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Time to plan your retirement is now!
Develop positive mental attitude about retirement

Time to plan your retirement is now!

Different countries have different ages for retirement. In Ghana the retirement age is 60 years, 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 many 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 slowdown 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 a 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% of your present earnings to keep the same lifestyle when you retire.

Unfortunately, most Ghanaians miss this mark. Studies show that while only 2% of retired Ghanaians live above their pre-retirement lifestyle, 7% of Ghanaians keep their lifestyle. The majority slump into poor lifestyle and poverty.


                                                             
Your retirement plan
Prepare mentally. Develop positive mental attitude about retirement. See retirement as inevitable but also as the beginning of another stage of life for enjoyment, adventure and relaxation

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 the 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.

Instead, be able to live at least the same lifestyle after retirement. And do this as early as possible and consistently because you will get more to retire happily.

Prepare residence. Couples must compare and compromise on their retirement options like where to stay and the size of the residence.

It is also advisable to stay where you are known and have a network of friends.
                                                                 
 Time is now!
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 a big impact on your marriage will be as good as you plan for it today.

Sadly studies suggest that in Ghana only 2% of retirees live same lives or better before their retirement days.

Again studies show that while 23% of Ghanaian retirees have to work to maintain their lifestyles before retirement about 75% of them sink into poverty and depend on friends and relatives to make ends meet.

Today we see outstanding sportsmen, musicians, businessmen and politicians trapped into poverty when they retire because they lived unplanned and reckless lives during their heyday.

We see retirees who lived in big and luxurious houses now living in ‘hall and chamber’ rooms in their family houses.

There is even a case of a former director who now on retirement is living in the garage of a friend!

These statistics and people needlessly trapped in poverty are very sad but they must serve as a warning for us to plan for our future.

The good news is that 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 done right your retirement can be the best agent for your marriage to lead a stress-free life and like never before.

 Commit to make tomorrow better than today. Let this be your focus as you plan aggressively for your retirement.
 
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