough income generating asset and live off the returns and urged employers to take keen interest in the retirement plans of their staff.
Mr Mante cautioned workers on some of the money mistakes to avoid during retirement.
According to him, you must not retire and be idle, also spending too much too soon during retirement. He warned workers not to commit retirement funds into capital investments and also avoid depending on your Children during retirement.
He stated that living in huge mansions during retirement is one things to be avoided since it will increase your maintenance cost. Also money mistake to avoid is having many Cars or big engine cars during retirement.
Mr Mante implored workers to check their lifestyle and the things they eat to avoid what he calls the self-inflated huge medical bills during retirement and also warned retirees to avoid High risk investment. The final money mistake he shared is the failure to live a will before death or dying interstate.
According to him the failure to live a will before death is one of the things that causes a lot of money problems for families and advised that people should approach the topic of writing a will with an open mind.
In case you need help to draw up a financial plan or a retirement plan you can contact an official at EDC Investments Limited by clicking the WhatsApp link attached https://wa.link/dqr3zs