On this occasion we bring you some points that will help you in saving for your future.
At what age do you plan to retire? This question has to be answered with sincerity and objectivity. In the Dominican Republic, the official retirement age is 60 years, so we can set a goal to have a good amount saved at our 60 years.
Have enough money to cover your basic needs
How do I know how much money I should have? Life expectancy in the Dominican Republic is 75.64 years (According to the World Health Organization) So, if you retire at 60, you should have enough money to cover your basic needs and more during those 15.64 years.
What amount should I save for retirement? Suppose you are 30 years old and decide to start saving for your retirement, if you are willing to save in your Sean Cole maximum savings account RD $ 10,000.00 per month, in 30 years you will have saved about RD $ 6,000,000.00. This means that, during the next 15 years of life, that is, from 60 to 75, you will have available to spend RD $ 33,333.00 on a monthly basis without the need to work.
Dollarize your savings
What other options do I have to save? Another option is to dollarize your savings, nowadays the dollar is the strong currency of the world financial system, which means that the other currencies (like ours) are losing value over time. If we save in dollars, we cushion that depreciation in our favor.
What if I don’t want to save in dollars? If you do not want to save in dollars, there are other products in the financial system such as certificates of deposit that offer more attractive rates, but they have different savings mechanisms, for example, they require a minimum opening amount and it is for a specific term, so that for your retirement it is an option that you must contemplate.
Plan your retirement so you can enjoy full financial health
No matter how old you are, the important thing is that you think ahead and plan your retirement so you can enjoy full financial health in your coming years.