Retirement is just a never ending vacation! “You will always be remembered for your hard work throughout the years. Thank you for your dedication to the team. Enjoy your retirement!” are the common sweet words to the retirees at the farewell party. The sendoff party can be joyful, followed by a fun filled retirement if some little effort was invested.

Age is just a number, but retirement is one of the greatest gifts to mankind. As you do day one on your first job, better to define the retirement visions focusing on how you could have a happy and successful retirement by imagining the lifestyle, health care and some cash flows. The greatest requirement will certainly be cash, that calls for the diversity in planning.

As many meriting mid-term access NSSF savers are anxious to receive part of their accumulated savings, you will agree that it starts with visualizing retirement goals that will help and guide in achieving the desired retirement. Having a goal is key to accomplishing it, for what you dream is what you aim to achieve. Retirement is a time to enjoy the things you never could before.

In part, the visuals enable the future retiree to explore their financing goals, without the currently assured cash flows and income. This will certainly encourage the currently able bodied to do an earlier retirement savings to fund her /him on that rainy day. The best days in retirement are those when the retiree is able to give back to the church and community.

For as much as retirement planning is measured by financial metrics like saving amounts (at least save 15% of your income per annum), income replacement ratios etc., it’s better to live a life that will enable you retire happily. Careful saving and investment schemes are key. And, HE Olusegun Obasanjo (86 Years) advises as thus, DREMS (Diet, Rest, Exercise, Medical checks and Social Networks).

Let’s envision the risks of the different outcomes that stem from lack of retirement planning. Back in the days of successful coffee farmers and profiting business magnates had an assured retirement with no need for retirement planning, but the most recent business failure due to Covid 19 emphasizes the contrary.

Could you address yourself with your optimal retirement age? or what’s the best time to stop working? Have you ever considered why age 60 is considered “normal retirement age “? The visuals based upon on the self-assessment will offer the guide to the normal retirement age, appropriate to self. How do you know it’s time to retire? It’s when you stop lying about your age and start bragging about it!

Whereas we have retirement plans arranged by NSSF and other defined contribution plans, the future retirees are many times not helped to visualize or even prepare to retire in comfort and live an amazing life. As soon as retirement age clocks, we seek for extension of contracts, and anxiety crops in arising from ill preparing.

For the small business owners, whom many of us agree that they do not participate in the formal retirement plans, they regard their prime Asset, or retirement as the business, which is prone to many risks. Let’s not forget their concentration risks and their net worth is the business, not many liquid assets outside the business or even no diversity in the cash flows. A conversation about an exit plan for retirement out of the business is critical.

Better to plan for the spouse and family. All of these changes may lead to more time for the couple to be together and at the same time involve stress for the retiree, the partner, and the relationship. Clearly understanding what retirement will look like for each of you individually is just as important as how you view the future as a couple.

As some people dream of luxurious time at the beaches and vacations, visualizing retirement could start with being able to earn at least 50% of one’s current pay while in retirement, plus being able to socialize and foot the then escalating medical bills. This can only be achieved if the retiree’s children have finalized with studies, thus relieving that financial burden.

Will your savings and pensions be sufficient to see you through retirement? A case of drawing your midterm access funds today to pay for children’s school fees, yet there will be dependents, expecting financial support in your post retirement. True, many pre-retirees have a retirement planning need that goes largely unaddressed.

In a nutshell, a successful retirement is more than just financial preparedness, and retiring with funds, Well, better to do a self-reflection and visualize retirement success that is scalable and differentiated. Our retirees could live longer with a healthy and joyous life, if they plan their life in retirement, and strive to execute as such.

The writer is the General Manager Commercial Banking at Centenary Bank