Preparation for retirement should start long before it comes.

 

Getting ready for retirement is characterized by sensible living, careful planning, and joyful dreaming.  Everyone desires to retire comfortably especially after working very hard for the family.  Depending on what we do now, retirement can be a picture of bliss or gloom.

What is Retirement?

When a person completely stops from being formally employed, he or she is said to be retired.  During the time that life expectancy was low, retirement was practically unheard of and people work until they succumb to death.  Retirement as we know it today was introduced in Germany in the year 1880.

Technically speaking, a person can retire when ever he or she deems fit.  In the legal context however, retirement age is set from 60 to 65 years.  Some countries like Spain and France have increased their compulsory retirement age to 67.  Retirees , as people who have retired are called, are entitled to receive pension benefits.

Early Retirement

There are people who either choose or are forced to retire early for various reasons.  Some are forced by their limiting physical condition as a result of sickness or accident to give up work earlier than standard retirement age.  Others are mandated by government legislation to retire.  Still others have found more profitable opportunities than continually being employed.  Included in this group are those who have come to a sizable inheritance which provides them the means to leisurely enjoy without having to wait for the retirement age and pay.

There are also studies that would suggest that spouses coordinate their retirement decisions with each other’s employment status.  This simply means that a person is more likely to retire early if the spouse has already retired.  This is being connected to the desire to spend more time together specifically during this age.

How to Get Ready for Retirement

There are only two main sources of support for retirees when financial assistance from family is out of the question.  These are savings and pension.  Therefore, it is important to work on this two while a person is still young and able.

The task of getting ready for retirement should actually start from the first job.  Although this can easily be seen as too early by many, people should start realizing that the resulting value of retirement benefits would depend on how early the preparation was initiated.  Many financial consultants therefore advise employees to work hard to advance their careers since promotions and higher positions are equivalent to higher pay which is in turn equivalent to higher retirement benefit.

Why Should We Prepare for Retirement

Many countries are now offering themselves as suitable retirement places for retirees.   They provide incentives and benefits to these senior citizens because they are aware that most retirees have the money and the opportunity to take their offers seriously.  Those who do not intend to leave their countries of origin are also expected to enjoy a leisurely life since they are suitably covered by their pensions and savings.

It is important to prepare for retirement since this is also the time when sickness will probably occur.  Medical and living expenses comprise a big bulk of expenses for retirees and senior citizens.  It is important therefore to ensure that this needs can be met at a time when there is no other source of income available.  This would necessitate living a sensible lifestyle characterized by wise spending and timely planning of retirement plans.

My Say

Life today is so difficult as it is that it is almost unthinkable for some to think of retirement when the difficulties of day-to-day living are more pressing.  However, everyone is still advised to find a retirement plan that can accommodate their specific economic limitations.  This is applicable to both financially critical and secure situations.  The earlier we can look into getting ready for retirement, the better options are made available to us.