Retirement planning-securing the best years of your life
Life is a constant battle that we have endured for as long as we live. The intensity of fighting may vary, but the bottom line is we have to fight for our survival consistently.
This notion may make you see life a lot differently. From the day we are born, our struggle starts.
- The struggle is of an infant to start sitting up, crawling and walking.
- The struggle is of a student to get the best grades to get into a good college to ace the university then to get a well-paying job.
- The struggle of the working class to get the most coveted appraisals and promotion when you retire, for some, the retirement never comes.
A 6-month old child and 60-year-old man, both have a stark difference, and it is not one that is related to age. The difference is that the infant is just embarking on a life filled with one battle after the other. The other fellow has experienced all of that and is just beginning the real life.
A life does not have any of the prior struggles, but only peace and tranquillity. And this life is referred to as retirement. It is the time
- when you have no burdens of work,
- when you do not have to worry about your children because they are all grown up,
- When do can do and indulge in anything that you want because you have all the time in the world.
Sounds amazing, right? It indeed is. That is why many consider retirement to be the golden period of our lives.
WHY IS RETIREMENT PLANNING IMPORTANT?
Every action that we make and every decision that we make is somehow related to money. The same would be the case after retirement. The need for financial planning for your journey after retiring is even more imperative.
These are the reasons why;
- THE TIME DIFFERENCE
The standard age of retirement is between 60 and 65 all over the world. And the life expectancy of a Briton is at 81 years. However, I have heard of people who have lived longer than 100 years. So, the gap between retirement and actual death is about a decade and a half at the least.
If you have planned for your retirement financially, then these years would be the most pleasurable. If not, then sadly, you would find yourself in need of 1000-pound loans from direct lenders quite often.
- YOU SAY GOODBYE TO WORK
After 60, a person is not as competent as he was in his prime. So, he can no longer work. No work means there would not be an income for his survival.
Even the basic things like food and heat need to be paid for with cash. Without the monetary means, a person would be all but hopeless. Consequently, the retirement plan can help him get out of the despairing future and live a healthy and full life until his very last day on Earth.
- ENJOY YOUR LIFE’S EFFORTS
Retirement is the only time in our lives when we are not chasing success and running in a perpetual rat race with the end in sight. From tracking the academic high to enduring the competitive and brutal corporate world, we never get actually to sit back and cherish our hard work.
Take the example of our parents. Both my father and mother were working. I did not see my dad in the mornings because he was asleep when I went to school, and by the time he returned by work, I was fast asleep. And I only saw my mom for a few minutes in the morning and at the dinner table at night. The only time we spent together was the weekends, only if they did not opt for overtime.
The answer I used to get from my parents for not giving me much time was that they were saving for early retirement so that they can sit back and enjoy the fruits of their labour for the rest of their lives. Fair enough.
- CAN DO THINGS NEVER DEEMED POSSIBLE
Through retirement planning, you can save ample cash to do the things that corporate life never allowed you to do.
You are going on a month-long cruise in the Caribbean.
- Touring the entire world in a decade.
- Moving across the continent to Finland, which is the happiest country in the world.
- Seeing operas, watching movies and dining out every night with your partner.
- Gifting your wife the diamond engagement ring, which she deserved, but you could not afford because of scarce income.
But only if you set aside a retirement fund for yourself at least 20 years in advance of your retirement date.
The best years of our lives will only be that way if we are prudent enough in the present to plan for it. Taking up investments for more income, applying for the pension fund, asking the employer to contribute to it are just a few ways to make that happen.
If you wish your retirement to be as comfortable and convenient as it could be, you need to start planning today. Do not think that you are only 40, and the time to retire is too far away. You won’t even realize when the two decades will go by. Today is the only right time to start planning.
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