Wed, 16 Aug 2017 13:53:38 +0000
By Kanyanta E. Kauma
The end of an era or the birth of a new one?
FOR many, the topic of retirement brings about more chills than excitement, the thoughts of goals unfulfilled, goals yet to be accomplished, debts to pay and the overall thought of what next after roughly 30+/- years in the industry.
Retirement however must not always be a sad and gloomy affair, in many cases employees look forward to this much awaited period of freedom and rest, qualities however that can only be enjoyed by proper planning, saving and entrepreneurship.
Retirees that begin to plan for their retirement earlier in life are far more successful compared to those that only start planning months from retirement. In as much as retirement happens overnight, the consequences and benefits of the process are hard and long lasting, parents that did not plan for their retirement will end up squandering resources and within months the family will be reduced to a chain of poverty due to the lack of a constant income flow.
Employees often have many years prior to retirement to make up their minds and invest in potential businesses to sustain them well after their white-collar jobs cease.
One of the biggest problems affecting retirees however is the lack of early investment. It is one thing to invest in a business overnight, and another to invest in businesses for years and learn the tricks of the trade, pros and cons and find a niche in the marketplace.
The competitive environment for many entrepreneurs is fierce and requires iron Hyde to survive. Statistics show that many new businesses will crumble after only six months of operation, this can be due to numerous factors however, the sooner employees begin to invest in tangible business ideas the more time they will have to adapt, change and adapt to the market.
Experience will help the entrepreneurs decide which business works best for them e.g. poultry production, real estate, the manufacturing industry etc and thus reduce the amount of loss.
Most retirees however find themselves facing a dilemna when they are forced to carry out trials and errors with their retirement package, resulting in disastrous consequences should the business fail as there is no backup plan to cushion loss. Experimenting while young or employed helps the employee test the waters before submerging entirely into the water, if the water is too hot or too cold they are assured the comfort of a salary to cushion the pain of loss.
Experimenting on a retirement package poses an extremely risky situation as it is hard to plan with money in the pocket. Readily available cash is a big temptation that leads many retirees to spend their life’s earnings on random shopping trips with the family to appease the most vainest needs of chicken and chips.
Others get so thrilled by the prospect of hard cash that they excitedly invest in even the most shoddy businesses all in the hope of doubling their earnings as quickly as possible.
Sadly however, these periods of reckless spending only create more problems that eventually land the retiree in deeper pits of depression and debt.
Depression is a serious problem among retirees, with most retirees being over the age of 55, most are prone to health issues in the form of chronic ailments such as arthritis, High-blood pressure and chronic fatigue which do not go well with depression.
Reckless spending trips often leave the breadwinner bankrupt and unable to provide for the family, thus leading to spells of depression and aggravating of the illness.
This higher risk of illness coupled with retirement-related debt and bankruptcy are among the leading causes of mortality in most people after retirement.
The journey towards retirement doesn’t have to be a complete hassle however, with the right steps, and strategies, many retirees are able to maintain the same if not better standard of living than they did before.
Below are a few tips to consider with inspiration from ..retirehappy.com to help ease the transition to retirement;
- Take care of your health and make fitness a priority.
Often the focus on money matters and investments draws attention from living an active and healthy lifestyle which is key to enjoying a fruitful retirement.
Retirement can occur at any age, from the early sixties to the early thirties, the most important assets at any stage of this process however is the mind and body.
Individuals must constantly invest time and energy in improving the quality of life through activities such as exercise and healthy eating. Studies show that employees that lead an active lifestyle enjoy a longer and happier life post retirement than those with sedentary lifestyles. Fitness is a critical asset at any point in life and proves as an even greater asset after retirement as it not only increase immunity to illnesses but promotes general well-being.
- Prepare for the retirement process.
Preparation for retirement must begin way before the eleventh hour. Employees must actively invest in activities and projects that could potentially sustain them in future.
The sooner employees begin to invest and enterprise the better, Rome wasn’t built in a day and neither is a stable business venture. Planning for retirement early reduces the risk of failure and squandering resources. A well thought out plan or strategy will sustain a family for years to come.
- Start saving earlier and save more
This may seem like a daunting task particularly for newer employees but time flies quickly and before many know it they have only a few years left or their beloved job ends abruptly.
The sooner employees begin to save the more financially equipped they will be to deal with issues of retirement or unforeseen dismissals, even the smallest amount has the capacity to multiply over time and with the numerous banking services and savings options available today, employees have every reason to save money.
- Work with the help of a financial planner
These are individuals that possess insight into financial affairs and investment opportunities and would serve as a critical asset in drawing up a solid retirement plan. The expertise and advise financial advisers have to offer can save potential investors tonnes of money and help structure a tailor-built financial plan best suited to the needs and budget of the client.
- Don’t be afraid to retire;
Retirement can be a blissful time that provides the much needed rest and relaxation, travel time, family time or even investment and entrepreneurship opportunities.
The most important part of this phase however is having a credible roadmap to guide the process, retirement must not catch the employees unawares but must be an active thought in the mind of employees.
Company Boards and Management inclusively must also invest in workshops and activities to educate employees on preparing for retirement and planning wisely. Retirement can open doors to many unexpected joys and thrills unavailable in the office and therefore when the time is right, employees must take this leap of faith and venture into the unknown and hopefully with the help of the above, and more the process will prove less daunting and more desirable for the retiree.
The author is a Journalist, writer and student currently pursuing her Bachelor’s Degree in Journalism and Mass Communication. For comments and contributions email davidmwengwe@yahoo.com
