INVEST YOUR MONEY
Invest
your money wisely in any of the long terms investment for better returns. Money market with fixed index annuity which guarantees
regular income for life similar to pension is one of them. Nobody risks his money in stock market at
that age of retirement any more.
STREAMLINE YOUR ACCOUNTS IN ONE
BANK
Instead
of keeping your money in different banks accounts in which it will be difficult
to monitor, let it be in one bank where for easy monitoring by way of the bank
issuance of statement of accounts. Experience has however, shown that as we have
Nigerian banks where some may be distress and you will not know because they
are scattered. If it is one bank this
will be easier to monitor.
AVOID UNNECESARY DIGGING OF HANDS
INTO RETIREMENT MONEY
Some
retirees are not financially disciplined by way of limiting their expenses in
post-retirement life. They continue with
same lifestyle they were used to before retirement - a very extravagant life such as attending
social lives as if they were still in service.
It is not even advisable to do a capital intensive project like house building
from it. Some of this must have been
done with while in active service because by the time you say you want to build
a house from money there will be nothing life for investment that will still be
bringing income for you. Life will
become miserable and difficult for you afterwards. This is where the services of professional
will be useful and appropriate as you are going to see in the next paragraph. However, let me share the experience of a
colleague of mine who has just retired from work with you. This oldman went to buy Jeep car from his
gratuity at about 1/3 of the total lump sum paid as gratuity. Within a shortest time he drained his money
because cost of servicing and maintenance also went with it. At present, he is regretting it. Don’t let your own be like that!
STICK TO YOUR
PRE-RETIREMENT PLANS
It
is advisable to have a team of professionals in areas like finance, law, medical
and account to keep you inform on how best to maximize your pre-retirement
plans. This aspect has not been fully
utilized which often responsible for awkward way of life of some retirees. Some have just one advisor while others do
not bother to have at all whereas it is very important to them so that you will
not be distracted from your pre-retirement plans. For example, a finance and account
professionals will update you on the post-retirement investments plans and what
you need to do when issues come up. A doctor on hand to ensure that you don’t stress
yourself unnecessarily. He will also advise
you when to rest and if you have any particular ailment or decease that will
require special diet particularly as an aged person and so on.
For
instance, the prayer of every retiree just like any other people is to
experience growth in his investment and good health, but experience has shown
that in practice things don’t work out as expected therefore there is need for
constant hints of the experts to avoid devastating consequences of your
actions. As we grow old so are our faculties
of reasoning and doing some of the physiques therefore there is need for expertise
advice to keep us afloat.
All these are very necessary for the effective management of
our post-retirement life so that as we grow old and aged we will be able continue
to live in peace and continue giving scared elderly advice for the betterment
of the entire society.
Sources
ambusiness@punchng.com Costly Mistakes toAvoid in Retirement Punch Newspaper
of July, 31st 2004
No comments:
Post a Comment