The Importance of Planning For Your Retirement

The average working life spans 30 -35 years, that’s if you have the staying power in your career, and taking into account periods of unemployment. Most people have never given thought to planning for their retirement years not just financially but in every other life aspect as well. The common adage holds true here when planning for your golden years, “those who fail to plan, plan to fail”.

Life after retirement is often seen as the ultimate time of rest and relaxation. It’s the dawning of a new era so to speak, one full of unimpeded adventures to exotic lands, arising at whatever times suits you, leisurely walks and spending time with family, especially grandchildren. But without proper planning, that will oftentimes not be possible.

The sudden loss of employment, and income can be traumatic for some who find themselves facing declined health and even clinical depression. Employment offers several benefits towards mental health such as relationships with co-workers, learning new thing and the satisfaction of solving problems, among others.

Your retirement plan could and should include plans to stay active and continue giving a meaningful contribution to society. One of the ways you could do this is considering starting a business. Pensions provide more than just a monthly payment to help you exist, it can be an opportunity for you to pursue your entrepreneurial dream. Perhaps starting a new life on a smallholding and going into farming fulltime or you could simply offer your work expertise as a consultant, if you still wish to continue in your career path. Other options also include the option to emigrate and experience a whole new country and culture altogether during your golden years. 

All the above needs careful planning with the help of a financial advisor, so that you don’t end up running through your savings and outliving your pension fund. A careful plan can help you avoid the following;

  • haphazard spending and living beyond your means. 
  • Accumulating unnecessary debt. 
  • Situations where you are not financially ready for any emergencies.
  • Unexpected Medical bills.
  • Homelessness, due to downgrading or selling of property. 

Retirement planning doesn’t have to be a chore either. With the help of financial advisors as discussed earlier in the article, one can actually give themselves peace of mind knowing their retirement years are planned out well in advance and are being taken care of by way of a pension fund. You can live a long happy life knowing that your pension affords you many options, not only for you but your loved ones as well.