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Retirement is an entirely different phase of one's life, a stage, if not well planned for,
could lead to a life of regret and difficulty. While there is no universal formula on how to
retire well, there are specific strategies that could help you retire well. Therefore,
this video aims to run you through everything you need to know about how to enjoy your golden years.
Here’s something to ponder: Have you ever wondered why some people retire
well while others drift into the most bitter part of their lives?
What is the secret to retiring well, and what did these people do differently to retire well?
Is it about having a budget and strictly keeping
to it? Or is about saving a considerable percentage of your earnings early? Or,
did they get their by investing some part of their wealth prudently?
These and many more similar thoughts run across my mind whenever I see folks that have been able
to retire well, take care of their taxes and overcome all the challenges associated with
retirement. After a lot of research and a lot coffee looking into the subject,
here’s what I found out. If you want to replicate their success, retire well,
with a substantial nest egg. Here’s somethings you should keep an eye on.
Number 10. Your lifestyle
A common trait among people who are retired well, and are actually enjoying
their retirement is how prudently they lived while still in the labor force.
Have you ever heard the saying " you cannot eat your cake and have it too"? Well,
what this means in this context is that you cannot expect to have a wonderful
and enjoyable retirement, when you lavish all your income on things you probably do not need.
Living within or below your means does not mean you have to deprive yourself of the
good things of life or be stingy even to yourself; you can still be satisfied and
happy while stopping yourself from spending on expensive or luxurious items. This way, you can
have something substantial from your earnings that can be put into your retirement account.
Even when you can afford a fancy ivy league apartment,
go for the reasonably affordable type and save some money for your retirement.
A similar attitude should be applied to buying a home or a luxurious sports car.
Do not get caught up running after shiny things. Be prudent and diligent with what you have,
while being mindful of the responsibilities ahead.
Number 9. Plan early
Talking about your retirement plan while still in your twenties may seem a bit too early to some,
while for those who will eventually retire well, see this as a great time to start.
The earlier your start, the more solid the plan will become. Over time,
you will discover which method works for you,
giving you time to make all the necessary mistakes and learn from every one of them.
When you start early, you will be able to design a financial plan that covers your
frequent expenditure, kids' college tuition, and other fixed expenses.
This info will then help in determining how much goes into the savings account,
an emergency account and insurance. Choosing the appropriate amount to save after your
regular expenses will prevent the temptation of dipping into your savings intermittently.
Number 8. Adjust to the life of a retiree even while in service
It is best to ease into the retirement life by first
adopting some of the eventual reality of retirement even while in service.
Once you retire, you may not be able to earn actively as you used to. This would
mean cutting down on your expenses. It's best to yield gradually into your life as a retiree
by beginning at this stage to cut down on how you spend more in preparation for the future.
The habit of waking up every morning and putting yourself together for work
and then working all day will take a new dimension. You may sometimes remain idle
throughout the day when you're retired. Therefore, closer you approach retirement,
ensure you cut down on some of your work, ask your employer to see if you can get some work reduced.
By reducing the amount of work you do in a day, and replacing it with activities you’re
likely to do once you retire, you will gradually get used to it and be in a much
better position to cope with retirement mentally without getting bored. Cutting
down your work hours and getting more rest time is beneficial, especially for those in
their sixties. At this stage of life, your health should be your primary investment.
Number 7. Prepare yourself mentally for retirement
Even if you want to, you cannot go on working forever. At some point in your life, your body
may not be able to take the stress and pressure associated with work. Retirement from work is,
therefore an unchangeable reality. The earlier you prepare yourself psychologically and allow
that to sink in, the more likely you’ll enjoy your retirement years.
Do not push the thought of retirement aside. Instead, engage yourself actively about how to
make the most of your retirement. Ask yourself what you would do with all the free time. Are
there any dream left to be chased? Any skill you're still interested in acquiring, such as
learning how to play a new instrument? Any of this could serve as a good use of your retirement time.
The most important thing is not to stay lonely or
idle. Being sedentary will likely lead to boredom, and eventually depression.
Number 6. Keep friends outside of your work colleagues
When you retire, you will require the company of friends from time to time. Hanging out with
friends, spending time together doing what you all love, or talking about subjects such
as sports or the good old days would keep you in a light mood throughout the week.
Number 5. Lifestyle adjustments
Retirement offers you the opportunity to make some critical changes in your life,
such as the quality of food you eat. If you hardly had a well-cooked meal,
before you retired. Now, with more time on your hands, you can finally change from the unhealthy
eating pattern and turn a new leaf in this regard. Food plays a significant role in our well-being;
you are what you eat. You can now shop for healthy meals or even get groceries and prepare
the perfect healthy meal yourself. And if you can’t cook, you’ve got all the time to learn how.
Exercise may also be one of those things you previously couldn’t do due to your work
routine. Now that you're retired, nothing stops you from trying out a couple of exercise routines.
Exercise is therapeutic, and I would strongly recommend it to you. Develop a simple exercise
routine, something you can afford to do every day without it wearing you down.
This may be as simple as walking briskly for a certain distance or jogging through the park.
You can get a fitness monitor to help keep you aware of your heart condition. However,
note that strenuous exercise may not be ideal for specific age groups such
as the elderly folks. Also, suppose you suffer from heart or respiratory
conditions such as heart failure or chronic obstructive pulmonary disorder. In that case,
it's best to follow your doctor's advice on what is best for you.
Number 4. Plan everyday
Planning your day allows you to schedule a different plans into your calendar. First,
it's best to have a routine down of things you do every day at a particular time,
(these are things you don't have to think twice about).
It is equally important to create a new to-do list every day and write
down what you wish to achieve. You can share some of these plans with
your social group and see what you and your friends can do together.
I remember my dad signing up for a dancing lesson. He had always wanted to learn how to
dance but never had the time. He also does this thing where he and his friends go on an early
morning walk and engage in some workout exercise. He keeps a tight to-do list but still allows
himself some rest time. You can never catch him looking bored or lonely. He always maintained a
cheerful mood. People say retirement has a depressive tendency, but not with my dad.
Retirement ironically brought out the best in him. He worked a job he did not genuinely love, so
every day, he got dressed up to work at a firm he was not okay with but did that to make ends meet.
Now, he can pursue whatever dream he wishes and do what truly gives him joy. This freedom is
precious, and appropriately, your retirement could become the most enjoyable phase of your life.
Number 3. Stay positive and live in the present.
The past is the past, any regrets you have should be left there.
That phase of your life is over, and you can never go back to being young
and vibrant any longer. Make peace with this and find a way to move on. Tell yourself you
did your best and pay attention to your present rather than dwell in the past.
Retirement presents you with something you gave up in childhood, and that is time. Do not spend
this reminiscing about what could have been done. The past is gone and never coming back, so the
earlier you understand this and move on, the quicker you can begin to enjoy your retirement.
Number 2. Invest for your retirement
One of the things that mitigate against retiring well is cutting down on the lifestyle you are
accustomed to. To maintain your current lifestyle even after you've retired, you must have made
investments that bring in passive income even when you're no longer actively working.
Make sure you look into investment plans such as real estate and have this talk
with your financial adviser early enough. No matter how much you're making today,
without proper investment, all that would change soon after retirement except if you
run a business that can continue to make you money even after retirement.
1. Always check your health You'll be predisposed to some
ailments and health conditions as you age. This makes it necessary that you periodically
go for a complete medical check-up. This could help you avoid or detect and treat diabetes,
heart disease, dementia, strokes, and other illnesses before they become a threat.
In conclusion, many of us are different,
and therefore, no one formula applies to everyone regarding how to retire well.
However, by adopting some of the habits and financial strategies that have been proven to
guarantee a successful retirement, your chances of retiring well can be significantly increased.
Well folks, thank you so much for watching,
like and subscribe, and I’ll see you all in the next one.