There is always in time in life where your body cannot function as it used to be when you were young, and you would not be able to do things you used to do, but with a good retirement plan in store, you can be very sure that your future is settled.
1. One day you will retire.
You won’t be going to work. You won’t have office power any more. No influence or at best, a reduced influence. Your cash flow will also reduce.! Check retirement date on your payslip.
2. Always go for your 30days annual leave.
Whatever you do during your leave, is what you will be doing when you retire. If all you do is to sleep or watch TV, then that’s what you are likely do do in your retirement. Remember the book of Proverbs. A little sleep and a little slumber, so shall your poverty multiply.
Watching Big Brother Naija will not save you heartache in retirement. Learn a trade or a skill during your leave. It will come handy. Spend your after-office hours learning something. Don’t spend it sleeping, Gossiping, watching TV!! Same goes for your weekend. Make them productive. You will thank yourself for spending your time productively.
3. Invest for your retirement
your children are not retirement investment. Don’t bank on your children’s support or the support of friends or relations. That’s a BIG risk. It may not happen. Be ready to take care of yourself!! Everyone has his own responsibilities. They won’t be able to help you that much. You will also lose your dignity and respect if you adopt a life of begging.
4. Start a hobby:
Early in your working days to take you along when you retire. Rearing chicken, farming or own a shop. Acquire marketable skills ( not useless paper certificates)
5. Where shall you retire.
Build yourself a home. Don’t retire and start to rent a house or refuse to vacate government house. You will be at the mercy of your landlord at a time when your cash flow is not only reduced but unpredictable!!
6. Who shall be your dependants.
By the time you retire, your children should be above 18, and self reliant.
7. Don’t retire and stay in a big city
You can’t continue living in a big city after 60 with limited financial resources. The language and the hustle will be hard for you. Where possible, Relocate to a less expensive town where your reduced take home (pension) can go further.
8. Have property which can be rented or converted into cash
Have shares that pay good dividends. Plant cash trees. Rear goats, cultivate vegetables etc. these activities will not only give you income but will also keep you healthy.
9. Live a simple life
If you never built a house at your rural home, dont use your retirement package to build. It is unwise unless you plan to live there on a permanent basis or you are super rich and therefore can afford the luxury.