Whether you are a working mom or a businesswoman, securing the financially stable golden years of your life requires careful planning. Entering your retirement year means stepping away from work or passing on your business to your heirs so you can take a break, focus on your well-being, and spend quality time with your family.
This is everyone’s dream—to have a comfortable retirement, but it doesn’t just happen. While you are busy providing for your kids and supporting your aging parents, you would also have to think about your future. As part of the sandwich generation, it is not an easy task to juggle all these responsibilities. You also wouldn’t want to be a burden to your loved ones when you grow old. This is why it is important to start as early as you can to prepare and save up for your retirement fund.
By being proactive as early as now, you can increase the likelihood of enjoying your golden years while seeing your business continue to grow, and witnessing your children and grandchildren live a good life. So here’s the plan:
1. Budget, save, and invest. The earlier you begin saving and investing for your retirement, the better. Set a clear goal and determine how much money you need to save to enjoy your golden years. You also need to consider factors like healthcare costs, emergency funds, and inflation rates. Aside from the financial gains from your business, spread your money on investments in stocks, bonds, and real estate properties to maximize potential returns. You can also increase your retirement contributions to help you reach your retirement goals faster.
2. Save for retirement wisely. When you're saving up for your retirement, it is important to consider the inflation rate. Over time, the purchasing power of your retirement savings diminishes due to inflation, which means that 10 or 20 years from now, the value of your money will not be the same.
Running a successful business can generate income during your retirement years and provide a steady stream of revenue to support your lifestyle. While having a prosperous business can be a huge advantage, it is also important to invest in assets that have the potential to outperform inflation. Talk to a financial advisor who can give you the best advice on where to invest to mitigate the impact of inflation on your retirement fund.
3. Regularly reassess your finances and investments. Securing a comfortable retirement means looking at your finances regularly and being updated with the latest market trends. As you approach retirement age, it's essential to assess your businesses, assets, and other properties and align them with your goals. Monitor your debt and loans, if you have them, and make sure that you are financially capable of paying them before entering your golden years. Revisit your retirement goals and see if you can attain them without being a burden to your family.
4. Get an all-around insurance plan. Working hard to ensure the success of your business is a feat on its own. You have invested a great deal of skills, effort, and time to provide for yourself and your family. Of course, you would want to have a comfortable life with them as you enter your retirement years. By this time, it’s also favorable if you already have an insurance plan that will serve as income protection for your loved ones if anything unfortunate happens and an investment plan where you can potentially grow your savings and assets over time. But if you don’t have one yet, don’t worry because with AXA’s MyLifeChoice, you can have both. With this all-around insurance plan, you can also invest in bonds with maturities including short-term (1-3 years), intermediate-term (3-10 years), and long-term (10+ years) depending on your risk tolerance. By diversifying your portfolio into different investment funds, you can spread the risk of loss and improve your overall investment returns for your retirement fund
You deserve to enjoy and savor your fruits of labor after working so hard managing your business to provide for your loved ones.
AXA is your financial partner on your journey to your golden years. With its wide range of flexible savings and investment plans and life insurance products tailored to Filipinos’ lifestyles and needs, you can live every day with peace of mind knowing you are taken care of.
Know you can game plan your way to prosperous golden years with AXA’s MyLifeChoice. Contact an AXA financial advisor today for more information.