Retirement was once a stage that was entered into passively and benignly as a natural course of life. Today, retirement is assured for only two groups of people, and for one group, it is not exactly a proposition that one can look forward to. The group that dreads retirement is comprised of those who are forced into it due to being unable to work, either physically or psychologically. The second group looks forward to retirement because they have spent years preparing and planning for it. The latter is the group that most people strive to be, but all too often, the planning starts much too late to be totally effective.
The lack of people of retirement age who are actually prepared to retire is often blamed on a lack of good, solid information presented to the public on the subject. The result has been that those who are approaching a traditional retirement age of 45 to 64 are in denial that any sort of planning is or has ever been necessary. Clichés persist of happy gray-haired couples sipping coffee from their beach homes without showing how they got there. So, many people grow up believing this sort of retirement happens without having to put any effort into achieving it. Planning for retirement doesn’t mean you will be pushed into an early state of uselessness and death. It simply opens up the options available once you advance in age.
How to Have a Successful Retirement
Planning for a successful and privileged retirement is more than just working out a mathematical formula of how much money you can save. Although it is a large part, finances are not everything when it comes to retirement. Here are five key elements in achieving a successful retirement:
1. Be a miser.
You don’t have to count every cent and forgo all forms of charitable contributions, but most people throw away much more money than they should. Make sure you understand where your money is going and if what you’re buying is really necessary.
2. Develop a hobby.
Learn something new that involves a skill or craft you find interesting. You don’t have to limit yourself to one hobby, but you should have at least one. You will need something to do when you are not working, and hobbies help keep your brain from atrophying.
3. Be generous.
This element seems to be in contrast to the first, but giving builds a psychological or spiritual reward that you will be happy you nurtured when you are in your golden years. Don’t just be generous with money. Be generous with your time, your wisdom, and your skills. Find a cause you believe in strongly and volunteer for an organisation dedicated to that cause.
4. Make the world a better place.
As you grow older, you may begin to resent the world and the attitudes of the younger generation. Instead of passively watching the world fall into the fiery pits, do something to keep it out. Do something that leaves the world a little better place than what you found it when you arrived.
5. Hold on to your dreams.
You are never too old to stop dreaming. There is enough in the world for several lifetimes of enjoyment. Always have goals and aspirations to keep your will strong. It is said that one of the secrets of eternal happiness is having something to look forward to.
Important: All the information provided on this website is made available to be used as a guide only, and should not be considered a quote, a loan offer, or investment advice. Other criteria may need to be considered, and before making any financial decisions you should always consult your personal financial adviser.
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