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What to do When You’re Near Retirement

Updated on June 28, 2015
Lendell Sapphira profile image

A graduate of Bachelor of Science in Commerce (Business Management Major), I worked my way through multisectoral exposures.

Fear of Retiring

The fear of being economically-paralyzed, without a job to hang on and left to survive on your pension, or support from your children, is experienced by most people after retirement. One may feel so helpless and resentful of the fact that your family may not need you anymore. Especially in Western countries where everything is in a rush, older people are left in homes for the aged to be taken care of. In Eastern countries, where lifestyles are more slower and extended, elders still stayed at homes and taken care by their children and other family members. However, no matter where they are, still, due to the gaps in age and communication, plus the need to work in order to survive, they are practically left on their own most of the time. Old age never affects an individual logical reasoning or their ability to think 30 years before their retirement. There are memory gaps and lapses but every elder men and women will testify that they still think of the same things the way they did years back. For this reason, they are even more affected by their retirement.

Before this thing can happen to you, you need to have a good foresight in order to get a look at your future. Preparation is a must to minimize the negative effects that retirement will bring to you. However, in order to do this, you must somehow develop a positive attitude to go with it. Here are some positive traits you need to acquire as you prepare for a fallback.

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Be Practical

A person’s career may start as early as 21 and gradually move forward while gaining new experiences and contacts. The movement on his career may move in such a slow pace depending on how he is performing in the field that he has chosen. As he gains expertise on his field, he starts gaining recognition as well and better opportunities to keep him moving forward. When he reaches his mid-30s, he starts to gain respect as well. Somehow, it’s only when a man reaches the age of 40 that he actually starts to recognize the movement in his career as its approaches its peak. He will be enjoying the fruit of his performance of hard work for 10-15 years before it will gradually move to a downward shift as some promising performers start to take the limelight from him. Remember that companies always look for fresh ideas and active performers and you’re starting to wane below the level of expectations. However, be realistic. This really happens and you can’t have any control on it. The only thing that you can do is to prepare when it’s coming and face the reality so you can ready yourself. Instead of getting depressed, take this as a sign to move on. Moving on depends on how you take it and deal with it. Here are some tips I can provide you so you will not only carry on but move forward for the best result.

Mid-Crisis Syndrome Can Hamper your Preparation

A mid-crisis syndrome is a kind of emotional setback that abounds in the mind of an individual. Don’t indulge in it if you want to prepare for your retirement. Don’t go deeper into factors that will only yield you negative responses. Don’t move back to where you had been before even if they are your own failures. Going back will only cause you to lost time. A typical example of this is when a 40-year old man suddenly indulges himself into a teen activity like hanging on to disco pubs, buying a new sports car and go drag racing and wearing fashionable clothes suitable for younger generation. Even if these had been your life’s failures or things you weren’t able to attain before, no need to reflect on them now (It’s a bit late for that) but rather move on and focus on what lies ahead.

What is the ideal plan for your retirement?

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Prepare for a Fallback

A career can’t always be that stable no matter how much earnings you’ve got from it. Losing it when you are not prepared can be devastating and can cause you much depression. So before it can happen to you, be sure that you had a secured fall back to rely on when the need arises. Here are some fall backs you may need to consider:

Establish a Home-Based Career

When you are a professional working in a multi-national company, your earnings make you too complacent. You tend to focus too much in your job performance. By the time you are out of it, you are totally paralyzed. To avoid this, start assessing your future. Where will you be twenty years from now if you had no job and contacts. If you had given everything you had to the company you had worked for, then you are totally depleted of your resources. Instead of having that, learn from your job and diversify your connections. Learn to work not only for your earnings but also work to accumulate knowledge that you can use in the future for your benefits. Be sure to save three important things for your future: Knowledge, contacts and money for your capital.

If you are a lawyer, a doctor, a Certified Public Accountant or any Professional Career, you can always establish your own home-based business at home. Either you may set up your own office or do online business.

Review Your Social Benefits

Most people neglect their social benefits while they don’t have a need for it. But as part of your preparation, it’s better to take a look at it. Study the benefits that you will get once you reach your retirement age. Would it be enough to suffice for your living? If you think that the figure it will yield is inadequate, then study how you can maximize it. There are some other companies that offer social benefit programs. Contact some agents to provide you with information on these programs. Acquire those that will benefit you most.

Create a Trust Fund

If you can afford it now, you may create a trust fund which you can use in your retirement days. You will feel be better off without taking support from your children or government. Having a trust fund which you can use later will help minimize the feeling of being financially and emotionally paralyzed.

Venture into Good Investments

This is good for your future especially if you can afford it. Seek for business ventures which will yield high results such as Buying Real Estate Properties, Investing in Stocks, Getting Into joint business ventures or have a Time Saving Deposit. Profit you will get from here can be utilize in setting up your own Home-Based Business later on.

Socialize with Other People

Expand your contacts, may it be social or business contacts. You can do this by establishing better working relationships with your current co-workers, company’s clients or customers or even joining business communities through the internet.

Now, with these ideas, try going through and start preparing for you and your family during those dreadful days of Retirement.

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