Discussions about the possibility of creating a so-called “age insurance” initiative has already stirred up a bit of controversy. Some find the idea an excellent way to help those who’ve lost so much in the way of savings and investments over the last year, as well as those who have lost their pensions. Insurance of this type would allow the elderly to receive care in their homes rather than having to sell their property in order to deal with rising costs associated with healthcare in the later years.
With projections that one in four citizens will be over the age of 65 by roughly 2030, there is no doubt that something must be done. Whether or not age insurance comes to pass, now is the time to be preparing for old age.
As the debate continues, make it a point to begin saving when and as you can. Even if you cannot manage to open an account with a large sum, look for offerings that come with equitable fixed rates and allow you to open the account with small balances. Institutions like Barclays and HSBC are good options. But don’t forget online institutions such as NetBank; they may have an account offering that is ideal for your situation.
As your circumstances improve, begin to acquire other assets when and as possible. Look into investments that are relatively safe while offering a nice return. Consider acquiring additional real estate or perhaps gold jewellery that is likely to appreciate in value.
There is no shame in beginning your rejuvenated savings plan with a small amount. There real shame would be to assume you have nothing to put into the account and never begin saving at all.
Tags: Banks, retirement, savings
