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Saving is good. It’s always good. Saving for your retirement is more than good, it’s imperative. But oddly enough, people make more mistakes around their retirement planning than almost anything else. There are many slips you might make that lose you time and money along the way. Let’s have a look at what not to do when saving for your old age…
What is interesting is that many millennials are now dealing with their fellow generation when considering insurance. It’s also important to note that they will comprise 75% of the workforce by 2030. So their needs, priorities, and points of view are going to change the way many businesses operate – not only internally, but in the way interaction is conducted with clients.
When changing careers there is more than just your work to consider, there are also your benefits – and particularly your pension funding. Your retirement funding is the best way to save money; it’s a disciplined, cost-efficient structure that provides valuable tax benefits. So when moving from one company to another, or even to your own business, you would have to consider what you might be losing, but also the best way to ensure you don’t lose out on those important contributions.
For some people insurance is a complicated necessity and they keep their contributions to a minimum. Others over compensate and tend to insure everything landing up with sometimes more than one life insurance, as well as some unnecessary ones such as: flight insurance, insurance on outstanding credit card balances, or insurance on appliances.
However, a good balance is to look at those insurances that, depending on your occupation and lifestyle, have real value in today’s modern world. There are five insurances you should carry to ensure peace of mind and compensation for life’s more likely events.