The retirement years is no doubt a
period of time when people should always look forward to, since one of the main
goals of working is to be able to retire at an age where health and income are
sufficient to carry you through the golden years. However, having a retirement
plan is more than simple financial planning. While you need to have a plan for
your finances, you also need to have a plan for managing your time to maximise
your pleasure and satisfaction during this time of your life. It therefore
means every one of us must take certain concrete steps to plan for a happy and
productive retirement.
Own your home
Owning a home that does not have a
mortgage should be a main objective of any retirement plan. Yes, there are
still taxes to pay and insurance to buy, but the absence of a house payment or
rent adds enormous flexibility to your retirement income. When you own your
home, you can live your life without worrying that you might lose your home if
something happens to reduce your income. The hundreds of naira that mortgage
payments or rent subtracts from your disposable retirement income can seem huge
on the reduced amount of monthly income that most retirees receive.
Make time for family
Attending to a job takes a lot of
time from your week. If you have a commute, even less time remains for
connecting to family. One of the benefits of retirement is the amount of bonus
time that you should have. Forty to sixty hours per week are returned for you
to spend on something other than full-time employment. This is the time to open
your life for more family time.
Although your grown children are
working, invitations for meals can offer times for bonding and remove the
stress of preparing dinner after working a full day for them. Most people will
gladly accept such invitations a time or two per week. Unless you are estranged
from your children, this will be a treasured time for you and them. Generally, a
home cooked meal will not set the budget back too badly compared with taking
everyone out to a restaurant.
Plan trips for adventure and
pleasure
It is easy to fall into the trap
that since you are not working, you do not need to get away. Plan your retirement
budget to allow for at least a couple of trips per year away from home. A nice
cruise or all-inclusive vacation type of trip can get you away from the
day-to-day routine. It will also provide for new experiences and even a measure
of adventure as long as your health is good. Most of the time, it will require
you to set aside some amount of money per month to fund this travel without
breaking the budget. Add this amount to your monthly retirement needs when
preparing your retirement financial plans.
You need the grand children
Grandchildren are your path to
earthly immortality. Regardless of your religious belief, your DNA is being
conveyed into future generations through the grand children. You need to share
more things with them than just your genes. You have a lifetime of experience
and experiences to share with them. The only way that this happens is by
spending time with them. For younger grandchildren, you can act as a part-time
baby sitter. As they get older, include them in your travel and activities.
Your stories and their experiences with them will pass into future generations
at the same time as your genetics.
Remove the things requiring upkeep
from your life
Maintaining things requires both
time and money. Fewer items in your life that need maintenance mean more time
and money for you. Your retirement home needs a smaller yard and fewer
bedrooms. Reduce your garden and ornamental plants to a minimum. If you cannot
afford to pay someone to take care of items that need constant attention, consider
moving them out of your life.
Explore new hobbies or rekindle old
ones
Having a hobby can add pleasure to
retirement. This hobby also needs to be one that you can lay down and walk away
from when needed. Do not let hobbies turn into obligations. Filling your hours
with something other than empty time will give you more satisfaction in
retirement. Strive to make the hobby fit into the constraints of your budget. A
hobby that empties your wallet will become a burden instead of a pleasure.
Do things with friends
In retirement, you have the time to
spend more time together with friends. It is not just limited to evenings or
non-work time. You can meet for lunch or work a puzzle together. If you enjoy
games, this is a great time to dig out the old games to play during your visits
with friends. You may even want to plan a trip or two with your better friends.
Time spent with friends is usually one of the least expensive ways to have
enjoyment in retirement.
Turn a hobby into income
Because some people find that income
is lower and expenses are higher than anticipated in retirement, extra income
can be a blessing. Even about ten thousand naira or so per month can make a
dramatic difference in the retirement lifestyle. If your hobby is one that can
produce income, you will have the best of both worlds. You can enjoy your hobby
and still make money at the same time.
Find opportunities to volunteer
One of the problems with retirement
is the feeling that you may no longer be important to society. A good way to
solve this problem is to volunteer. Public schools, churches, and a variety of
other agencies are always clamouring for volunteers. Usually, the amount of
time devoted to these tasks can range from an hour or two per week to nearly a
full time unpaid job. Regardless of how much time you give, it is a great way
to feel needed and productive.
Guard your nest egg
Retired citizens face three
potential risks to their retirement income. The first is scam artists who prey
on retirees. The second is changes in the economy that can erode income from
investment and savings accounts. The third is overspending. Staying on guard is
the only way to keep these three from depleting your retirement income and
ruining your retirement years. Keeping a strong budget in place is the only way
to give you some security against these potential retirement spoil.
