When we think about retirement, two things come into our minds, fear and anxiety. How will it be like? How will I live after retiring? Who will I be? The secret to a happy, wealthy and healthy retirement is preparation. Retirement is not a destination, it’s transition from one frontier of life to another.
According to studies, a staggering 70% of Kenyans are not prepared for retirement, and that explains why a retiree who was earning six figures for over 35 years languishes in poverty and dies broke, poor and sick in his rural home.
Most people complain about high cost of living being the hinderence for them to prepare for retirement but the main reason is lack of financial literacy. Many make financial decisions, but most of these decisions are not informed, and if they are informed then they are misinformed.
Retirement is one of the major life changing events that happen in a teacher’s life. It comes in phases,that is,
This is the planning time. Most of you are in this phase. When you’re working you always don’t have time to think about retirement. You always look at it as a distant paradise or oncoming burden. Many don’t give it a thought, and that is a mistake. Pre-retirement preparedness has a positive impact on post-retirement happiness. Make it count.
This is the next stage in the retirement cycle. It’s the shortest period. It lasts for only a day. It’s usually the day of smiles, joy, handshakes, farewell, dinner, party, and celebrations.
This is the third phase. This is when you now see the reality of retirement. It’s when everybody has gone back to work but you’re still at home with your grandkids. You now accept that you’re done with teaching. You might feel bored, lonely or even useless. But this won’t take long.
This is the next stage of your retirement cycle. It’s a difficult stage. This is where you find yourself again. You wil have to re-ask yourself, who am I? What can I do? Am I still useful? These are very important questions.
This is now the new norm. The person you have reoriented yourself to will become the new you. Choose whom you want to become.
Today, I will only talk about pre-retirement preparedness. That’s our area of focus. Your life after retirement will be determined by the decisions you make today. Your life span after retirement will be determined by the financial decisions you make today.
Don’t wait to retire so as to begin investing. You’ve been saving all your life, it’s time to start investing for your retirement. Saving will make you rich, but investment will make you wealthy. Richness is short-term but wealthiness is long-term, which one do you prefer? Invest in things that you understand. Think growth, think success, think expansion of your business empire, be the king of your industry. You can do it!
You have worked all your life for money, it’s time for money to start working for you after retirement.
Your health is your wealth. Eat well, manage your debts, go for morning exercises. Don’t wait to start doing this when you’re 65, start today!
You’re not too old to build wealth. It’s not too late to correct the financial mistakes you made when you were 30.
Don’t make the mistakes that most retirees make, thinking that pension will cater for all my financial needs, ooh no! Am sorry, it won’t. Ask your friends who have retired.
When you’re retired and money works for you well, you can get time to play golf, to go to the beach, to learn new skills, to volunteer, and to live your life to the fullest.
But if you don’t plan yourself now, then you’ll be retired but you’re still depending on your children, grandkids and family members for help. That’s shameful. That’s not what you want.
Don’t accept to retire and just wait to die! Accept to retire and then refire!