A lot of people still say they can’t save to save a rainy day. That is all bosh. If only they had tried. And today, what with all the new online tools at your disposal, it could not have been easier. All you need to say is this. How much would you have spent on a quiet morning out at your favorite coffee shop? A latte and maybe a wholesome bagel to fill out the time before lunch. And you would think. That hardly makes a dent in your monthly spending budget.
So that, just to use an example, is what you do. What you would have spent, and probably should still be spending, on your occasional treat is what you determine as your first fixed deferred annuities monthly instalment. It’s a small amount of money that you can easily forget you even had. And it goes off your selected bank account every month on time as a debit order. Just to be on the safe side, you could make this a stop order.
That way you’ll know that your monthly instalment will never bounce. You’ll never have to worry about any late payment penalties that the institution will want to slap you with. Because true to their form, it does cost a bit of money to recoup what was lost in the mail. You’ll want to find out a bit more about the select group of annuity instalments at your disposal. Find out what you’re investing in.
Apart from the eventual expiry date, because benefits are being deferred anyhow, you’ll want a projection to as close as what you’re likely to get out. Because realistically speaking, markets will always continue to fluctuate. But one way or another, you’re going to end up with a lot more than you started out with.