Etini Willie
Active member
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There has been increased calls for people to start planning for their retirement. I have been drumming it around on this site that it is safe to plan for your retirement so you can have a financially secure retirement. The factor that we often skip in this retirement discourse is the importance of income in planning for retirement. Income plays a major role in determining the way people plan for retirement. The relationship between income and retirement planning is a direct relationship. The higher a person's income level, the more likely that person is to plan for retirement and vice versa.
When we are talking about retirement, I always advocate for investment rather than savings. The higher a person's income is, the bigger he/ she would be able to invest dor retirement. A person who earns $10000 per annum can easily afford to buy shares worth $3000 as compared with a person who earns $5000 per annum who might only be able to afford $500 of the same shares.
With this, another strategy would be to advocate for people to increase their income so as to be able to increase their level of retirement planning. Income level and retirement planning works hand in hand.
When we are talking about retirement, I always advocate for investment rather than savings. The higher a person's income is, the bigger he/ she would be able to invest dor retirement. A person who earns $10000 per annum can easily afford to buy shares worth $3000 as compared with a person who earns $5000 per annum who might only be able to afford $500 of the same shares.
With this, another strategy would be to advocate for people to increase their income so as to be able to increase their level of retirement planning. Income level and retirement planning works hand in hand.
