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Save and invest so you don’t have to work during retirement.
Save and invest so you don’t have to work during retirement.

Are you planning for retirement?

The Good Book says there is time for everything under the sun; time to be born, grow ,acquire skills, work, marry and start a family. There is also retirement, time to give up your regular job due to old age, ill-health or loss of job. Different countries have different ages for retirement.

In Ghana, the retirement age is 60, the same age the World Health Organisation (WHO) sees as old age.

The Akans say asetra pa ma awirefire or good life may make you lose your sense of precaution. This happens to may Ghanaians who ignore retirement until they are about getting there only to find they have no place to stay or money to take care of themselves and family. Many who come in for counselling appear very disturbed at the thought of retiring soon and see a bleak future.

The challenge of retirement

Retirement can be difficult. Losing friends, colleagues, routine work and rewards is not easy. Studies also show men suffer from retirement showdown more than women. This is because men have greater emotional fulfillment in what they achieve at work.

They identify themselves with work because it boosts their self-esteem. Retirement for men is like losing their self-esteem. The more a man identifies himself with work the greater he experiences loss of identify, self-esteem and power.

Women are less affected by retirement because they are better domestic planners and have many roles to play at home. Again, women identify themselves not by work but by the quality of their relationship. Therefore, a woman in bad marriage may be negatively affected by retirement.

Retirement affects the dynamics of marriage. For example, a husband who was always away from home now finds himself always at home and in an attempt to hold his failing self-esteem may make greater demands on his wife.

The success of a man in retirement is greatly affected by how his wife adjusts to having him at home each day. Empty nest could also bring loneliness unless couples had developed great friendship before marriage.

On retirement, your needs are funded by your social security, savings and investment.Studies show you need between 70 and 90 per cent of your present earnings to keep the same lifestyle when you retire. Unfortunately, most Ghanaians miss this mark.

Studies show that while only two per cent  of retired Ghanaians live above their pre-retirement lifestyle, seven per cent keep their lifestyle. The majority slump into poor lifestyle and poverty.

Your retirement plan

Prepare mentally by developing positive mental attitude about retirement. See retirement as inevitable but also as the beginning of another stage of life for enjoyment, adventure, relaxation among others.

Prepare financially.Your retirement plan must focus on what provides you with enough income during retirement  when you are no longer earning a steady income. This is the biggest challenge in retirement because inflation makes the cost of living high and at the same time reduces the value of money you may have put aside for retirement.

The secret is to make your retirement your top priority. Save and invest for tomorrow so that you don’t have to work because you need to work to make ends meet and instead be able to live at least the same lifestyle after retirement.

Couples must compare and compromise on their retirement options like where to stay, size of residence and what to. It is also advisable to stay where you are known and have a network of friends.

Are you planning for retirement?

One thing is sure; one day you will retire. Therefore, do not live for the present only but for the future. Tomorrow belongs to those who prepare for it today. Your retirement which has big impact on your marriage will be as good as you plan for it today.

It is never too early or too late to plan for your retirement. The time is now. Make retirement part of your daily activities just like work, health and social security. Each day, put something down for tomorrow.

If you work on it well, retirement can be the best agent for your marriage to lead stress free life and enjoy your marriage like never before. ‘Tomorrow can and must be better than today. ’Let this be your focus as you plan aggressively for your retirement.

Email: [email protected]. The writer is a columnist, author and marriage counselor
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