Preparing for Retirement
Tips for Taking Mental, Physical and Financial Measures for Old Age
Sep 29, 2008 Inka Piegsa-Quischotte
There are three different areas of precautions you might wish to consider when planning for your retirement.
Financial precautions
Ideally, your preparations to create financial security for your old age should start with the first pay cheque. Needless to say, that hardly anybody thinks that far ahead, when they are just starting out in their professional life. The thought however should be tackled as soon as possible and it's not advisable to rely on future employees pensions etc. alone.
Try to make a habit of saving a certain amount of money each month, put it into a long term savings account and forget the account exists. It's only meant for a rainy day in old age not to satisfy a whim. As you earn more money, diversify your investments. Buy some shares in blue chip companies and some gold, be it in the form of a coin collection or jewellery. Aim to own the property you will spend your old age in. Get health insurance. Generally speaking, plan for your financail future whilst still young and keep it up over the years so you won't want when you can't earn a living any more.
Physical precautions
Nothing is worse than having finally reached retirment and years ahead to enjoy life and leisure and finding that you are unable to do so, because you are in poor health. Keeping reasonably fit should be a life long habit. As you grow older, your reactions, strength and flexibility weaken, but there are two forms of exercise which can be carried out even when ball games or rock climbing are no longer an option: swimming and walking. Both provide cardio muscular training as well as exercise for muscles and joints and keep you strong and fit.
Watch your diet and your weight. If diabetes runs in your family, check your blood sugar levels regularly. Diabetes is a killer disease, but if diagnosed early, it can be controlled. If you are a woman. have breast scans.
Mental preparation
The much longed for last day of work has arrived and the next morning, you feel nothing but gloom and doom. Your working routine has disappeared, the day stretches endlessly, nobody needs you, you are just old and useless. This sorry state of affairs can be avoided if you start early with your plans of what to do with your precious spare time.
Most important is to develop a hobby whilst you are still working. Everybody has an interest in something and after retirment you can dedicate more time to an occupation you really love. If you can, travel. Go to the places you always wanted to see. If you feel insecure, travel with a group.
Enrol in a language course. Nobody is ever too old to learn something new. Join clubs, associations and look out for charity and volunteer work. If you don't have a family of your own, rent-a-granny is a fabulous scheme! Seek out the company of young people, they in turn will keep you young and active.
All this advice is of course by its very nature general. Much depends on whether or not you are single or married, have an extensive family or are alone. In any event, forward planning is the key to enjoying many years of happy and fruitful retirement.
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