If you don’t want to suffer at retirement, Start planning now!

If you don’t want to suffer at retirement, Start planning now!

This is a topic that is dear to my heart. If you follow the news, you will read of several pensioners fainting at pension collection spots out of hunger and ill health, you must know at least one old uncle and aunty that cannot feed today until someone sends some stipend to them.  Some old people have to go back to hard and menial jobs to make ends meet in their golden age. In some cases, you may see old people that have become destitute and are painful to watch suffer.

retired

Have you ever asked yourself how come? Do you really think they want it that way? Or that they just were not lucky? Then, think again but more importantly, learn from their stories so you don’t become like them.  (I know you must be saying God forbid!)

God forbid but God also expects us to plan.  Some may say, why worry about tomorrow, what if I don’t live till 100 years old  to enjoy all my retirement plans? The question is ‘what if you do and you have nothing?’ Think about these:

  1. Today, even with all your income, you struggle to make ends meet or save! Imagine what will happen when you have stopped earning?
  2. At the age of about 50 years, most people will have to retire whether voluntarily or involuntarily, especially if they are in the private competitive sector.
  3. At this age of 50 years old, many will still have at least one child in secondary school. some even in primary school J
  4. At the age of about 50 years when you retire, you will still have at least 1 child in university.
  5. At that age when you stop working, you will have no access to free medical care or insurance from your company. So you will need to cover medical bills out of your pocket.
  6. After retirement, your children will need you to still feed them till they graduate and get jobs. You also need to keep eating to stay alive and healthy.
  7. After retirement, your children will expect you to support them for their wedding events.
  8. In summary, after retirement, you will stop earning income but you will keep living, you will keep spending on school fees, feeding, medical, transportation, accommodation, clothing, socials and so on.

Do you get the message now? This is why you need to plan now. This is why you should start planning for retirement from when you receive your very 1st pay check!  Or right now! After-all, whenever you wake up, that is your morning!

Some may argue that they have the regular pensions’ funds with their pension funds administrator or with government. Yes, this is true but it is not enough, you should have a back-up. If in doubt, ask any state government worker, they will tell you they have not received salaries in the last 2 months. If active workers are not being paid, how will pensioners be remembered in time?

What you should do: Set aside a percentage of your income and invest into a retirement plan.  This is money that you will not touch no matter what. This is the food for tomorrow.

Watch out for the next episode when we will share how to calculate how much you need to save towards retirement and how to invest it.

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Comments or questions? Ask us now and good luck with your retirement planning.

 

Picture credit: David Sacks- getty images.

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