Before the 19th or early 20th century, a worker will work until he dies or until a time where he can no longer perform the job he is entrusted with. If it’s the latter case, then he will have to rely on his life savings or from his family to meet his daily requirement. Nowadays, many developed nations have some sort of a pension scheme installed to provide some funds when a person retires in old age. This pension fund is contributed partly by the employee and partly by the employer or government, based on certain percentage of their salary or income. The retirement age varies from one country to another but mostly it is between 55 and 70, depending on the nature of work. In the United States, 65 is considered the normal retirement age.
Planning your retirement
Life after retirement is totally different. You no longer need to wake up early and prepare for work. However after a period of time, you’ll get tired of doing nothing. With no more income coming in at the end of the month, life soon gets a bit stressful.
So, how do you avoid getting into this situation? The simple answer is to plan your finances early. Start your own savings if you are...
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