Many young people who have recently secured employments feel like they have a long way to reach their retirement. This makes them feel reluctant to save for their old age because they feel like they have all the time in the world. However, Paul Mampilly highlights that the art of saving should start as early as one gets the first employment, whatever age it is. This is because the more savings the individuals make during their young ages, the easier it becomes when they grow older and weaker. It’s a no-brainer, everyone must become weaker and less healthy after retirement and attainment of certain old age in life. This makes it very necessary to create sufficient savings whenever they are younger and more robust.
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There are a lot of ways in which these individuals can make their savings so that by the time they are getting to their retirement, the value of their savings would have skyrocketed to become a significant estate. One of the ways that Paul Mampilly recommends is by the purchase of investment assets. By so doing, the risk of investing the savings is transferred from the investor to the investment management experts, who perform the management functions on behalf of the investors. By the time the employees are approaching their retirement, the amounts will have grown to values that they could never have imagined when they started saving. The longer the period of saving, the larger the retirement benefits.
Paul Mampilly goes ahead to explain that the investment in assets is brilliant because the investors gain dividends from the investments that they have made at regular annual intervals. If accumulated, the dividends go a long way in boosting the value of the investment for the employee. Paul Mampilly highlights that after the retirement, the retirees have various options in which they can redeem their benefits so that they can suit their livelihoods after the retirement. They can opt to withdraw the whole amount as a lump sum, which he considers very risky because of the likelihood of the misuse of the funds. The most recommended way of redeeming the benefits is by receiving regular pension income that will last for as long as the retiree lives.
For details: medium.com/@paulmampillyguru