We are always wondering what we will do when we retire, will we still be working or spending the time relaxing. I was thinking recently about ways to invest for retirement and came up with some ideas.
I know when I retire, I would like to spend time doing things I love, whether that is travelling or gardening. After many years of working, hopefully I can spend some time on me.
Working isn’t something I want to continue and I know that pensions are a pittance so insuring I am investing my money the right way means I am not struggling later on.
Ways To Invest For Retirement
Set up a second retirement fund
There are many ways you can do this, even by using a savings account with great return. Over time adding money to the savings account will mean that you are saving what you can but also having a return on your money.
This will soon build up over time.
Look into a second pension scheme where you don’t lose your capital. I know this is hard as some pension schemes can go up or down, but if you look out there you can see the different options available in regards to your pension.
Invest money into a second house
Another good way to save up some money long term is to invest in a second house which you can rent out to cover the expenses of mortgage and repairs. Over time this will be paid off and you can look int selling when you retire.
Make sure you get lots of advice before you do decide to go ahead and look into the pros and cons of real estate.
Pension with work
Some places do offer a work place pension, other than the standard one we get. These are generally at a higher monthly payment but well worth it in the long run if you decide to stay with the company long term.
Swap a couple of coffee’s a month to pay the higher premium.
Open an ISA
Another way to save is by opening an ISA account, this is another good way to save some money over long term. Again you get a percentage back each year so another idea to look into.
There is many ways you can invest or save for your retirement other than relying on a pension that will just about cover your bills.
*This is a collaboration post.