October 19, 2020


Your Money Solutions


Retirement Planning

We often see retirement confidence revealed through the media. We have heard and seen top executives in state agencies and numerous professionals contesting to have their contracts extended to surpass the recommended retirement age. Therefore the big question remains, who is to blame for lack of preparedness?

While it’s perfectly a to start where you are; whether you are newly employed in your early 20s or you have a couple of years left to retirement.  It is better to start when you are in your 40’s rather than wait for the late 50s.

As long as you are still breathing and you are employed, it’s never too late start. It’s never too early either.

Sadly, most people spend more time planning and thinking of what to buy and spend on than their financial future. You must be different. If you haven’t already set specific, measurable financial objectives in writing and implemented a step-by-step plan to achieve them, then you might be setting up yourself for disappointment.

Some mistakes are common but they can be avoided. These mistakes prevent people from people from retiring ‘on time’.  But with some planning, you can avoid the mistakes that could derail your retirement.

Here are some of the mistakes;

Not Planning.

The path to retirement can be a complicated journey, and this is why is it always good to have an expert guide to help avoid the potential missteps along the way. Apart from the personal development planning we have in mind, that seems to be working for you, Advice from friends and family can be helpful. But there can never be a substitute for a trained financial adviser who will be aware of the most updated products and strategies which will be able to help you to achieve your long-term goals in retirement. Advisers give a strong track record and a priority on income planning. They can help you to avoid many of the common pitfalls typically encountered along the way.

Starting Your Retirement Planning Too Late.

Nobody wants to be told to save more. The reality is you’re either saving for retirement today, or you’re consuming your retirement today. It’s a choice you’re making that has profound implications for the last years of your life.

Don’t wait to start saving for retirement. The sooner you get started, the greater your chance of reaching your retirement goal, that’s how the compound effect works its magic.

 Not Having an Income Plan.

You’ve probably heard of a side hustle before. It doesn’t necessarily have to be a complete side-business or even make that much money. (But if it does, good for you) A side hustle is all about your personal growth, development, and entrepreneurial creativity. Maybe you want to write a personal blog, or sell crafts. Whatever your side hustle may be, it’s all about finding your passion and following it through. Without the major commitment of leaving your current work or investing all of your time into something you’re not certain of.

Retirement planning is a decision consume, but when to consume. Consuming now without future plans means little or less for the future. Lack of investment means your money won’t compound and grow to support you later.

READ: Tanzania Attains Middle Income Economy Status 5 Years Ahead Of Time