My life as a retiree – Retirement Planning

retirement (Photo credit: 401(K) 2013)

Life after leaving your employment

“Ten years from now I will have retired from work, and hope to collect my huge retirement benefit. I then hope to move to my ranch and live like a monarch.”

Ten years later, when I actually retired from my employment – after grueling thirty five years of work, I was astonished that I could not fulfill my wonderful dream. What went wrong ?  I asked  my self.

I then realized that I did not plan adequately for my retirement!

The mistakes I made are very common with may people who earn their living through employment. The mistakes are as follows:

1. The first mistake I made was to think that I was still too young to think  of  retirement.

2.  The second mistake was to keep pushing forward the date to start saving.

3.  The third mistake is that when I eventually started saving, I kept on withdrawing money from the account from time to time for personal use.

These three reasons almost destroyed my life after retirement had it not been for the fact my engineering education and the experience I obtained while working allowed me to do some kind of consultant work to earn living.

An I fully agree that it should not work out that way.

Therefore when it comes to retirement planning, those still working should know that  starting is the hardest part – the motivation to begin, how much to save and the best way to do so.

Don’t think of yourself as being too young to consider retirement. Start saving for your retirement as soon as you start your working life.

Don’t  forget self discipline.

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