5 Tips to Consider When Preparing for Retirement
Planning your retirement goes beyond mere wishing and desiring a great life; it comes with a great deal of intentionality and a deliberate action plan of what you want your experience in retirement to be like.
We have put together a few tips to consider when preparing for retirement.
Talk to a professional
Thinking and planning for retirement can be overwhelming, especially when you are not financially buoyant or your career may not be as great as you would expect at this time. However, the great news is that you don’t have to figure it out all by yourself. You can talk to a professional who will guide and give you clarity through this vital phase of life.
As part of our expertise at Oak Pensions, we understand the critical nature of this aspect of your life and as a result, created a unique service to attend to this need; Retirement Pensions Advisory Service. Through this product, we offer retirement advisory services to our various customers. You can reach our dedicated team of professionals through our multiple channels, which includes our telephone helplines, written enquiries, website and face chats to offer the following services:
- Provide advisory services to clients on the implementation of Pension Reform Acts 2014.
- Organize sensitization and awareness programmes for the active workforce.
- Organize pre-retirement seminars.
As part of our expertise at Oak Pensions, we understand the critical nature of this aspect of your life and as a result, created a unique service to attend to this need; Retirement Pensions Advisory Service.
Stay focused and dedicated
This is perhaps the best advice you will get when it comes to planning for retirement. Regardless of how detailed your retirement plans are, if you lack focus and dedication to execute your plans, they will remain just plans in the long run. For instance, it takes commitment to decide to engage a professional advisor and eventually follow it up.
When it comes to expenses, avoid impulse buying and stick to a budget. If you plan to live a decent life in retirement, you will need to make some sacrifice for it now.
Create a timeline
Setting timelines cannot be overemphasized when it comes to retirement. Whatever you do or intend to do, have a timeline to it, and keep to it. Don’t be caught in the web of procrastination or over-analyzing a situation; they will not always be perfect. Whatever your goals and objectives are, big or small, have a deadline attached to them and have an accountability partner that can hold you responsible when you don’t meet those deadlines.
Whatever you do or intend to do, have a timeline to it, and keep to it. Don’t be caught in the web of procrastination or over-analyzing a situation; they will not always be perfect.
Plan for you and your loved ones
Note that whatever your plans are for retirement, you will always need to factor in your loved ones, family, and dependents.
Evaluate those you are responsible for. What type of family do you have, big or small? How many children do you have or plan to have? How old are they right now, and how old will they be once you hit the retirement age? Will you still be providing for them once you retire? Which of them will be with you when you retire? You will need answers to some of these questions to give clarity to your retirement plan.
Diversifying your investment is crucial when it comes to wealth preservation. Regardless of how much you have saved for your retirement, the most guaranteed way to protect, preserve and grow your wealth is to invest it. Invest your money in multiple investment vehicles like mutual funds, bonds, and stocks. That way, you are immune to any eventualities of inflation. If one investment is performing poorly right now, you may have another asset performing better during this same timeframe.
In addition, consider opening a Retirement Savings Account (RSA); it’s a tested and trusted way to invest in your future. With an RSA, you set aside some money from each paycheck and deposit with a Pension Fund Administrator (PFA) for a financially stable life in retirement.
Ultimately, being intentional and deliberate with an action plan when preparing for retirement is essential to living the life you dream when you eventually retire. The list of items to consider are endless, but adopting the few mentioned in this article will set you on the brighter side of retirement.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.