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Retirement Planning – Overcoming The Myths Of Retirement

Retirement

Retirement for some people is a sore subject, for others, it’s a sign of an impending old age, and for others, it’s time to kick back, put their feet up and rest. Whichever way we might want to look at it, it is an important subject. The truth is that many of us dream of a good life. Sadly, however, not everyone takes the initiative to put the right things needed for a good life in place.

Retirement Planning Is Key

There is no better way to approach any decision or challenge in life than proper planning – retirement planning is not an exception. Planning gives you a great shot at ensuring that the kind of lifestyle and financial freedom you desire after materializes or becomes a reality.

Many who have failed to plan their retirement early (or even plan at all) have ended up learning the hard way and have been forced to live a very tough life in their old age. On the other hand, those who have had the foresight and initiative to plan have enjoyed the chance to travel, explore, seek new challenges, learn new skills, further their education, and ultimately be and live happily.

Proper retirement planning, above all things, gives an individual the right to be in charge of his or her life and confidently make decisions that are well-informed and best suited for them.

Retirement is undoubtedly one of the most critical life events many of us would have to experience, and as everyone would want to retire in comfort, it is a daunting process that requires sensible planning. When then is a better time to make these plans other than when we are still very much healthy and agile.

However, as much as there are tons of information on the subject (there are even retirement calculators), people still fail to heed the many advice(s) offered, and you might like to ask why. One cogent reason is the existence of very many myths about retirement, which so many people still hold on to.

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Retirement Myths 

There’s still time 

This is by far the most important of them all. Wouldn’t it be nice if we had control over time and how fast or how slow it went? However, we do not. Many people more often than not believe they still have more years to work for, more time to plan, more time to save, etc.

They forget that many retirement cases are usually “forced” – that is, maybe as a result of an accident, illness, economic depression, disability, or any unforeseen occurrence. Some people do not reach retirement age before they are forced to retire. The bottom line is, there is no such thing as plenty of time. So if there is any time to start planning, it’s now!

Retirement means work ends

The whole idea is that it is a journey, not a sudden end. Retiring does not necessarily mean stopping all forms of work entirely. You might be unable to hold full-time jobs, but it’s not wrong to continue to increase your wealth and income by taking up part-time jobs or other jobs still available to you. Besides the financial aspect, it is also possible to still feel the need to “scratch the itch” of wanting to work. For personal reasons or otherwise, getting a part-time job(s) or starting businesses are options.

My pension will cover me

There is some perception that pensions are a guaranteed source of income. While to an extent your pensions might be a major source of income, there is also the part where the question “if anything happens to the insurance company or if the government fails or delays to pay, what happens?” should be asked. This is a simple case of not putting all your eggs in one basket.

I will spend less after I retire 

Truth is, retirement means more time to travel, visit children and grandchildren, explore, engage in leisure activities, and partake in a variety of hobbies. Now does that sound like less spending? Honestly, the odds are you would need to maintain the kind of lifestyle you currently live, even after retirement. Let’s not forget also that with retirement also comes old age and with old age comes more medical care.

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There’s a perfect time to start saving for retirement

From whatever angle you examine it, it is better to start as early as possible to save towards retirement. There’s no perfect time to wait for. You are never too old or too young to start saving, so if you are a few years away from retirement and you think it’s too late, then you need to think again. Also if you are still in your teens and you think you are too young to start saving for retirement, you also need a rethink.

I can always go to family for help

The first question to ask is how many family members could you actually go to for help right now? No matter the kind of relationship that exists, no one wants a liability, and definitely no one wants to become one too. Retirement years are the years you really want to experience and enjoy financial freedom, it, therefore, makes sense to plan towards that and not use family as an excuse.

My retirement is planned because I have saved up plenty of money

Another key misconception is that people think retirement planning is all about money. Money undoubtedly is a key and vital aspect of it, but equally important are the lifestyle decisions that you will make during retirement. Here, we have the situation of cutting your coat according to your size. So besides money, it is important to make lifestyle decisions that you can finance.

Retirement is a beautiful thing. It is the lack of planning that turns it into a nightmare for many of us. You are responsible for the kind of life you choose to live, so make up your mind, seek out relevant information, plan the kind of life you want to live, and choose to retire well and early as well.

Planning retirement and looking for the most profitable businesses to invest in Nigeria? Here are the 35 most lucrative businesses in Nigeria.

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