How to Save for Retirement Without Investing?

How to Plan for Retirement Funds?

What Should You Keep in Mind for Retirement Planning Using a Savings Account?

What to Do Aside from Having a Savings Account for Retirement Planning?

FAQs About How to Save for Retirement Without Investing

How to save money for retirement with a low income? up-arrow

Maintaining an above-average lifestyle can be challenging, especially if your income is insufficient. Unfortunately, young people generally face this problem early in their careers. 

However, as financial advisors recommend starting saving for retirement early, you can eliminate unnecessary expenses, limit your shopping, refrain from eating out too frequently to save the maximum, and allocate a bigger budget for retirement plans and other investments.

What is the smartest way to save for retirement? up-arrow

The smartest way is to automate your savings if you have a predictable monthly income. In addition to personal savings, you can rely on employer-funded pension schemes, like EPF, as it helps to accumulate a sizable retirement corpus even without managing the risks of the secondary market.

When should I start saving for retirement? up-arrow

As soon as you start earning, you must start planning for retirement. However, there is still time to begin even if you are already in your 50s. Depending on the job tenure left (in the case of salaried professionals) or the estimated years you will be working, choose an investment tool to start saving.