Retirement!

[jademaxsuy]

Retirement

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) Etc

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 unless you can TRULY afford it. 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. The choice is yours.

Note that many of retirees die early because of the following:

1. They are Not mentally prepared to retire.
2. Lack of finances
3. They Lapse into Depression
4 They develop Hypertension/ Diabetes because of worries, anxiety and uncertainty "and financial pressures.

YOUR DESK AT YOUR WORK PLACE IS NOT PERMANENT. PLAN  FOR YOUR RETIREMENT.

Source: Facebook,

[1714326846]

1714326846

[1714326846]

1714326846

[1714326846]

1714326846

[franky1]

30 years before retirement. plan what expenses you want to have at retirement and review it every 5 years.. your desires might change. but still best to plan early
if your the adventurous type thats want monthly vacations(cruises)/tours/hikes then plan that in. if your just a gardener and just want to pay the bills thats fine too. but plan for it

make sure you have atleast 25 years of free life living costs available
you may think you retire at 65. and governments think average life expectancy is 75. but dont expect only 10 years of life at retirement plan for more.if you have 25 years of spending but only expect to live 10. then thats a very nice 2.5x lifestyle you can squeeze in. but if you plan on 10 years spending but live 25 years. well your gonna have a miserable penny pinching life for 15 years.

if your in a country where you have to pay for healthcare(capitalist greed) then get on a healthcare plan that covers ALL incidentals. you dont want retirement to be a fight between choosing to eat or get medication.

..
in the final 5 years of work start thinking of what kind of life you want.
many people live near their work place. but at retirement you might want to ive near family or live near a good scenary or close to shops that have easy access.

yes farmers might want to live hundreds of miles away from civilisation. but if your frail and old and need daily care you might want to live closer to a town with medical care but still has good scenary.

never trust/hope you can afford a nice life at retirement. actually look/check/plan for it.

[amishmanish]

Well, you should start planning the moment you start working.  Don't waste money on the latest greatest gadgets.  Save and invest.
Create positive cash flow from your investments.  You should aim at 75-100+% of your pre-retirement, after-tax income.

Anyone can retire in their 40s or 50s.  I started planning late in my career and still retired at 52.

As for the retirement itself, well, don't raise chickens, and don't live in the country!!!  That is just stupid. 
You need to live a comfortable life, close to hospitals (in case you need them), close to other people.
Isolation in the country can create mental problems for some people.

Take care of your health, exercise regularly, lift weights, do calisthenics, etc.  Stay in the 20-21 BMI range.
Don't smoke or drink alcohol. Do medical checkups/tests every 6-12 months. Eat good food, and drink clean/spring water. 

Enjoy reading, studying, or doing whatever makes you happy.

Life is a one-way street.  Once it is gone, it is really gone.

The only thing I wish I had done sooner is to invest in real estate and retire at 42 instead of 52.

The most valuable commodity is time.  Price yours accordingly.

This was truly great advice. Thanks for sharing. If it does not break privacy rules, would you be kind enough to share some more details and answer a few questions.
1. You said you started planning late but retired at 52. Did you have a target about when to retire based on a certain net worth, assets etc?

2. This next always has me confused. Does retirement mean leaving a 9 to 5 job or does it means one stops working altogether and lets his investments (assets) pay the expenses? Your opinion.

I am yet to start a family but I already feel like a 9 to 5 job cannot be a lifelong commitment. I have savings but I have no idea how to estimate them from a retirement target POV. I would love to recommit and have the kind of healthy and self-caring lifestyle that you mention towards the latter part of your post. Once again, Amazing share. Thanks for this.

[Newlifebtc]

Op you are right because in human creation everything have a duration even the life span of any living creation also have an expiring date, i think this forum can be one of the example, some person's have voluntarily quite from the forum due to they are tired and can't be able to coup with the system any longer, Even in civil service when is due to be retired government will willingly give you a ration to leave the system because the person is not fit in work any longer.

[Ems.]

Amazing,really i wanted to be happen to my nearby my retirement.Infact,we are different status in life,and different destiny meaning not all human livinh in earth are,same status but can able to be earned that if everyone have plans ,dreams and with actions while you are still working,this time.Thinking of getting older it's hard while family status cannot be same to  others .As we know ,now is simple life,can eat everyday ,and some money in the bank it's enough.Thanks for this discussion,i can relate my ownself while im reading and typing some words.Important is we can save some money when the time comes when we get older,to serve and use to ourself.

[Cnut237]

Start investing in ETFs, stocks, REITs that pay decent dividends.  Later you can diversify into rental real estate, farmland, etc.

I've also heard of this new thing called 'bitcoin'. Sounds promising, might be worth a look. 

One way to not generate funds for retirement is to read breathless news articles about someone who bought Shiba Inu on day 1 and is now a gazillionaire, and then try to do the same thing by dumping money into some random over-hyped sh*tcoin pump-and-dump scheme. Way more losers than winners on the more speculative alts.

[Lordhermes]

The reason why we are working now is for us to have money for the future,so that when we get to the age of retirement,we can look at at jobs in the past,and say retirement won't be a problem.
The reason we invest is for the future,securing our future is one of the reason we buy coins that are promising,so that when it rises,we can actually reap out the gains.
Retirement should not really be a problem to the people that are really into investments.

[worldofcoins]

Everything would get changed after retirement. Yes, I agree we must have strong planning for retirement life.
Investment in stock must be made in order to meet down our expenses for that time and live an independent life rather than become a burden on others.

[Gosgosking]

Life is meant to be live abundantly , their is no time waste.  Every phase of life we need not to miss it because if we miss it we can't go back. There is time for everything in life which we can not go back to experience it. The best thing is to live the life now.

[o48o]

Sadly i can't couldn't plan for everything. Didn't plan for pandemic or the war. I was on my way to retirement. I had the money ready and everything. But before i acted, UST happened. I thought that this is just a dip. Bought more. All the hell broke loose. I made some seriously bad calls. And now i am back working again.

If i had just sold early, withdrawn my money i could be on paradise island sipping drinks. I reacted too slowly and thought we had way more to grow, even though there were top signs everywhere.
Next time i am prepared, and will use some of your advices too.

[Alisha-k]

The kind of information one surrounds himself with is what they will retire with. Imagine hunting for shitcoin during one's active days and maybe they made good fortune from it before the project crashed. That will be the same plan that will be made when they retire and maybe by then they will face doom.

Retirement is planned for during active days and whatever decision made during those active days will decide what happens after retirement. While we make investment in preparation for retirement knowing about what decision to take by doing deep research about them will make the preparation worth the time.

[Queentoshi]

You retire from an office job, not from a personal business. Bad thing about retirement from a job that you have been doing for years is that you can be affected having to adjust to a new schedule of not doing anything. To avoid all that you can plan to start a business while working a job, a business to retire to after working years in a company or office. The business you are retiring to will give you time for yourself as you will then be your own boss and dictate your working hours, and it will also keep you busy which is something you need after retirement.

[af_newbie]

Retirement

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) Etc

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 unless you can TRULY afford it. 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. The choice is yours.

Note that many of retirees die early because of the following:

1. They are Not mentally prepared to retire.
2. Lack of finances
3. They Lapse into Depression
4 They develop Hypertension/ Diabetes because of worries, anxiety and uncertainty "and financial pressures.

YOUR DESK AT YOUR WORK PLACE IS NOT PERMANENT. PLAN  FOR YOUR RETIREMENT.

Source: Facebook,

FYI, you have no idea what farming is. If you did you would not be recommending it to retirees.

Having retired at 52, lived in the country, raised chickens, and did farming for about 15 years, I can tell you, when you retire, you need to stay
in the city, close to hospitals, entertainment, and clubs for your hobbies.  You need to be around people.

You need to learn how to cook your own food, take care of yourself, exercise regularly, do weights, do calisthenics, do yoga, etc.
Eliminate processed foods, and eliminate sugar, salt, red meat, and alcohol from your diet.

Walk, walk, and walk some more.

As for finances, well, you need to have a positive cash flow to support your lifestyle. Dividends, rental income, annuities, pensions, etc.

BTW, farming is bad for your health. Trust me.

[jcojci]

Most people will not know what they will need to prepare for retirement because they are working, saving, and buying necessities. But some are trying to prepare for retirement by saving more money or starting a small business that they can use to keep active after retirement.

And while we can still do activities to make money, we have to open ourselves up to try to set aside some money to prepare for retirement so we can have a good old age.

[CryptocurencyKing]

Start investing in ETFs, stocks, REITs that pay decent dividends.  Later you can diversify into rental real estate, farmland, etc.

I've also heard of this new thing called 'bitcoin'. Sounds promising, might be worth a look. 

Bitcoin huh! It's been a news in the neighbourhood and some guy always taking about -x and -x. Seems to be a thing I would like to see how it works.

One way to not generate funds for retirement is to read breathless news articles about someone who bought Shiba Inu on day 1 and is now a gazillionaire, and then try to do the same thing by dumping money into some random over-hyped sh*tcoin pump-and-dump scheme. Way more losers than winners on the more speculative alts.

Truly, those days aren't gone but, its difficult to find such opportunity again and in the event that that is met with an opportunity that multiplies 1000x, your most likely not to take profit when it starts dropping and it dumps just as fast as it pumped.

About retirement, it's been a thing for those in the civil service job but, not such for entrepreneurs or th self employed.  It's important non the less to make provisions for a time that your body can no longer respond or isn't capable to withstand the pressure of earning a living frm your effort but having your accumulated funds work for you could fit in pretty well.

[Frankolala]

Planning for retirement is the best thing on how to secure a good future for your old age. When you are working your office job,it is good that you use some part of your income to invest in business. For example,bitcoin is a good investment for your retirement back up. While earning now,you can keep purchasing bitcoin bit by bit before ,you know it you must have accumulated a lot of bitcoin which will serve as a life saver in your pension days.

It is good that we don't just depend on our official jobs forever and we should think outside the box by having a side hustle, either a business that we can keep running even during when we are working,so that this can become something that you can fall back to in case you are faced with financial challenges in the future. Private investment is the only key to retirement.

[Newlifebtc]

Planning for retirement is the best thing on how to secure a good future for your old age. When you are working your office job,it is good that you use some part of your income to invest in business. For example,bitcoin is a good investment for your retirement back up. While earning now,you can keep purchasing bitcoin bit by bit before ,you know it you must have accumulated a lot of bitcoin which will serve as a life saver in your pension days.

It is good that we don't just depend on our official jobs forever and we should think outside the box by having a side hustle, either a business that we can keep running even during when we are working,so that this can become something that you can fall back to in case you are faced with financial challenges in the future. Private investment is the only key to retirement.

Nobody plan for retirement retirement is something government really know the time and USA government servant you already know the time will be retire in your work so nobody do plan for retirement because it is a calculated duration which if you failed to utilise your monthly salary it will be difficult for you to survive during here determines time

[Zlantann]

Some people see their children as their retirement plans. They invest all they have earned in their children's upbringing and education. They assume that their children would take care of them when they finally retire. Some even go to the extent of using their retirement gratuity to send their children to the best schools or start a business for them.
This plan of relying on children after retirement might have worked for some parents but others ended up disappointed. A man in my location gave his all to his two sons. He even took loans to send them to schools abroad. After graduating, one of them followed a girl to her country and started raising his own family. The other son was repatriated because of drug addiction. The man is now in debt and pains

It is good to give your children all they need, but not having a retirement plan because of them might be counterproductive. We must ensure we spend what we can be able to afford on them and keep some money aside because our offspring might focus on their own families immediately after they start earning.

I have always wanted to retire in a rural area, far away from the hustle and bustle of the city. I would have enough savings that would be enough for me and my wife but I would still own a firm where I would work just for leisure.

[paxmao]

Retirement

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....

You seem to ignore how modern politics work in the "civilised" world. The retirees are the foundation of most conservative parties - they are known to go to vote "religiously" in every election, they rarely will accept candidates that are looking for social changes or socialist politics and have a huge influence in preserving the pension system and the status quo. Some radical examples are countries where the young get salaries that are smaller than some pensions.