Do You Need A Retirement Plan?

Let’s talk about the R-Word …

Ready or not 40-Forwarders, here it comes … Retirement.

My dears, the very first day I started working, I started dreaming of retirement. A very important component of my remuneration package was the “Retirement Plan” because in my dream, I was 50 years old and traveling the world! “Wake up, Rona V. Wake up.” That’s life shaking me awake. In all seriousness, am I the only one that had dreams of this nature?

As the years went by, this dream has faded somewhat. Nobody I knew or knew of was living this “dream”. Then here comes the internet and even better, YouTube, and it opened up my “small corner” to “big possibilities”. My dream is not done and dusted, it simply needed a rethink, refocus, and refinement. (Anyone else with a similar testimony?)

The R-word (retirement) usually conjures up old age images. Truth be told, it hits closer home when we cross the 40 year threshold because “retirement is just around the corner.” It becomes a hot topic!

Back in the day, children were seen as old age pension – have as many children and they will take care of you in your old age. Well, this has not been the case. Your children may be struggling to make ends meet and keep their heads above water. So now what?!

How many of us can recall the experts telling us while we were youngins, “Start saving for retirement from the first day you start working.” How many of us followed this advise? Many didn’t. Looking back we say, “Yuh know seh ah tru dem did ah talk (Translated: They were telling the truth and we should have followed their advice.)”

Youngins, give heed to this advice. Notepad or iPad, write, “In 2021, I will start my retirement planning.” You’ll thank us later.

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In the midst of the push to retirement, they moved the finished line – from 60- to 65 years (women) and from 62- to 70 years (men). People are living longer. Some are not yet ready to retire (growing better with age). And sadly, there are many who simply cannot afford to retire.

40-Forwarder, which one are you? Be honest and get a plan in place.

I am not so sure about your neck of the woods, but here in Jamaica, unless you worked for a large prominent company or government, having a pension plan was wishful thinking.

There are some of us who may have started a little savings. But one thing I have come to learn is,

“Savings without investment is like rowing a boat that is anchored.”

(Anonymous)

And this may be where we are falling short.

To many, investment is a scary word. (Me included, but I am so over it). And it requires a whole lot of money. (Right?)

I really don’t know much about this investing thing, but guess who has it on her “To Do List”. I am following Dr. Lynn Richardson’s advise, “Learn what you don’t know.” This is so going on my B.L.E.S.S. Plan – investing for retirement!

Rest assured 40-Forwarders, anything I learn, you learn! 😉

For those of you that identify as a “Late Starter” or “Non-Starter”, it’s never too late for a shower of rain.

Here is the abridged version of my #1 financial swayer (influencer). Who is that Rona V.? Mums, of course!

Her 33 1/3 years of service came faster than her official retirement age of 65; this is like “enforced” retirement – ready or not you have to go. Now what?!

My mother (Mums) is the QUEEN of forward strategising and planning – she bought stuff and “push it unda di bed” (find a Jamaican friend to translate) long before expansion work began on our home; and you remember her and her Pawtna? Go back and read “Getting Financial Advise In Unexpected Places”. Pawtna muss pay for all future investments and payments (you cannot get her to think otherwise because she has her tried and proven returns on her investment portfolio).

Mums knew retirement was “just around the corner” and so she did what she does best, she did not stress, she strategized! She knew she had many years left in her, so retirement presented the perfect opportunity for a career change (nope, this is not a misprint).

Her strategic plan included finding additional streams of income in retirement. 40-Forwarders, my mama was living out Dr. Lynn’s, “One stream of income is hazardous to your wealth,” and I didn’t even realise it.

So two years prior to her scheduled retirement, Mums enrolled at HeartTrustNTA (now HeartNSTA Trust) and completed 3 courses (yes you read correctly 3) – Soft Furnishing, Floral Design & Balloon Decorating – she “peeped” in on the dressmaking and upholstery class (though not enrolled). Every Saturday morning, she packed up her supplies and she was off to class (inna ar ole age). She was all aglow on her Open Day Exhibitions and beam she did when she picked up her certificates! Oh, did I mention, she invested in an industrial sewing machine in the process (di Pawtna)!  She was not going to take early retirement laying down!

Her cousin lovingly calls her “Senior Citizen” and she is now happily retired, enjoying her career change.

Her story gets better … Mums encouraged some of her fellow co-workers who were facing “enforced” retirement to take a similar approach! And they listened! Grateful, is an understatement, of how they appreciated this advise.

Fast forward to her official “senior citizenship”, Mums took another bold step, and again to HeartNSTA Trust she went. This time she tried her hands at Data Entry. Stay tuned, I am sure she’ll figure out a way to turn this acquired skill into another stream of income.

Oh, silly me, this is my second story of my Mama and I forgot to mention, my master strategist investor mother (Mums) was a factory machine operator for 33 1/3 years!

The moral of this story …

It really isn’t too late to put steps in place for your retirement. Make an appointment with a trusted financial advisor and find out what options are available to you.

Thanks Mums! You are doing really well on the B.L.E.S.S. (Build. Legacy. Encourage. Support. Sway.) Plan!

Keep living. That day must come and it will come – Retirement. Get yourself prepared for it.

Do you have any retirement planning/savings tips? Drop them in the Comments. Do you know someone who needs to be nudged in the right direction on this matter? SHARE this post with them.

Oh, before I go, CLICK HERE for a little “suppen, suppen”. 😉