Retirement plans should be seen as a security blanket for when you’re too old to do any kind of work. At this point you will at least be able to fall back on that money. If you have a white collar job right now, a time will come when you reach the company’s retirement age and it is during this time that your retirement funds come to play. What if you didn’t plan for retirement? It’s hard to think of all possibilities right?
Knowing how important it is to make plans for retirement, people still don’t comply. Typical of Nigerians to wait until the last hour and here are their most common excuses;
I’m too young to think about that
You may think you’re too young now but before you even realize it, you’ll be too old and it will be too late to start. This why you shouldn’t procrastinate, the sooner you start making arrangements for retirement, the better.
I don’t know how much to save
The amount to save for retirement is entirely relative. It all depends on your income. If you are familiar with budgeting this shouldn’t be a problem. Based on your income, set aside a pre-determined amount for savings and retirement then plan the rest out to meet your basics.
Finances are tight right now
Finances are rarely ever ‘not-tight’. Even with your tight finances you still find a way to buy the latest designer wears and buy that outrageously expensive shoe. Be sincere to yourself and make the sacrifice, money is tight so toughen up and let go of unnecessary expenses.
I have other things I plan on saving for
This can only be an issue when you’ve not yet realized how important it is to have something set for retirement. What else could you be saving for? While I acknowledge that it could be important, you should plan yourself so that you’re able to meet up. If your income is not enough, you’re not earning enough and it’s time to do something about it.
Old age won’t stop me from working
While the idea itself is applaud-able, it isn’t realistic. No matter how hard you push yourself; the body will start protesting at some point. Come to think of it, if there’s one thing you can’t cheat its nature. For those hoping that their children will take care of them, well, that’s a nice option but don’t forget that life is unpredictable. In fact, it is the unpredictability of life that warrants all these plans for the future.
It’s time to quit making excuses and start setting money aside for when you retire. Admittedly retirement plans and all other savings you might have to make are not exactly easy but if you manage to pull through, you’ll see that it’s all worth it in the end.
