Secrets to Help Boost Your Retirement Savings
how much money do i need to retire in Nigeria?
Well, in our next article on retirement savings in Nigeria, we will be discussing that, but for today, let’s talk about some secret tips that will help you boost your retirement savings here in Nigeria.
So, the other day, one of my friends who works with the Federal Ministry of Health asked me;
“How much money I you need to retire in Nigeria?
Funny enough, I didn’t have answer to that question, but then, I gave an idea.
I simply let him know that he’ll do be needing some millions of Naira is he want to live a comfortable life after retirement.
And now, I want to discuss that further in this article.
I have already talked about the importance of saving before retirement or advantages of retirement savings and the best savings platform to save money if you want to save for retirement and earn decent interest per annum.
It doesn’t matter if you just started working or you’re nearly done and about to retire, you can still potentially grow your retirement savings account and have a decent amount to run your life after retirement.
What is Retirement Savings Account?
According to wikipedia on RSA, a retirement savings account is a type of retirement plan account that is envisioned to replace all three different types of individual retirement accounts that are currently used in the United States: traditional IRA, Roth IRA and Simple IRA. Contributions would be made on an after-tax basis.
Important things to note about retirement savings in Nigeria
It’s never too early or too late to start saving for retirement
If you are just starting out, then, focus more on saving as much as you can.
If you are getting close your retirement, do consider increasing contributions to your savings or delaying Social Security.
When planning for your retirement, the truth is that the earlier you start saving and investing, the better off you’ll be, thanks to the power of compound interest on savings platforms like Sumobank. And even if you started saving late or yet to start, it’s very crucial to know that there are steps you can take to increase your retirement savings fast.
No matter what your current stage of life is in your pursuit for better retirement savings life, below are some tips to consider that can help you boost your savings
Automate your savings
One of the greatest ways to increase your retirement savings is to Automate your Salary savings by creating a savings and investment account with Sumobank savings. The platform is not difficult to use and pays you 10% interest per annum.
All you need to create a Sumobank savings account at www.sumobank.ng, confirm your account and login.
Then, connect your Naira debit card and select the AutoSave feature from Main Savings account.
Enter the amount you want to be saving monthly from your salary and select the date (Make sure the date corresponds to a date that you have received your monthly pay into your account), select the time and other details required and submit.
The system will help you debit the money (Amount selected) automatically from the Debit card you used in your account and will credit your Sumobank Main Savings account.
You might also consider using the FIX Save account to save since you’re saving for retirement. The fixed account pays as high as 15% interest annually.
If you have any question, you can call Sumobank customer care line at 08148008091.
Make your retirement contributions automatic each month and you’ll have the opportunity to potentially grow your nest egg without having to think about it.
In cases where come across emergency funds that need to be saved, you can login to your account and Save the money using the InstantSave option.
Focus on starting today:
Starting to save for retirement right away is very important as the earlier, the better. If you’re just starting to put money away for retirement, then, start saving and investing as much as you can now, and let it compound over time with interest, (the ability of your investments/assets to generate earnings, which are reinvested to generate their own earnings) have an opportunity to work in your favor on the long run. Trust me, the more you can invest when you’re young, the better off you’ll be.
Set a goal
Setting financial goals is very important for your retirement. Knowing how much you’ll need not only makes the process of saving and investing easier but also can make it more rewarding for you. Set benchmarks along the way, and gain satisfaction as you pursue your retirement goal. You can use the Mission Savings account to save for a particular goal on Sumobank, the Mission Account allows you to set a target amount to be reached for a particular reason and save little by little toward raising that amount for a 10% interest per annum. to help determine at what age you may be able to retire and how much you may need to invest and save to do so.
Stash extra funds
Got extra money? Why not save it instead of spending it. Every time you receive a raise, increase your savings percentage. Dedicate at least half of the new money you just received to your retirement savings plan. And while it may be tempting to a salary bonus and splurge on a new trending designer purse or go on a vacation, try not to treat those extra funds as found money. Its best advised that you treat yourself to something small and use the rest to help make big leaps toward your retirement goal.
If you start saving for your retirement now, you will thank Entrepreneur Platform one day for writing and publishing this article one day.
The only rule now, is Take action.
Create a savings and investment account on Sumobank savings and Investment website now.
Take Advantage of InstantSave if your Autosave failed any day in the past.
Examine your spending budget and try to negotiate.
You might negotiate a lower rate on your car insurance or save by bringing your lunch to work instead of buying it.
Use Sumobank Fixed Account to lock away funds for a long period of time.
Using the Sumobank fix save account can be a great way to secure the bag. Money is automatically paid in your kick account on maturity date where you will need to login and reinvest the money again.
However, this article is also good if you’re searching for
- how to catch up on retirement savings in your 30’s
- What is the best savings account for retirement
- How much should I save for retirement
- ways of saving for retirement