It is no more news in this part of the world to read or listen to media reports of frustrations and uncertainty facing retirees, but it is always a big news to see retirees confessing about prompt payment of pension and gratuities.
Day in day out, media reports are focused on the plights of retires, or the woes befalling retrenched employees from their places of work but majority of those who are hit by this abnormal situations are mostly those in the age grade of 50's and above.
50 years of age meant many things to many people but it must be a time to reassess on the past life mistakes and it must be a time to set target for life's last lap.
Because there are three segments in every man's life – the age of growth (between 1 – 25 years old as the first phase; the second phase of life is between 26 – 50 years and third phase is between 50 – 75 years.
At your fifty-five years of age, before you roll out drums to celebrate your golden anniversary, these are the fundamental things you must do to retire right; it is never too late to make adjustment on your retirement plan:
a) Set up a retirement goal: if you already have a retirement target it will seem very nearer now, because the closer you are to your retirement should not be closer to the grave if you plan well.
b) Re-plan your Family Finance: Set a financial plan for your dependants because whatever you mistakenly spend out of your nest egg will be accounted for from your future expenses.
c) Get a thorough financial planning: Some don't visit a financial Planner in the first 50 years of their existence; it is a must now, you must see a financial adviser to do a thorough financial check up for you.
d) Get a permanent residence: Every responsible man must give his family and himself decent accommodation but for retires it must be valued assets manageable in sizes.
e) Re-active and re-balance your portfolio: At this point in your life, you must clearly define your investment goal, tract your investment and identify a strategy you want to adopt. And retirees should beware of high yield investment schemes.
f) Free your self from debt hold: One of the most nagging problems facing retirees in this part of the world is the inability to solve financial commitments and debt is the major obstacle that can encroach on your gratuity. But now that you still have few years to retire, free yourself from the stronghold of debt.
g) Update your health plan or buy annuity / policy: Sign up for a health plan from one of the existing health management companies because if you don't take care of your health, your health will be at risk.
h) Write a will: At this age you must be prepared for your transition by getting administrator or trustee for your estate, so that your dependants and loved ones will be legally and adequately protected.
i) Discover a great second career: Your Second career in this phase of life may be your extra-curricular activities, like investment clubs or professional career mentoring. Many retirees had turned their hobbies to a money – making ventures at retirement. Look out for job you can do from the comfort of your home.
j) Join a recreation club or investment club: Joining these clubs will remove idleness from your life but it is more advisable you join an association which could boost your earnings than joining a club that will reduce your nest egg.
k) Groom or Mentor a successor: If you are an entrepreneur try and prepare a successor to run the business after you.
l) K-I- S: Remember Rules A-L and ‘Keep it simple'.
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