By Ejime Udueme….
Retirement is when an individual stops working after an active career in the public or private sector after attaining the age of sixty or sixty five or after working for a period of 35 years.
From the day of first appointment, the retirement bell ought to ring in the minds of every employee, so as not to be caught unawares when retirement comes.
In the Public Service, retirement is based on age or years of service as the case may be.
Another red flag for retirement is when creativity and productivity keeps declining.
In all spheres of human endeavours, there is urgent need for people to plan for retirement as everything in life has its own time and season.
Retirement should not be seen as a death sentence rather, it should be seen as a step into a new realm of rest as well as better and higher opportunities.
In sports, business, politics, public service and other trades, no champion reigns forever, and as such, there is need to plan for retirement at the right time, because whoever fails to plan will harvest disappointment in retirement.
The best time to plan for retirement is during active service.
While most people think it will not come soon, they forgot that anything that has a beginning must equally have an end.
In other words, retirement depicts rest.
On a yearly basis, thousands of people bow out of service due to age or years of service.
However, many falsify their age and records in order to remain in office, due to failure to plan for the inevitable retirement.
Before retirement, factors to be considered include financial independence,health and longevity, personal fulfilment, social connections, inflation and economic uncertainty.
In clearer terms, traditional retirement age is from sixty five (65) to sixty seven 67 years while early retirement is from fifty five (55) to sixty four (64) and late retirement is from sixty years (68) years and above.
No matter the group one falls into, retirement must come and when it eventually comes, pre-retirement plans will determine the fate of potential retirees.
Some retirement checklist include, paid off mortgage, emergency funds, retirement savings, pension or annuity income, healthcare coverage, long term care plan, estate planning, reduced debt, sustainable lifestyle and personal fulfilment goals.
Additionally ,obvious challenges of retirement include financial security, healthcare concerns, social isolation, loss of purpose and adjustment to routines.
Some benefits in stepping out of active service, as a prepared retiree include, increased free time, reduced stress, improved work life balance, opportunity for personal growth, quality time with family and friends.
And to have a happy retirement, there is need to plan ahead, stay active, pursue passion, maintain social connections and focus on wellness.
In retirement, retirees can set up viable businesses that is based on their experience,expertise, skills and interest like consultancy services, online teaching, event, planning and other things, in line with their profession,
Pension and Gratuity should not be channelled into risky ventures or Ponzi Schemes to avoid heart attack and disappointment.
Government at all levels and stakeholders in pension administration should also put enduring and workable plans on ground to enable retirees have their benefits at the right time, rather than subject them to stressful verifications, culminating in untimely death in pursuit of their hard earned gratuity.
Finally, every worker in public and private services should work towards a glorious retirement and give their best, while in active service.
It should be the watchword of all that enduring legacies is eternal, an actor leaves the stage when ovation is loudest.
