Should the savings for retirement go into "long term investment account" or "retirement account" - which sits in a bank?

Firstly, we need †o have a detailed understanding about yourself and your intended retirement age, e.g. age 55 and we have 20 years till we call it a day.

Next, we will calculate the total amount required for us to reach this goal. Thereafter, we will work backwards to decide how much money we will need to save money in order to achieve this goal.

In most cases, putting money in the bank as a tool to save up for retirement will not work well. This is because of inflation and lack of compounding effect.

On the other hand, the use of investment account will depend on your risk appetite, your goals, and how we are going to manage this money. This is because investment yields only non-guaranteed return and the last thing is to fall below your needs when you have to stop working.

All things considered, I will suggest for you to take some time to understand yourself and your needs, and to research on all the available tools in the market to help you reach your goal. Finally, conduct constant reviews to ensure that you stay on track to reach your goal.

Here is everything about me and what I do best.