By Omolara Garuba
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Now that you’ve assessed your current situation and envisioned your ideal retirement, it’s time to translate those goals into action.
Here are some hands-on strategies to get you started.
Financial strategies
If you’re covered by the Contributory Pension Scheme (CPS), ensure you are contributing the maximum allowed amount to leverage employer matching contributions.
Many Pension Fund Administrators (PFAs) allow additional voluntary contributions to your Retirement Savings Account (RSA). This can significantly boost your retirement nest egg.
Consider allocating a portion of your savings to investments with the potential for higher returns, like stocks or mutual funds. However, remember to strike a balance between risk and your time horizon until retirement. Your investment time horizon refers to the years you have left to save or invest before retiring. For instance, if you have a longer time horizon, you can tolerate a more aggressive investment strategy with potentially higher returns. Conversely, a shorter time horizon might call for a more conservative approach to minimize risk closer to retirement. (Read more on how to calculate your investment time horizon from my previous article in January) A financial advisor can also assist you in crafting a diversified investment portfolio that aligns with your risk tolerance and retirement goals.
Remember, investment diversification is also key. The popular adage “Don’t put all your eggs in one basket”
Your next strategy should be to pay off your high-interest debts. If you have any high-interest debt; endeavour to pay it off. High-interest debt can eat away at your retirement savings. Focus on paying off credit card debt and other high-interest loans to free up more money for saving and investing.
In all of these, ensure you seek professional financial advice. Consulting a certified financial planner can create a personalized retirement plan based on your income, expenses, risk tolerance, and retirement goals.
Living a fulfilling retirement.
Many people, regardless of gender, might shy away from new experiences as they age. However, picking up a new skill or rekindling an old hobby can be incredibly rewarding, whether you’re planning for retirement or already enjoying your golden years. Take up a language class, learn to play a musical instrument, or volunteer your time and expertise to your community.
Pursue activities that bring you joy and purpose.
Social interaction is another essential strategy for maintaining mental and emotional well-being in retirement. Retirement can disrupt daily social routines, leading to feelings of loneliness and isolation. Regular interaction with others provides a sense of belonging and combats these undesirable emotions.
Retirement planning is also an opportunity to pursue hobbies, travel, or even start a new venture. Reflect on activities and hobbies you are passionate about. Whether it’s gardening, writing, volunteering, or traveling, having a plan to engage in these activities can make your retirement fulfilling.
Traveling broadens your horizons and creates lasting memories.
By taking these steps, you can transform retirement from a source of anxiety into an exciting chapter filled with financial security, good health, and a fulfilling lifestyle. Remember, retirement planning is a journey, not a destination.
Regularly review your plan, adjust as needed, and most importantly, enjoy the process of creating a secure and fulfilling future for yourself.
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Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
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