You are in charge of your Retirement-Odunze Reginald C

Image credited to Telegraph

According to an article titled “How boomers can avoid going bust in retirement” which appeared in US News Lou Carlozo noted that “A newly released HSBC global retirement survey of 1,001 people age 25 and older shows that about 1 in 4 working Americans feel it's better to spend all their cash during the course of a lifetime and let children create their own wealth.”

What this portends is that the vast majority of people may not be leaving anything for their dependants, a time for sober reflection and a time to develop your own retirement strategies as you are the master of own game.

People are having a different mindset, a different retirement strategies and the need for the working class to plan effectively for their retirement as they may not benefit from their parents.

But retirement analysts are of the view that it portend only to the Americans and Europeans but with the recent development in the social structures of the world may indicate that what affects Americans and Europeans are definitely affecting Africans. What then does the intending retiree or contributor do?

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 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.

He has to create a formidable budget and may definitely need to plan effectively and efficiently towards his retirement.

Continuing Carlozo noted that it is urgent to “Create a detailed budget. Accounting for the money coming in and going out will give you some peace of mind in catching up by way of a road map. However, "We are not talking about scribbling a few figures on a napkin," Wakeman says. "You need to get a detailed budgeting tool such as Mint.com or LearnVest.com ... These tools can help you develop a budget that lets you start saving for retirement and, just as importantly, helps you stick to it."