Retirement | 10 Ways To Prepare For It ~ Information Guide Africa

Retirement, we all know is something everyone desires. It is normally after 35 years of service or when the worker attains 60 years of age, and then he or she is asked to quit working, and is normally rewarded with some monthly amount of money otherwise known as pension.

At that stage in life your body will bear you witness that you’re no more of the working class, and even the government knows that and so they have to ask you to go and rest. Everyone should prepare for this stage in life because you don’t have to work all days, that moment you’ll notice that you are getting weaker and you can’t do anything to help it, rather than sitting all day long and if you had prepared for this, then you would have no reason to regret it. You will not be paid as you used to be and the reason is just that you’re no more working, and your employee will still have workers to pay.

I want to share with you some ways through which you can, with little or no burden, prepare for this prime and ultimate stage in life. Ride with us all through the article and I assure you that you’d never make have any reason to regret retiring.

Have Some Personal Savings:

You must save to cater for your retirement, if actually you don’t want to live in regrets. You need a lot of self control for this, know how much you keep each month and stick to it. Now if you cannot do that, or you have a risk of spending it, then you can open a separate bank account for that. If you are already saving, KUDOS! If you’re not saving yet, I advice you start soonest, and this month unfailingly. Remember, what you spend is gone.

Invest In Your Children:

Whether biological or non biological children, they’ll also have a role to play in your retirement. Pick up some child even if you’re single and bring them up, they’ll take care of you at a later stage in life. Remember, children are the greatest investment, give them the best today, and you expect the best from them tomorrow.

Know What You’ll Need For Your Retirement:

You should by your present standard of living estimate what you’d need for your retirement. Research has proven that average earners will need more than 75% of their preretirement earnings to have an average retirement life, and for the lower category, they need above 90% so you see that you have a reason why you must plan yourself very well and know what you need and deserve for a blissful retirement.

Learn About Your Employer’s Pension Plans:

Don’t just be ignorant, find out about what your employer has in store for your retirement. Know the rate and the range the pension and arrears will last, because some just last for twenty-five years, and the contract is over. Try to know what becomes of your pension if you want to change your job because that is also very necessary.

Make Some Contributions To Your Employer’s Retirement Plans:

Your employer probably would have some things in stock for your retirement, so it is now your duty to make some extra personal plans to supplement that. Don’t just depend on their own, because anything can happen, and moreover, there’s no harm in making personal plans.

Consider Some Basic Investment Principles:

You have to invest somewhere to supplement your pension. You might consider purchasing some shares or setting up some landed property like a block of flats. These will continue in generating income for you till you go to rest.

Start Up Something Else:

You might need to start up something else, at least something you wouldn’t have to quit at 60. You might start up a little farm or begin blogging. They’ll keep on generating money for you even after you quit working.

Contribute To A Tax Sheltered Plan:

If your employer offers a tax sheltered plan, I would recommend you sign up and contribute as much as you can. Such things like 401(k) will make your tax lower and your company will kick in more.

Know More About Social Security:

This pays average retirees about 40% of their pre-retirement earnings. It’s enough to keep life going. You can also call the Social Security Administration at 1-800-772-1213 and get a free Personal Earnings and Benefit Estimate Statement (PEBES).

Ask Questions:

Ask your colleagues how they are preparing; consult financial advisers and other people. Make researches about how you can invest and how you can run an Individual Retirement Account (IRA) and you’ll never have any course to regret.

You can always contact agencies like the Employee Benefits Security Administration, U.S. Department of Labor, 866-4-USA-DOL on their hotline 1-866-444-EBSA (3272) and so many other private agencies which can be of a great help.
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