Procrastination is the order of the day among folks nowadays that leaves us with a question of whether we would ever attain the state of financial freedom even at old age or retirement. My colleagues working with state parastatal have always nursed the fear of what there retirement would look like even amidst major fear of economic meltdown or price inflation.


My basic experience in management, finance and basic economics has given rise to this secrets that i hope would help us all to have retirement plans that would be different from what our parents had.

1. SETTLE ALL YOUR DEBTS.

Most workers today use various means to solve their financial problems leaving them in huge chunk of debt that they continue to pay even after retirement. They are fond of taking housing loans, car loans, personal loans to solve basic contingencies arising from economic pressures from close families, relatives and also for personal needs. If you are part of this group, don't be afraid provided you still have ample opportunities to settle the loans. Make sure that you have a repayment plan on or before retirement. See a financial expert to draw up a repayment plan that suites your present earnings and stay debt free especially during retirement. the basic secret of a happy retirement is when you have total financial freedom devoid of loans.

2. HAVE AN EMERGENCY FUND RESERVE

Emergency is a situation that poses immediate risk to you or your families that require quick release of funds. Emergency expenses can happen at any time with high possibilities as we grow old and become grand pa and grand moms. To have a happy retirement, you must set aside certain amount from your earnings that will serve as emergency fund for unplanned needs. Don't be caught unaware.
Emergency funds gives a sense of security. It will help you not to touch any of your investment to settle any emergency.

3. INVEST WISELY

In choosing what to invest in as investors or prospective investors, there is need to choose the kind of investment you put your money into wisely. Some investment are high paying but are laden with huge risk that could be a thorn in your flesh at retirement. As you near retirement, dis engage in any form of business that has abnormal risk even if the pay is high to avoid unnecessary stress to your retirement life and earnings.

4. GET AN INSURANCE POLICY

In our world today, most people see insurance as a third party agent that is only needed when we want to renew our car documents and we need third party insurance. Having a good insurance policy is a wise form of investment. It is indeed the wisest decision you could give to yourself as you near retirement. Don't shoulder the risk alone.
Insurance policy like annuity can give you exactly or more than what you earn at the moment even after retirement. Isn't that a good choice considering the paltry sum we receive as pensions from our pension managers.

5. EXAMINE YOUR CASH FLOW

Your cash flow is the analysis of how you receive money and how you give out money. Basically the inflow of money or cash to you and the outflow of money or cash from you. Take a close look and analyse your cash flow now that you work and even what happens after retirement. Will there be an inflow in terms of rent from your real estate investment? do you still have pending debt after retirement? these questions will help you to plan wisely as you near retirement.

6.GET A RETIREMENT BUDGET

A retirement budget helps you to visualize what your retirement life could look like alongside your retirement dreams. The major problem people get after leaving work is absolute indecision. They don't even know what to use this time for wisely. They get bored most times as they will not be going to work just as usual. Use this time for exercises, leisure and sports.

7.KNOW YOUR HEALTH STATUS

Health is wealth. Having a good health after retirement is a sure source of happiness. I intentionally left this point till this time to emphasize on its importance to a happy retirement. If you have all the money in this world and you don't have the health to enjoy it, with time you might loose the investment or even the so much cherished life of yours. We have a responsibility to know our health status before retirement.

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Best wishes for a happy retirement.
Ojo Samuel
Financial Expert
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