What kind of retirement plan do you have?

[Mika]

Well, to be frank, I do not know what I will be doing after retirement. Actually, I have not even thought about when I will retire. I am a guy who likes working. I work not just to earn a livelihood but also to keep my mind and body healthy. I will be working until my health permits. I have seen a lot of people diagnosed with diabetes and heart diseases after retirement. The only way I can avoid that situation is by continue working.

In my home country, the recommended retirement age is 60 years. However, people consider working longer than 60 years of age due to the high cost of living and the pension not being able to feed the family and pay the medical bills. I do not have any plans for retirement, I will continue working as long as health permits. I work not just to make money, I work to keep my brain sane. When I don't work, I feel bored.

I do not have a retirement plan, but this does not mean I am not saving money for my old age.

 

[Sotherefore]

For now I do not have a retirement plans because I'm so looking for a way to save up money to start up my business, I still have a lot of things to achieve first with money, if I start up my business and I've done whatever I'll need to make my life comfortable then I will think of saving much money for my retirement .

 

[Samuel72]

Well as for me I have several retirement plan, I plan on investing my money in real estate business and I will also invest part of my money in cryptocurrency business but the present situation on cryptocurrency, I don't think it's advisable for me to invest in cryptocurrency so I decide to open a hotel business after

 

[arunima25]

I and my husband have few retirement and pension plans. We have an allocated budget kept aside that we invest there. If we are not able to make through these years, the money will go to our children. Else it will be for us to keep up with our current living standards in old age too. And we do not want to retire till we are healthy and active enough to work. It's not for money sake but to stay active and fit.

 

[Alexandoy]

I did not get a pension plan when I was younger because it is not common here. Only a few have a pension plan because some insurance companies that closed have scared us about the pension plan package. What we only have is the government's pension package. The maximum pension that you can receive is $200 per month.

 

[arunima25]

I totally agree there that for a post retirement life, one has to start planning when still in our job. Many of us might have a structured job that guarantees a pension plan or post retirement scheme. But some might not have that and for them it becomes even more important to plan for finances right from now. So exploring about different things that might interest you and keep you active and engaged should start from now. Also you need to financially secure your future post retirement and every little step from now would be helpful.

 

[Sotherefore]

I do not have any retirement plan for now because I am not working as I am still looking for a way to start up my business but immediately I am comfortable I'll set up my retirement plan to make sure that I arrange everything so I will be comfortable as much as possible to avoid regret later in life,

 

[arunima25]

If one is employed in a structured sector and government sector, the stress of planning for retirement is reduced to a great extent. You have many benefits provided by the company/ organization post retirement. I can say it from the viewpoint of my own country. You get many benefits like post retirement pension and your accumulated PF( Provident fund) money at time of retirement. That takes care of the financial part and you can just focus on staying engaged and productive.
But if one works in an unstructured sector ( a large population works there), the planning has to be done more meticulously. You need to make sure of a source of income post retirement to sustain your living. So one needs to save accordingly. And it's never too early to start doing that.

 

[Vladv26]

I don't have any fixed or clear plans right now for my retirement but I know one thing for sure. I hate the idea of needing to work for 40 years at 9 to 5 jobs just o have a pension when I'm 60. Instead, I would much rather work on myself and build a business in 10-20 years and not only retire earlier but also leave a legacy behind for my kids

 

[arunima25]

These days many people are going for an early retirement as they want to spend time doing things that they like. And they want to do that when they are still young and not wait till they grow old. We often come across stories of people who took an early retirement to follow their heart and do stuffs like trekking and other adventurous sports. Old age does not allow that as your health is also compromised with age. But these people have a smart planning and execution. They start early savings and investments. They know ways to grow their money. They have enough to go for early retirement. Some even make ways for passive income to help them when they plan to retire.

 

[Jasmine]

I do not have any retirement plan. It is too early for me to plan a retirement. However, I have invested in shares and crypto currencies which I believe will help me in my old age when I can no longer generate income because I am too frail to work.

 

[arunima25]

I do not have any retirement plan. It is too early for me to plan a retirement. However, I have invested in shares and crypto currencies which I believe will help me in my old age when I can no longer generate income because I am too frail to work.

It's good that you have made enough investments that will reap you benefits when you are old and retired. No one wants to work to pay bills and make ends meet when they are old and retired. And you are right that we might not be mentally and physically strong to keep working in that ripe age. It's better to have a plan that generates enough money to live well and get engaged doing things what we love to do.

 

[Jasmine]

If you can build passive income sources and recurring income sources, you will be able to support yourself without having to do a hard work in old age. If you are unable to invest, you can use your skills for example, if you are a writer, you can continue to earn royalties and live comfortably in old age,