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When Should Retirement Plans Begin For A Working Professional?

The best time to start preparing for your retirement is 10 years before the date you plan to retire. This gives you enough time to plan your short term and long term financial goals. Once you are 10 years to your retirement age avoid procrastinating any further. Ten years might seem like a long time but you’d be surprised by how quickly the years fly by.

Things to look out for to consider retirement plans

There are subtle signs that help you understand that it’s time to take your retirement planning seriously.

When You Hit The Career Rock

If you get to that point where you didn’t see your career advancing beyond that point, this might be a sign it’s time to throw in the towel. For instance, if you have worked in senior managerial positions for a minimum of 10 years, you should consider retiring.

When Health Begins To Get In The Way Of Work

There will come a time when your age will not permit you to engage in prolonged physical and mental stress. As you approach this point, you should consider retiring. In Nigeria, the retirement age is pegged between 60 and 65 years.

When You Have Found The Perfect Job

Career fulfillment is that point in your career progression when you feel energized, motivated and deeply satisfied with your career. Some attain this point early while it comes late for others. When you reach this point, you should start making plans towards retirement. Retiring doesn’t mean you can’t be a mentor to the younger generation.

Today young people don’t even think of retirement as part of their future. This can have serious consequences later in life. So whether you are in 20’s or 30’s, it’s quite important to have retirement in your purview at all times. The reason is simple, just like anything else it is very much a part of your professional life.

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