HOW TO PLAN FOR RETIREMENT

Retirement is a period when one stops engaging in an active occupation or working life. Retirement is as a result of age, or early withdrawal from employment.

Every person has the right to choose at what age they would wish to retire although for every country there is a set law that defines the retirement age.

Retirement may come unexpected and if at times may find people unprepared thereby making them live a sad life because of lack of financial dependence and at times may lead to early deaths or chronic diseases such as high blood pressure due to overthinking of what to do in the later life.

There are various steps that one can follow to plan and these are outlined below.

  1. Setting retirement goal- Think of where to spend life after employment, what type of a house and what activities to involve yourself in, the financial obligations relating to such and how to meet them.

When the goals have been adequately established, then it will be possible to focus on how to attain each of them.

  1. Focus on being physically fit while in employment- One of the most basic needs in life is all about health. One should commit to eating healthy, having regular checkups with the doctors to make sure that the preventive measures for good health are in place and proper advice is given.

Having enough rest is critical to ensure once you retire the body is not worn out.

  1. Plan on the estimated time for the refund of savings- Mostly people make savings during the tender age, and this should never stop until one is ready to retire. Plan how the savings will be refunded back either as a lump sum or on a monthly basis could be to ensure that the monthly expenses are catered.
  2. Plan to remain relevant- This could be through social media to be able to get most of the updates, and this ends up creating future opportunities.
  3. Deciding on the amount of saving you need to make sure that the time to spend working will cater for retirement fully.
  4. Budget on how much you will need upon retirement- Among the budget should include food, clothing, medical costs all of which one should ensure that this money is set aside in case of eventualities.
  5. Let the plan remain relevant-The set aside program should not be diverted by other needs which may mess up with the retirement plan.

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