By: Moshood Ayeni
You don’t have to earn a fortune to live a wonderful life when you eventually retire. Here are 5 tips to help you have a wonderful life at retirement.
A. Start early
B. Contribute more
C. Maintain a healthy lifestyle
D. Have a side hustle/Investments
E. Live within your means
A. Start Early:
The importance of starting early cannot be overemphasized. Starting early allows you to contribute more funds to your retirement plan, leaving you with more retirement benefits and funds when you retire.
B. Contribute more:
As a feature, the Contributory Pension scheme (CPS) allows you to contribute through an additional voluntary contribution window. To have more funds available at retirement, you can make an additional pension contribution in addition to the statutory contribution you make. For those in the informal sector under the Micro Pension Plan (MPP), you can increase the frequency of contributions into your retirement savings account for example making daily contributions if it is convenient.
C. Maintain a healthy lifestyle:
Health is wealth they say. This saying applies even more at retirement. To become healthy, therefore, means to maintain a healthy lifestyle. It is important we practice good hygiene at all times at the minimum. Also, eat well and avoid every habits that will expose you to unhealthy living. Exercise more, drink more water and avoid stress as much as possible.
D. Have a side hustle/Investment:
Having an additional source of income is a welcome idea. Find a gig you are good at or learn a new skill that will earn you additional Income to support yourself will make life sweeter for you even at retirement. If you can, try as much as possible to have a little investment on the side that will bring in additional income.
E. Live within your means:
In business, there are 2 sides that affect profitability, revenue and expenses/costs. To make a profit, the business will Increase its revenue and/or reduce expenses/costs. This is also similar and applicable in our individual lives. Our lifestyle is highly dependent on our choices and is controllable by us. It is therefore important to choose a lifestyle that will help us stay afloat knowing fully well the retirement funds and resources available to us when we eventually are retired. It is wise we maintain a lifestyle that will not only make our lives easy at retirement but also is affordable enough not to create a big hole in our retirement fund.