How to save money on the old age care pension
You can save money when you retire by taking advantage of a retirement savings plan, the New York Times reports.
Find a pension plan that offers a traditional retirement savings option2.
Set aside a percentage of your earnings for a retirement account3.
Set a limit on your contributions to the account4.
Take advantage of the government’s Old Age Security program, which provides a fixed, but tax-free, retirement income tax credit that’s set to rise from 20% to 35% starting in 2019.5.
Use the tax credit to set aside a small amount of your income for a traditional pension or a life insurance policy.6.
Set up an online account with a broker to receive an annuity payment when you reach age 65.7.
Set limits on your pension contributions to reduce your taxable income and maximize the tax savings.8.
Pay down the debt of a home or car.
If you are older than 65, you may need to sell that home or take a loan.9.
Start your own business and hire a small number of employees.10.
Invest in a retirement plan.
If your employer offers a 401(k) or other retirement plan, consider saving for it.