Planning one’s retirement should start early in life. It is not a surprise that retirement is inevitable and therefore needs planning.
1. The tendency for parents to invest whatever they have in their children as when they no longer earn they will be left with nothing. This is a wrong move.
Right from the age say of 50 parents should start investing may be thourgh bank deposits, shares, and mutual funds so that these instruments generate funds.
2. One should have a health insurance so that one does not have to spend from their savings.
3. Children leave the shores seeking greener pastures and more often than not this is encouraged by parents themselves. This move results in seniors being left alone to fend for themselves.
With declining health it becomes difficult for seniors to look after themselves and with domestic help being so rare they will be left with no other alternative but to move to a home for seniors where they will have care that is so needed in the twilight years.
Getting mentally prepared therefore to move into a home for seniors can give peace of mind both for the senior and their children
4. Post retirement it would be advisable to downsize one’s lifestyle. Living in huge properties could be a load. And not being able to maintain the property would pose bigger problems. It would therefore be wise to either outsource or sell off the property which will lead to peace of mind and also generate enough funds to secure the future.
5 Having a manageable hobby could help a senior spend time well
6. Last but not the least expecting children to be there at one’s beck and call would only create a disturbing atmosphere specially when children are not in the vicinity where seniors live. Instead, developing friendship with those around and creating an atmosphere of inter-dependence would make everyone happy including the children. That children do not care for their parents is not true. The fact is they cannot.
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There are so many things to consider before the retirement age. I do agree that it is better to prepare. We need to secure our life prior to the retirement. It is better to experience enjoyment.
What I have noticed most is parents emptying their coffers and then expecting children to provide them. Children easily forget what parents have done for them and then think that they are doing a favour.
Some people start planning for their retirement much earlier in their lives so that when they turn 50 they ar3 well in good hands. Insurance is intact, homes have been built, hobbies have been created, friends he e been found and so I'm and so forth, so you don't have to start at 50 you can start even in your 30's by building your own home that saves a lot.