To many of you, retirement is still a long way to go. But, don't you agree that time flies way too fast? Without realizing it, the time to retire is right in front of you. Entering retirement requires preparation and it should start as early as possible. Let’s take a look at the retirement checklist that Jago has prepared.
Entering Retirement Without Worry with This Checklist
1. Inventory all your assets
You need to know the total assets you have, so you know your financial condition for sure. You can start doing an inventory. Assets include, for example, insurance policies, property, vehicles and a number of other valuables.
By doing this regularly, you will be able to assess your financial situation and plan accordingly. Remember that when you retire, you will not receive monthly salaries anymore.
2. Pay off all debts
Debt can make life uneasy, don't you agree? So that you can live your retirement comfortably, you can start paying off debts, if any.
If possible, you can pay off all debts before you retire. Because once you retire, you no longer have a steady income. It will be more difficult for you to pay off debts when you retire.
In order not to forget the obligation to pay off debts, you can use the Jago application owned by Bank Jago. You can separate everything related to debts in separate Pocket(s), so that it doesn't get mixed up with various other needs.
You can also allocate money to the Pocket(s) to pay off debts. To make it even more practical, you can also use the Plan Ahead feature. This feature can help you pay debts automatically according to the time you have previously set.
3. Find out what you need when you retire
Everyone has different needs. When you retire, where will you live? Living in urban areas certainly costs more than living in rural areas. Do you want to start your own business after retirement? If so, you will need a decent amount of capital.
You can start thinking about what you need when you retire from now on. In addition to being disciplined in saving, depending on your needs, you can start exploring other sources of income that can help you support your retirement life.
You can take Jago's Fintamin E to strengthen your finances.
4. Change your taxpayer status
Retirement is a beautiful time when you are free from many obligations. One of them is filing annual tax returns. You no longer need to file your Annual Tax Return, unless you have a plan to start a business or other activity that generates money after retiring.
In order to be free from the obligation to file your Annual Tax Return, don't forget to apply for a change to your taxpayer status to be non-effective (NE) once you are entering retirement.
5. Save money for emergency needs
One way to make sure you stay protected if something unexpected happens is to have an emergency fund. Emergency funds, like retirement funds, should also be built at a young age or when you start earning.
Emergency funds are best kept in a safe place, not in a savings account that you use for your daily needs. This way, you won't be tempted to use emergency funds for non-emergency needs.
The Jago application offers you a practical solution by saving emergency funds in a Term Deposit. Not only are the emergency funds in the Deposit will be safe from your 'naughty' hands, but you can also withdraw them whenever emergencies occur. Don't worry, withdrawing a Jago Deposit at any time at Jago is free of penalties.
Download the Jago application now and feel the ease of managing your finances and how fun it is to prepare everything you need before entering retirement.
