Retirement age is the inevitable end to the professional life of an individual which comes at a certain age established by the employer or government, unforeseen disabilities, illnesses or even voluntarily where the individual feels he has had enough and should take a break. The global Retirement age ranges between 50-70 years. Smart people make their retirement plans while they are on job and not when they reach retirement. This smart planning help them save their finances or invest them into things that make their retired life worthwhile. Retirement age planning can be done in several different ways according to the needs of the individual. However, some interesting and important considerations include the following:
- Firstly, a person must be well informed about the retirement benefits, pension funds, and other old age benefits that the employer provides in order to devise investment plans accordingly.
- Secondly, one needs to invest in things that are able to give profits when you need them. If the retirement age is close then the investments should be made into short time achievable goals and not just equality but if the retirement age is far then investments should be made into things that will start paying back in later years like insurances, national saving certificates, properties and so on.
- Thirdly, a rough estimation of expenses should be made keeping in mind the rising inflation rates and predicting what it will be in the next ten years or so.
Once ready with the financial planning, one needs to plan the daily activities that will not only keep him busy but will also provide entertainment and fun. When retired a person can look back to his yesteryears to figure out his great passions, lost interests and activities and resume them like gardening, playing a sport, voluntary services, teaching, reading books, writing or anything else that is off true interest and entertains also. If someone likes painting or constructing then he should start a small business with it. Providing tuition, home based cooking classes or any other part time activity can be picked up to stay busy and active. Reading, Writing, Joining activity clubs, social services etc are some of the most popular retirement activities.
Retirement Age is the transit tunnel of life both financially and personally. People who have spend wisely and planned this transition ahead usually feel less depressed and have certain plans to put to action in the retired life, but people who have lived an adventurous carefree work life find it much more difficult to adjust to the quietness of retired life, but life goes on so its better to indulge into constructive habits at every stage rather than sit back and think of ourselves being useless.