Retirement comes too soon for
many people. At times, it may be an early, forced retirement which can be a
wonderful experience for some, but frightening for others. Those who have prepared for
retirement ahead of time, are in a better situation than those who have not
made any plans with respect to establishing retirement priorities. Those with
families are better off than those who must fend for themselves.
With large numbers of baby
boomers born after 1945, and their retirement looming on the horizon,
helping to establish retirement priorities is important for them, their family
members and society, as a whole. With the changing economy, it is also
important for seniors.
Being able to retire with
dignity is everyone’s basic, human right.
Ask yourself, who is retiring?
An appropriate attitude towards retirement by everyone is important. The person who is retiring may
not be you, but rather a family member, close friend or co-worker. Your
attitude about retirement should be appropriate, as retirement can appear to be demeaning. For example, “Now
you will be on social welfare, relief for the unemployed or pogey doled out by
the government,” or “You will have to wear the clothing accorded to
retirees in nursing homes.” These are not appropriate statements to make with
respect to a retiree.
Financial concerns can arise
immediately when anyone retires. For example, “After you retire, there won’t be
any more birthday parties for you,” some family members may suggest, because it
appears to be a question of who will support the retiree after his or her
retirement.
“Will he or she have enough to
live on?”
There is often reason for concern. The immediate assumption of
many people is that when a person retires, others will have to take over his or
her financial support, as well as his or her money management or pension. Many
family members and close friends tend to disappear quickly, or maintain minimum
contact with retirees, when they think that they may be under an obligation to
provide any financial assistance. Of course, that is not necessarily true. “We have to take care of our
children and grandchildren.” Other retirees may be fearful of being able to
meet their needs. "We can barely meet our own needs."
Financial planning for
retirement:
A retiree who is not old enough
to receive a full, government pension may require temporary financial assistance,
employment insurance, etc. but many retirees establish financial planning as a
priority, by the time that they retire. Some will have retirement pensions from
their place of employment.
They may have acquired savings
of various kinds or made secure investments that will pay dividends. Many
seniors and baby boomers will upgrade ahead of time or make plans to continue
working to obtain extra income that will supplement their pensions. A large
number of retirees establish their own home-based businesses prior to
retirement. Some will have disability income supplements from work injuries, or
other kinds of long-term retirement benefits, like health care and hospital
care.
Housing needs for retirees:
Should there have to be a
concern about housing for retirees? Of course, this is a concern for everyone,
but retiring does not necessarily mean becoming homeless and having to live on
the street, although that can happen, at any time. Remember that no one
including retirees is immune to unexpected illnesses, or natural disasters that
result in poverty and homelessness.
One of a retiree’s priorities
has to be that of housing.
“Where will he or she live? Can he or she live on his
or her own?”
Many potential retirees own their own homes without existing
mortgages. Other than yearly taxes, utilities and upkeep, retirees may be
paying considerably less than many others.
Common sense budgeting prior to
retirement reveals post-retirement expectations re housing expenses. Many retirees choose to
downsize or make other living arrangements, if the housing cost appears to be
too high. For many, there are retirement complexes or villages that are
affordable. There is always the option of several retirees finding housing
together. Others may choose to sell off existing assets to adjust their income
levels.
Food and clothing needs:
Food and clothing are just some
of the basic essentials that retirees require, like everyone else. Remember
many potential retirees of today have already mastered valuable coping and
survival skills the younger generation may never know or learn. For example, a
retiring couple may have excellent gardening skills. Perhaps the husband has
computer and mechanic skills and his wife is able to sew for her entire family,
as well as other retirees. Together, they may have a strong sense of love
for the community, where all retirees are cared for with the dignity they
deserve for their many years of hard work.
Establishing retirement
priorities implies good management principles and practices. Learning and
practicing these prior to retirement can make retirement for baby boomers and
seniors, a reason for joy not sorrow.
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