One of the few things people worry about is the future in terms of retirement especially if you’re five years from retirement. I wrote an earlier article on retirement giving an insight into what individuals can do to buy back a bit of the time they had earlier wasted due to ignorance and non access to relevant information that may assist such individuals.
How do you know if you’re eligible for this program? You’re eligible:
· If you’re worried about your age. You’re most likely to check the mirror every morning to count the number of new gray hairs or wrinkles you acquired while asleep the previous night.
· You’re concerned about the little assets you possess and continuously ask yourself “what can I do?”
· You happen to be one of those who had lived a good life in the past, you could have additional emotional problem of self-blame. The common “if I had known” thought continuously haunt you.
If you’re in this position, all hope is not yet lost. Although there’s little you can do about your past, there’s a lot you can still do before retirement. This is not the time to berate yourself for what you did wrong or right. You need to take proactive action by doing the following:
Check your needs: you need to figure out what you’ll need on retirement and compare with what you will have in retirement. You also need to decide the sum that will be adequate for your living expenses by comparing what your present living expenses are right now. If there are some items that are not really necessary, this is the time to ask yourself if you can do without these items. Learn to differentiate between your needs and wants. Also don’t count on whatever you may receive from your children in form of financial assistance cos this may not be a regular or constant assistance. It has always been an age long belief of many Africans that their children will take care of them in old age. Often, this is rarely the case.
Save! Save! Save: I can say this a million times. You must save every kobo and naira you can, however small. Let this become your daily chore. You are no longer 25, 30 or 40 years of age; retirement is now around the corner. Saving should be your priority. You can do this via Additional Voluntary Contribution to your Retirement Savings Account (RSA). Ask your employer to increase your personal contribution to 10% or 15%. It is no longer a case of convenience but that of compulsion. Let this be your new way of life even if you’re just entering the labour market. Your latter years will be spent in bliss and peace.