Is it necessary for someone to plan for retirement

[Hagson1]

Planning for retirement is an act or a process of preparing ones self for the old age or for the period of resting after under going a period of work with the government. To avoid poor or a life of dependence in our old age or after retirement, it is of Paramount importance you prepare for the future when you are still young or when you are still working and earning money.

 

[funmi]

As intelligent beings that we are, it is only wise for us to always think of that day when our strength will begin to fail us. When we begin to think of the day that our strength will begin to fail us and we won't be as active as we are right now then we will begin to make plans that will cater for ourselves so as to prevent us from becoming a huge burden to ourselves and to our children. So what we can do to avert this situation will depend on our individual personality. How much we take our self and how we see life will determine if we will take this issues seriously.

I have seen people who started planning this things as early as possible in their lifes and they started investing in either real estate or they we buying farms, some started buying shares so that they can fall back to it when they eventually retire. Some even started running a business concurrently with their job now so that as soon as they retire they will continue with their private business which is very wise. Others who fail to prepare have today become a liability to themselves and others.

 

[Alexandoy]

If you plan to live long after age 60 then you need to plan for your retirement. Some people think that retirement is all about money that you should have when you do not have a job anymore. But for the wealthy people their concern is not much of the money but more of the occupation. It is boring to stay at home with nothing to do especially if you are rich with a driver, housemaids and almost everything is being done for you by your personal employees. Fortunately for some rich pensioners that I know they are glued to the internet whether watching movies by streaming or simply using social media for fun. Another pensioner had bought a lot that he made into a garden (that is also my plan). Now he can harvest some vegetables and fruits which is uplifting in terms of accomplishments. As the saying goes, the hardest thing to do is nothing to do.

 

[Kendy]

Planning for retirement is very necessary. After retirement, what next will you do? Planning is very essential, failing to plan is preparing to fail. During your active and agile days, you should strive to be hard working, save and invest towards retirement. Retirement period is not a time to overtly overwork yourself. Although, there are challenges that might occur and impede our investment capabilities but it should not sway us from investing. We should invest during our active days by savings in the bank or in a stable coin like USDT. Investment is a good plan towards retirement such as buying of lands and houses and using it for profitable venture.y uncle who was working in a private organisation where the was no pension scheme fund, he opened a fixed deposit and save 30% of his income on a monthly basis. He worked for thirty years and retired but while at service, he purchased a land from part of the savings for an agro business and excelled greatly because it was mostly operated in the rural part of Nigeria where there is cheap human labour and cost of products but the produce were distributed across most parts of the country and it was more profitable when sold in urban areas.

 

[Skysaint]

It is very necessary for one to plan for his or her retirement age ahead of time. If actually you don't want to suffer and undergo another round of hardship then you need to start early to plan for your retirement.
For government jobs, there is a particular year when you are going to get retired. It is more like you know about it immediately you are given the job and at that moment you should start thinking about your retirement day and what will be your faith then.
I have seen so many people get retired early. What u mean by this is that they get retired when they still have responsibilities to shoulder such as feeding the children, paying school fees and other related stuffs. You as a civil servant should have seen this coming and it will be unwise of anyone not to have made plans for it.
Maybe you should start with investment that will keep yielding you passive income even when you get retired or you could purchase a landed property you will resale afterwards.
Here in my country, the worst thing that can happen to someone with a white collar job is for him to depend totally on it and the pension the government will give him for his survival. You need to plan ahead.

 

[Abigael]

I think planning for retirement is a very important process for both those who are employed and those who are self employed. This is be because most people retire old or due to some health problems, therefore they need to plan how to be comfortable while not working anymore.

One of the things to prepare is their economic life. A retired person should still be able to afford to pay for their expenses and bills. This is because they won't be able to depend on their children for this as they will be paying their own bills.

Also, one needs to prepare for their health when they are old and retired. Most old people require constant medical help due to many diseases and conditions that com with age. So as you work, make sure to have an health insurance policy in place.

Lastly, a life insurance is also very important for a retired person. As you grow older, the end of life comes too and so one needs to have planned for it through life insurance. That way, when you die, your family does not suffer from the agony of organizing for your funeral without enough finds. Also, those who depend on you won't suffer due to your death.

 

[Bookwormlux]

Planning towards your retirement in life is a very integral aspect of your career that you should never ever ignore for whatever reason at all .

It is a major thing that will determine how your life will end up , because if you did not engage in appropriate planning and end up doing what will benefit you only for the moment with no concern for how things will turn out in the future, I doubt if you would ever make any reasonable impact at all .

People who do not plan enough for their retirement usually end up in the very miserable State , and you wouldn't even believe that they have ever worked in the past at all .

Not doing an appropriate planning towards your retirement is more of having a mentality that says , that you are willing to continuously rely on other people instead of sorting things out by yourself .

We all know that this is not a good mindset at all , and this is a major reason why people are engaging in appropriate planning for their retirement .

Planning towards your retirement will also enable you to have emergency cash for anything that could present, because you are no longer earning money from the government or any available job.

 

[eldavis]

A man without a plan, is a man planning to fail. I think it would be wise to start planning for your future, I have seen a lot of aged persons out there seriously trying to survive. Making plans for retirement, is simply creating a better future for not just yourself, but also for your family and of cause generations to come.

 

[Rachael]

Planning towards retirement is very necessary to every individual and I do not think this should be negotiable. The essence of planning towards retirement is to have a sustainable means of saving or income to fall back on. It is always more easier for those who work in government establishment to have their way of planning for retirement through the pension scheme done by both the government and the potential pensioners. There are many ways to plan for retirement because it is impossible for everyone to work in government firms. If you are self employed, it is best to cultivate the act of saving money which should be used for investment.

Investment in different sectors include; real estate, investment in stocks and shares, cryptocurrencies trading,, Forex trading, domain flipping, investing in reputable businesses and getting Returns on Investment (ROI). One who fails to plan, invariably plans to fail. It is not good to lay all your eggs in one basket because some would fail to plan for their retirement, all in the hopes of looking out to their family members but it is a bad step because anything can happen and the future is typically unpredictable. No matter the small amount of profits, it should be utilized effectively and not just squandered.