Retirement Plans: Six things to consider
Everyone who has worked in the formal or informal sector knows that there is a limit to the number of years one can continue to work. The need to plan towards that crucial period normally referred to as “retirement” cannot, therefore, be overemphasized.
Below are six things we should consider as we plan towards retirement.
Do I want to do anything when I retire?
The answer to the above question should be yes. The reason why you must do something after you retire is to avoid boredom which can have negative implications. I once visited my former boss who had just retired from service in 2010 and I was shocked by what I saw. He was sitting down doing nothing and all he was thinking about was his retirement benefits. It got me thinking and I knew right away that I needed to do something even before retirement comes beckoning.
How do I decide and choose what I want to do?
The decision as regards to what you want to do after retirement needs careful consideration. One of the things to consider is your core competence and skills. Decision making is made easier if you are already engaged in something before your retirement. Some factors to consider in choosing what to do after retirement include your gift/talent, the location where you want to eventually settle down after retirement, funds available, and market opportunities or prospect in that line of business.
Do I have a flair for that business?
That is a crucial question that demands a sincere and honest answer. It will be foolhardy for one to jump into a moving train, as the outcome is death. That can also occur in the business world if you decide to risk all your retirement benefits on a business you do not have passion for.
Where and from whom can I get information from?
- Those who are already running a similar business and making a profit from such businesses
- Business Coach or mentor
- A banker
- An accountant or advisor
How do I raise the capital?
The issue of how to raise funds must start from your active years in service, not after retirement. Begin to make monthly savings for retirement purposes. Secondly, you can apply for a small business loan from your local bank. This normally comes with a little interest. Thirdly family and friends can come in handy, as they will support your line of business, as long as it has potential and prospects.
Discuss with your spouse
Before thinking about starting a business after retirement, think about discussing it with your spouse. You will also need her advice and support in running the business. So many feel talking to your spouse about your business plans is not necessary, but they do so at their peril. You may be shocked at the amazing inputs from your spouse, which can go a long way in helping your plans.
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