People always say they can’t wait to retire, can’t wait to be done with the hum-drum life of a 9-5 workweek and look forward to not having to wake up and hustle every day, and I used to feel the same. Now, not so much.

I have been in the hospitality industry for 20years, the hours were long and the work was endless, and although I have changed industries, those constant shifts made me into the person I am today. 

When moving countries, 3rd one for my family and I now, believe it or not, I took a break from work to settle the children and sort out the house. 

In the beginning, it was great not having to wake up before the sun and prepare lunches and sports bags before rushing to work, but soon it became boring and I suddenly found myself missing the interactions and organization of schedules and deadlines.

This made me realize I wasn’t ready to retire, although financially possible, mentally and emotionally I needed to put in more. I guess I needed the grunt of hard work to keep me going, who would have thought?

 

What is retirement?

There is a dictionary version that explains it in great detail that you can look into here https://en.wikipedia.org/wiki/Retirement, but essentially it is the act of stepping back from your job, your position or active working life to take some time off. 

Some people start with being semi-retired where they are still an active member of the company but have significantly reduced working hours, this helps with the transition of them not only leaving all together but to assist the next in line to be comfortable in the position with your help and guidance.

Retirement age seems to be getting higher as the years go by, government regulations are continually changing and edited and people are living longer. 

For some this is not always a good thing, they have to stay on for added years to get their pensions, they can’t rest when they feel they need to due to financial restraints, it takes planning and one you need to consider early on in life.

 

4 Reasons why planning for retirement is important.

Retirement should be the best times of our lives where we can live care-free and enjoy the benefits of all the years of hard work we put in, no superiors to answer to and no having to clock in each day to ensure a paycheck at the end of the month.

 

  • Put money aside. The amount you decide on is not as important as the fact that you are putting something away, you can always increase the value of your monthly deposits as you become more financially stable but having an initial fund in place is the main objective.
  • Health cover. With age there tends to come increased physical ailments, we’ve all felt them, a creak here, a stiff joint there, and it doesn’t get any easier that’s for sure. Take care of yourself and well-being, and having a separate medical cover section within your retirement plan can save you having to dig into your savings to pay a bill.
  • Government pension. While these are always a help they are usually not enough to cover the lifestyle you lead at the time of your stepping down, having a private scheme in place as well will give you that added security you need.
  • Family help. Many cultures have the tradition of caring for the older generation as they progress in age and the younger ones come up the ranks, but this is slowly diminishing as fewer children are being had and the cost of living is increasing more than the wages. Being prepared for yourself is vital.

 

Don’t be caught off guard thinking you have plenty of time before you know it that time is gone and suddenly you’re attending a party thrown in your honor. Grab a cup of tea and take a minute to read this blog on why retirement planning is necessary, see what others have to say and how they have made a plan.

 

How to plan for retirement.

A good way to begin, what many people might find a daunting process, is to put some funds into an investment scheme. This allows you to not only receive interest on your lump sum, but it usually comes with a clause stating you can’t touch the funds till the policy matures which is great so there is no way to dig into it with non-emergent reasoning. 

Investment is essentially money you put away to receive a profit from at the end of the term, you want a benefit for housing your funds and it is a great way to make money with not a lot of effort or initial outlay. 

If this is something you have considered but weren’t sure of how to start or set it up, take your time and do some research into retirement investments, weigh up the pros and cons and go with what feels best suited to you for your current situation.

Types of investments.

There are so many options, like with most things in the world, of investments you can choose from, determined by your needs and lifestyle requirements these are varied and tailored to your budget. 

It can certainly get technical and in my opinion, it would be best to make an appointment with a reputable company that specializes and are well-versed in retirement packages and that can best advise you according to your commitments.

Some companies also offer installments to match your payments into a fund or investment so check with your employer if this available to you, otherwise private schemes are readily available, and have levels according to your income.

See this article https://money.usnews.com/money/retirement/articles/retirement-accounts-you-should-consider on retirement accounts to consider and the various options that are on the market, there is something for everyone of every income tier, don’t let a price tag determine a secured future.

You need to take care of you and your family otherwise who else will?