Planning Your Retirement: Now Is The Time
Retirement cannot be wished away, because it is practically impossible to work all ones’ life, even in self-employment. If you live to advanced age, there is that point where, biologically, your body will begin to give in to years of toil and the process of natural aging.
When one is a bit unlucky, that process of yielding to physical constraints could come prematurely due to physical incapacitation of one form or another. The reality is that one way or another, the day will come when even the strongest man will be unable to actively fend for himself. When that day comes, will you be ready? The reality is that anyone that truly loves himself will not wish to stretch on until that point where his body refuses to co-operate.
For Edward Enuani, a retired electrical engineer who has had a stint with several multinational firms in the past, believes that staying active without the struggle for basic livelihood, one needs to build for oneself a comfortable nest egg to take good care of retirement.
“What is most-needed for a planned, comfortable retirement life is a change of paradigm. Never think again of retirement as the concern of those near retirement age; don’t deceive yourself, even as a young person, into believing that there is too much time at your disposal; and don’t just go on leaving everything to chance. These are tools of personal finance management that can give you reasonable control over the quality of life you will live in retirement,” Enuani disclosed.
The best guarantee to a retirement life in cool comfort is simply to act early – if possible as soon as one begins to earn income, Gbenga Afolabi, a graphic artist said. Afolabi stated that starting early to prepare for that date, is, ironically, not too early. “You need all the time, especially if you desire to achieve excellent preparation in a painless manner.
How does beginning early help your cause? Starting early is great for the fact that it puts this goal on the front burner as you run through your career. That puts you in the best position to take various initiatives that will accelerate your progress towards the objective.
“Compare that with someone that fails to realise the need and takes no action, until perhaps too late in the day. Those are the kind of people that will crowd pension payment centers to wait and pray for payments that are not forthcoming,” Afolabi hinted.
While taking prompt action puts one immediately in a position to take advantage of the magical power of time and factors like compounding, which are known to exponentially grow investments, starting late denies one this unique multiplier impact, meaning that you achieve far less results than potentially possible.
When you start late, the first challenge is the enormous pressure you undergo in trying to remedy a seemingly bad situation. The second downside is that your best effort, because it cannot benefit sufficiently from the effect of time, will most likely yield limited growth impact.
Experience lends a lot of weight to the first option. Are you unaware of the harrowing experience of those pursuing pension payments under various government institutions and agencies, most of whom suffer untold hardship for payments that are often not available? Many of them seem helpless and easily give out the fact that they made no good provision for this period of their lives, entrusting everything, it would seem, to the meager government pension.
For many, that has proved rather too costly, if you consider that quite a number has died under the scotching effect of the sun or out of hunger or untreated ill-health. The wisdom there is to view the matter of retirement planning and provision as serious. An important step in doing this is to discover the tools that can be put to use to achieve that purpose. The time to begin to act, if you want to make life easier, is now.
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