WHEN YOU SHOULD START YOUR BUSINESS PLANS AGAINST RETIREMENT
You may have heard the popular saying, "retired but not tired". Retirement is a period during which an individual is relieved or withdrawn from public or official responsibilities and usually discharged by some financial gains such as gratuities and pensions. In Nigeria, retirement from public office starts at the age of sixty (60) or after thirty-five (35) years of service. Some believe that retirement is a time to rest, while others are of the opinion that retirement is a transition from a more active service to a less active one.
The retirement period is a lonely period when people are not around the retiree or the retiree is not engaged in activities. Are you aware that you can retire even before the age of 65? Yes, you can. One of the early pieces of advice I got in my current job was to "START YOUR RETIREMENT PLANS FROM THIS MOMENT".
Most of the time, during work, we get carried away by work responsibilities and forget to make plans for retirement. During the active service period, it is crucial to make plans early for retirement. The NOW to start plans may not necessarily be when you got the appointment, but it is when you realize early on the need to make your plans. I know of a senior officer who is less than a year away from retirement and has started making frantic efforts to set up a business. To me, that is very unwise, even though it is better late than never.
Business has a lot of intricacies, and these should be sorted out well before the age of retirement. Some people are of the opinion that they would have ample time to allot for their business after retirement, and this makes them start the business around or after retirement. We have seen businesses struggle at the start or weather the storm for years. This is an indicator that businesses have to be managed over time to a stage one can be comfortable with, break even, and make profits. It is better to see one’s business running well before retirement.
At retirement, the sources of income are limited to pensions, gifts, or grants. Even when in active service, loans are difficult to come by, and loaners would require satisfying evidence of repayment or collateral, which is limited during retirement. There are other financial obligations during retirement, such as health needs (medical check-ups and terminal illnesses), tuition fees for children or grandchildren in some cases, etc.
The elderly are at risk of being swindled by scammers, and pensioners may lose most or all of their life earnings. I once met a retiree I managed for hypertension in my consulting room who had his farm burned by herdsmen. He was devastated, but then, what would he do?
Business has a lot of risk involved; it is better and safer to have the business thriving before retirement.
Thank you for reading. I would love to have your comments and contributions. 🤗
$PIZZA slices delivered:
@pixresteemer(1/5) tipped @jjmusa2004
I agree with you. it's good to plan.
Many fail to plan and in the end, they end up depending on their children for a living.
The children also have their own family to take care.
You're right ma
Thank you very much
You are welcome
It's very simple.
You fail to plan, you plan to fail 😉🤷🏽♂️
Very true
Thank you for your comment
What a truth here!
Businesses take stages to grow and within these stages, its ups and downs are there. If one is expecting a boom in a business within its starting stage and also expecting it to continue like that, it's big lie.
The earlier you get into it and give it time, the better it stands firm and sustains when retirement comes.
Nice write-up
Thank you so much brother.
Thank you for your wise comment
This is just the bitter truth, a lot of people rely on pension after retirement in order to start a business, without knowing that business is a gradual process and the best way to prevent bankruptcy is to have another source of income or multiple sources of income
Especially in a country like Nigeria were nothing is guaranteed, you have no idea when you could encounter incidents that will wipe out your business enterprise.
Like the saying goes, you do not Abandon a job to start a business because at the end you will end up dipping your hand into the profit of your new business for survival purpose which will eventually affect your business.
This are the kind of lessons taught in business schools and management courses, it is better for a retiree to seek opinion from experts before retiring and before venturing into any kind of business to minimise loss.
Thanks for sharing
Pop in from #dreemport
Thank you so much for this wise counsel.
I'm glad we're in tune
You are welcome 🤗
It is very important to make plans before retiring, and over importantly to ensure your business strives before retiring, so that at old age one wouldn't suffer, this is a call to action for us #YoungOnes to start making good plans for our future.
Thanks for sharing.
Thank you dear friend for your wise counsel
You are welcome.
This is so wise and thoughtful of you!
It's important that folks create a sustainable means of income that would last for as long as it takes. The possibilities of life can never be predictable and therefore plans needs to be mapped out for an effective result. Came in through Dreemport.
Thank you for your wise contribution