Getting Ready for Retirement
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.
Sheryl GeorylCom
My husband and I are already retired from work. he’s in his 40s while i’m in my mid-30s. although much of the efforts came from him (i’m just a freeloader, LOL), it is really possible to retire at a young age. you just need to invest in activities that will generate passive income so you can earn even when you’re doing nothing.
Teresa Martinez
I must say you and your husband are two of the more fortunate ones who managed to retire at an early age and yet are able to enjoy a comfortable life through passive income. I’m sure many would like to be able to enjoy time with family without being too worried about work demands. Happy for you and your family.
peachkins
I think it’s about time I think about my plans for retirement. It can never be too early…
Teresa Martinez
Yes, I think so too.
Nancy
This comes really hard to those who only make enough to get by. If only sufficient resources is available for everyone.
Teresa Martinez
Yes, I totally understand and feel this thinking.
Bless
I so agree that in order to have a good life after retirement, careful planning and budgeting are really a factor. Retirement plans, investments, and savings can greatly help in achieving this happy retirement life.
bebengisms
Oh, this made me think of discussing this with my husband.
Teresa Martinez
Spouses should really set aside time to discuss retirement.
Gene
What we Filipinos forget to consider at our very young age. Yes, we have those in PAG-IBIG and SSS but they are not enough especially with our economy, it might be enough for one person’s living expenses but how about medication? The “benefits” we get from the government is not enough, especially in a common household where there is only one breadwinner in the family. It’s best to have an additional retirement plan in private but trusted companies or even put some in our savings account. But still, with the minimum salary, many of us cannot achieve that.
Teresa Martinez
Yes, that is why many Filipinos fail to feel secure in their old age.
Mary Anne Vinzon
For the long time of hard work and being employed,it is nice to have some rest and retirement plan.To enjoy the time with your love ones.
Teresa Martinez
I think everyone ultimately thinks of this.
Hyanne
This is such a helpful article. In the west they really save for their retirement period unlike in our country mostly not.
Teresa Martinez
You are right. We should learn to be more conscious of retirement plans especially for those who are actually earning well. Those who live on a day-to-day existence might just find retirement plans unthinkable.
jheylo
it’ll be nice to be financially secured when thinking of retiring. however, i heard many stories that many people saved money and they even have enough of what they thought but when they got sick, all their money are gone like a snap of your finger.
Teresa Martinez
That is why I often pray for good health because sickness does not only result to high expenses, it also deprives one of the chance to work and earn to face such situations.
jared's mum
i guess i am in some sort of an early retirement since i stopped working and became a full-time stay-at-home mom, but a retirement plan is really in my list of priorities + i am thinking of updating my sss contributions + applying for a st. peter plan in preparation for when that time comes.i do not want my little man worrying over his old mother.
Teresa Martinez
Retirement as in not being able to work, is something all of us should be thinking about.
Chie
As early as now, I already feel the worry of preparing for retirement. Saving for that time before it arrives is a smart move for we don’t know maybe we’ll get to retire way early than expected. Esp. in my case when I have no ability to bear a child whom i could depend on in the future, Imagining retirement, the coming of age and sicknesses already brings gloom
Teresa Martinez
I’m sure you will find other ways to face retirement like most of us who have our personal fears about it.
Chubskulit Rose
Planning a retirement is easier said than done especially if you have kids. The couple’s priority is most on the children so they put their own goal for retirement aside.
Teresa Martinez
You couldn’t have said it any clearer. That is a real dilemma faced by many parents.
Gven-Rose
nice article, I agree, we should prepare our retirement as early as possible…
Teresa Martinez
I think most of us would like to do this although many are hindered by the economic situation but still we must try.
raya
I couldn’t agree more! Hubby and I are seriously planning for our retirement, although that’s still more than 20 years away! Thanks for sharing this very helpful article.
Teresa Martinez
It wouldn’t hurt to start early when people are able.
Nomer
Agree. We should find ways to accommodate it to our budget. A retirement plan is in fact one of the best gifts we could give our children because we won’t be asking/depending on their financial support when we get old.
Teresa Martinez
That is absolutely right. I am not comfortable with the idea of depending on my children to provide for me when I get too old to work.
boundfortwo
This is a nice article Miss Teresa. We had carefully plan our early retirement and we had just started this year.
Teresa Martinez
Good for you. It is never too early to start.