EVERYONE has different needs and goals for their retirement. It is sad, but the majority of people still do not begin their retirement planning until they are a few years away from retirement.
By Emmanuel Zvada
The results of this will be yourself living in poverty or depending more on relatives to make ends meet.
Do not fall into the trap of no retirement strategy and planning. Preparation of a retirement strategy and plans should commence as early as possible so that you will enjoy the future.
After working hard, just to make ends meet, retirement is what most people wait for.
One may be getting a big sum of money now everything might seem to be well, but one question remains: “What next after retirement? Do you have any sustainable plan?”
When we are working day in day out, the very question that should linger in our minds is that one day, we are going to retire and after retirement, long-term income is still supposed to flow into our accounts and the lifestyle we are living should not change much after retirement, but rather, change to the better than the previous lifestyle we had.
All that is determined by planning for retirement. When planning for retirement, you need to consider a variety of factors, such as one day, you will retire, when will you retire? what will you do after retirement? where will you be staying after retirement? and, of course, what will you be doing after retirement?
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Whether you are five years or 30 years away from retirement, planning for your retirement is very crucial, as it helps you protect your future.
There are many reasons why people retire and this can be either early retirement or normal. One can retire for their personal well-being, where they just cannot continue to work, or loss of job or the normal retirement, where one has reached the age and cannot continue working efficiently and effectively.
Knowing that one day you will retire should be the drive to enable you to plan well enough for your retirement.
Being retired does not necessarily mean your life is simpler, it can change into the worse due to responsibilities that one has to meet.
Most retired people face a wide range of difficult decisions when it comes to where to get the money and how to spend it, especially to those who had not planned.
They have a lot to cater for such as health care and other basic needs, at the same time trying to maintain the status they used to have.
The word retirement essentially means the time when you leave the workforce, but that does not mean becoming inactive, nor does it mean you even stop working.
One can retire, but still become active and join other jobs that has less pressure or less demanding or even decide to do their own business.
All what one has to do is plan for their retirement now, so that they can configure their behaviour or the way they spend, save and invest to match what you want to do after retirement.
As you look to the future, there are a lot of unknowns, and the key to secure your life after work is making sure that your plan is flexible enough to withstand the unexpected.
Planning for retirement is very crucial, as it helps to reduce pressures towards retirement. In other words, what has to be determined now is the assets that are appropriate for you to have be-fore you retire. That will help you generate income.
Once you’ve increased your savings or you have enough money that has been saved, it is also crucial to invest in projects that will sustain you as soon as you retire. It is generally not encouraged to start investing after retirement, but rather investing now and at the same time saving.
Do not just save, but invest in preparation of the future. When investing, it is important not just to invest, but invest wisely and you will have a better return in the near future after retirement.
Retirement planning is simply nothing but spreading your earned money to provide a living after you retire.
What it then means is that when you begin retirement planning now and start saving or investing for the future, you will definitely enjoy the peace of mind when you stop working and the reason for peace of mind is financial independence and security.
Keep in mind that with each additional year you hope to retire early, your investment needs greatly increase.
Retirement is not as simple as reaching age 65 and quitting your job. It takes planning and the earlier you start, the better.
Though a lot of people may think that retirement is not something to think about, when you have just started working, I am sure as time moves and you are still working, a second thought will come that one day you will retire and what is next after retirement will be the question left.
Well, you should worry about the question of what comes after retirement because you have to face the fact that you cannot work all your life.
You are going to reach the retirement stage, one day or the other.
Planning your retirement is your responsibility. Please also bear in mind that social security benefits may not ensure you a comfortable lifestyle. Without a retirement plan, you could face a future of financial uncertainties and adversities.
Emmanuel Zvada writes in his own capacity.
He is a human capital consultant / international recruitment expert and author. For comments, send emails to [email protected] or call +263771467441.
