Things to do Before Retirement

[freelancermaria]

A person's financial situation typically shifts once they reach retirement age.
If you stop working, you will likely have a smaller income. All of your anticipated retirement costs, such as food, medical care, etc., should be factored into the budget. Keep in mind the birthdays and other occasions, too.

Also, pay off your debts. To put it bluntly, debt can put a serious dent in your retirement savings. Paying off large amounts of debt should be a top priority if you want to retire comfortably. Or else, your monthly costs may threaten to derail your savings for old age. Make sure to save a lot of money and increase your emergency fund, too.

Do you have anything else in mind to make your retirement as less hassle as possible?

 

[Hate2Wait]

I haven't yet thought about it but I am planning to invest in real estate as it will be a better source to have passive earnings.

 

[hastral45]

In Nigeria, the best arrangement you could have made for your retirement plan is to think of you can invest on during your active service such that return on investment on the project would be sufficient to sustain you during your retirement period.

 

[Hate2Wait]

I think if we can start a business even if its small it will be best for us as we will have confirmed earnings and we can work for as long as we want

 

[Starmix]

It's good to e debt-free before retirement for the retirement pension may not be sufficient for the retires daily needs. Especially during these pandemic years, worried are those who retired during the pandemic because they owed much money to friends for their earnings are not sufficient. Therefore, they still have existing debts before retirement.

 

[Hate2Wait]

It feels good to not have any debt on our chest and makes us feel independent to take any decision as we want but we need to have some job or investment for better after retirement life.

 

[Starmix]

The age to retire in Ph is 60 for private workers but 65 for those working in a government office or company and even in community colleges and bug universities.

 

[SHAHID987]

In young age people remain much more energetic and their quality of work remain entirely different as compare to old age person. So its better to use their energy on right place, try best to get extra ordinary job in which after retirement they'll get so many benefits one of which is pension.

 

[Starmix]

In young age people remain much more energetic and their quality of work remain entirely different as compare to old age person. So its better to use their energy on right place, try best to get extra ordinary job in which after retirement they'll get so many benefits one of which is pension.

That is the best thing to do for candidates of retirement so that once leave their workplace, they are inspired to face the next phase of their lives living without a boss. It might be too difficult for them at first, but later, they will et be accustomed to it and may enjoy doing online activities that pay them well. There are sites where retirees are hired to work.

 

[Hate2Wait]

Many companies have started their pension plans too in which we can invest and can have some assured payments even after retirement

 

[Shavkat]

My plan for my retirement is still on the process of planning. It was affected because of this pandemic thing. I need to plan if things are settled in priorities.

 

[Niyi Briggs]

I think the most important to do before retirement is to build a house. Paying rent after retirement is not a child's play.

 

[Enxx]

It is right that we must pay off debts because when retired, there might not be enough finances to pay of the debts

 

[Hate2Wait]

Having own house does help and we can use the vacant portion to rent and earn passive income

 

[eldavis]

Another important thing you should do before retiring is to make sure you have another source of income working for you. It could be a personal business or it could be an investment. Just make sure you have something working for you and not reply on savings or pension.

 

[Golden9]

One of the first things to do before retiring is having a house, fully mortgaged or bought. Rent is one of the greatest expenses and it can make your pension to be worthless.

It's also important to have something to do to earn a living, even if it's just to alleviate boredom and not for the money.

 

[Hate2Wait]

I think another thing we need to do before retirement is we need to pay all our loans too because it will be a headache to pay them after we are retired

 

[averygirl]

They say we should not worry of tomorrow and just worry about the present. But still I will do my best to prepare for my old age. It is a wise thing to do

 

[Hate2Wait]

We shouldn't worry but we need to have some thing planned for tomorrow and for future we should have something planned to make our life easier

 

[Suba]

Before you enter retirement, make sure you have prepared a plan, starting with calculating monthly expenses, create a monthly spending budget and reduce debt, increase the amount of your savings, invest in buying stocks and property, look for activities that can make money after retirement, for example opening a grocery store, become an online consultant etc.