Retirement Planning for People in Their 50s
My friend is a time bomb waiting to explode. This friend has gone through life living like a twenty five year old, never saving for retirement. Now, she is approaching fifty and thankfully, has realized that she is a retirement disaster time bomb waiting to explode. Ideally, you should begin to start saving for retirement at 25. People however delay saving for retirement until it is already too late. My friend, at the age of 48, still has a chance to a comfortable retirement. She however has to radically change her ways and put aside more than fifty percent of her income every month for fifteen years. Here is my action plan for my friend: -Minimize eating out to once a month -Bring packed lunch to work -Buy fresh produce and fruit from the wet market instead of sliced packed ones from the grocery -Stop riding taxis in favor of buses, trains and jeepneys -Before buying something: ask yourself if you really need it and if there is a cheaper alternative -Do not give one more