Have you ever imagined what your retirement would look like?


BY Emmanuel Zvada
THE best time to start thinking about your retirement is before your employer reminds you that you are about to retire.

Just saying the word “retirement” brings a certain relief or shifts the mood for those who did not plan for their retirement. Retirement planning is essential and should be considered by almost everyone at an early stage of their professional life.

Retirement planning is not only for those about to retire. This article will help you prepare, no matter what age or stage of retirement you are in so you can feel confident about having the retirement you want.

Retirement is not as simple as reaching 65 years or having an early retirement and quitting your job.

It takes planning and the earlier you start, the better. For some people, retirement appears like unknown territory; wondering how to fill your days and if you can still afford survival after work. I know that just the word retirement will make your mind start racing with the possibilities of what you could do when you retire. Yes, it’s not easy to connect with your future self, it can sometimes feel a little daunting. But rethinking what we mean by retirement and being more creative with our planning might just do the trick.

Use your imagination

Imagination is what sets human beings apart from any other species on earth. Before you plan for retirement, you need to imagine what it will look like for you.

We encourage everyone who knows one day they will retire to use their imagination and by that we mean you need to know what you are going to do the day after your retirement starts.

You have to imagine your ideal retirement. It makes one thinking about how you are going to create it, first and then break down various methods and ways of how you can reach where you want to be.

So, as you continue to be inundated with retirement planning begin imagining the life you desire when you retire. By using your imagination, you can visit the past, contemplate the present and anticipate and begin to create your future.

Put future “you” on your daily agenda

It is sad that the majority of people do not begin their retirement planning until they are a few years away from retirement and it’s just something everyone has to be careful with.

You may have certificates of long service awards, very big titles and a good position but remember one day you will retire and you have to plan for it.

You should always put retirement planning on your daily agenda no matter what age you are and this will assist you to prioritise it in all you do and manage your finances properly.

Start planning now

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 for the worst due to responsibilities one has.

Planning for retirement is very crucial, as it helps to reduce pressure towards 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.

Don’t simply retire; have something to retire to

So, when you think about retirement planning, here is what it really means: When you are not earning an income, how will you be provided for?

Where is the money for rent and utilities going to come from? How are you going to pay medical bills? Where are you going to get the funds for school levies for your children.

All these questions should prompt you to start planning for retirement. When planning for retirement, you need to consider a variety of factors, such as when your retirement will be, what you will do after retirement, where you will be staying after retirement, and, of course, what you will be doing on retirement.

Plant now, harvest later

Another good reason why retirement planning is important is that it enables you to “plant” or generate multiple sources of revenue that you can harvest from later when you retire.

There are various ways to create streams of income by doing so, you will not depend on a single income when you retire and you will harvest what you have planted earlier. Building financial wealth over time is one of the best ways to prepare one for retirement and be more stable and financially independent once they leave the workplace permanently.

Are you emotionally prepared to leave your job?

Retirement can be an emotional time; many life changes will be occurring and it’s very normal to feel a little bit strange. Imagine a situation where you have been working and earning a salary for most of your time, something which provides you with a sense of security.

At or near the time of retirement, employees may start to prepare themselves for a time when they will no longer be receiving a salary.

  • Read full article on www.newsday.co.zw
  •  Emmanuel Zvada is a human capital consultant and international recruitment expert