Plan your retirement- Odunze Reginald C

Photo credited to 10xfinancial.ca

Experience has shown that nearly most businesses owned both the rich and the poor all fizzled out following the death of the bread winner or the owner of the business.

According to research also most family members are also enmeshed in family squabbles over who takes over the estates of the deceased especially if he dies interstate. So what happens if the deceased do not bequeath anything to a family member?  Will they decide not to bury the deceased , what about if the deceased willed all his or assets to charity. What will the family members do?  And even when the family member that dies has no will, there is that squabble between the relations  and the wife and children of the deceased, as there is unwritten maxim in Africa that the relations of the deceased has been before the coming of the wife and children of the deceased.

This calls for self awakening and a deliberate programme and strategies in ensuring your own successful retirement devoid of family input.

There are steps to achieving that and according to Wall Street cheat sheet “TCRS offers the following three strategic steps for achieving retirement readiness and success:

1. Save for retirement. Start saving as early as possible — and as much as possible to maximize potential compounding of investments. Save consistently over time. Avoid taking loans and early withdrawals from retirement accounts as they can severely inhibit the growth of long-term retirement savings.
2. Calculate retirement savings needs, develop a retirement strategy, and write it down. In creating a plan, consider lifestyle, living expenses, healthcare needs, government benefits, and other factors, as well as a backup plan in case retirement comes early due to an unforeseen circumstance.
3. Get educated about retirement investing. Whether relying on the expertise of professional advisers or taking a more do-it-yourself approach, gain the knowledge to ask questions and make informed decisions. Seek assistance from a professional financial adviser, if needed.” (Wall street cheat sheet)

What we are trying to say is that every human being should endeavor to put in place measures towards achieving a successful retirement during old age and not look upon family estates as a means to survival.

Putting a hope on family estates and parent retirement pot portrays a lack of confidence among family members and in most extreme cases built up of  hatred, murder, kidnap and other vices that the love for money can aggravate. And according to Kiyosaki “the world of money is filled with con men and charlatans”

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