Things that must be in place before retiring

[Carpon]

As a worker who knows that he or she will one day retire, there are some things that you should place as priority and putting them in place is very necessary for you to be able to live a comfortable life even after when you retire.

✓ One is a source of cash. When you retire, you stop being paid and so you need an alternative source of cash. Without this, you will become stranded and unable to take care of yourself or your family and that necessitates this. It could be a business you run or some other sort of passive income you have.

✓ Also, you need an emergency fund or a life long saving. This could be money saved in cash, investments made, liquidities purchased and etc. You need this Incase if incidents that are unforseen and unavoidable after you retire.

These are very important for your basic well being and to make sure you live a good life when you stop working.

 

[Richee84]

Retirement should be a thing of concern to all individual and should be taken serious. There are are so many things that need to be put in place be reaching the retirement age.

Individual should endeavor to make or have savings towards his their retirement in future. Most government and some private employer have a pension plan for their employees after leaving service. They both contribute towards the retirement through a joint contributing saving plan.

This system help the employee to have a life Pension after leaving the service. With this plan the employee is entitle to some amount of money monthly to keep them going in life.

There are some private individuals too who have their personal savings to buy a pension plan either from an Insurance company or pension fund administrator.

Every individual should make sure they have a good functioning business that can bring in or generate income for them. It is very good to have a steady business that can bring in for individual before he or she retire from work.

It is also very good for individual to have a good house for himself or herself before retiring from work. Having a house on ground will help ro reduce his or her bills on house rent.

 

[moonchild]

Well, one of the most important things to have in place before thinking of retiring is finance, without good finance retiring will not be fun really, because how would it be when you have nothing to fall back on, you can't do fun stuffs like traveling or having fun with friends.

Also as a retired person, your body needs some good rest and a bit pampering, where I live I see a lot of people that are retired but they absolutely leave a basic life, while most of them look for a way or the other to get back to the employment market and continue earning a salary because they can't actually afford to live, it's actually a reality.

So the best thing that should be considered when you're retiring is to have solid finances and also a house to live not to burden your children with your responsibility and demands.

 

[TOZZIBLINKZ]

Sometimes the pension that one's receive after retirement may not be enough to take care of his or her financial needs and it is absolutely not good for an individual to depend on his or her pension after retirement that is because most of the times pension may not be given to all retired individuals in a particular company or business organisation. It is absolutely very necessary that you stay financially stable and equip after retirement and it does not mean that when an individual retires he or she cannot be financially equipped or stable again. Well of course you can still be financially equipped and stable but that totally depends on how you plan and consider your stay after retirement.

You need to save money and also invest money in order to have a very interesting retirement days and by far that can be one of the most interesting way to enjoy your retirement.

 

[Etini]

People fail to plan for retirement. So many people spend the bulk of their working years enjoying life and they forth that retirement would come when the funds would not come in as it is. One of the things I feel anyone should have before retirement is a residential property. It is very wrong to retire and still, you are a tenant. The money that would be coming in post-retirement might not be enough to pay medical bills and pay rent.

As the original poster already said, you must have a source of income before you retire. You should have been able to set up a business that would provide you with cash flow. Also, you should have been done with training your children and setting them up before you retire. Paying school fees after retirement is not a palatable venture. That is why everyone needs to plan their lives especially in their active years so as to enjoy a good retirement.

 

[Holicent]

Before retiring, it is important to have a solid financial plan in place. This includes having enough savings to cover expenses during retirement, as well as having a source of income, such as from a pension or Social Security. It's also a good idea to have a plan for healthcare costs, as they can be significant in retirement. It's also important to have a plan for your time and activities in retirement, to help you stay engaged and fulfilled. Additionally, it's good idea to have a plan for long-term care in case it becomes necessary, and having appropriate insurance or savings in place.
Also, before retiring, it's important to consider your overall physical and mental health, and to make sure that you have a plan for maintaining your health during retirement. This may include having a regular exercise routine, eating a healthy diet, and staying socially connected.

Another important consideration is having a legal plan in place, such as a will and power of attorney. This will ensure that your wishes are respected and that your loved ones are taken care of if something happens to you.

Finally, it's important to have a plan for your living arrangements during retirement. This may include downsizing to a smaller home, moving to a retirement community, or making other changes to your home to accommodate any physical or mobility limitations.

Overall, the key is to plan ahead and to make sure that you have all the necessary elements in place before you retire. This will help ensure that you have a comfortable and fulfilling retirement.