Abstract
Retirement could be one of the best decisions of life or even could be worst, depending upon a person’s attitude towards it. As this paper presents outline of studies about this decision of life along with things that can be done after retirement along with the things that must not be done. After a life full of hard work, retirement must come as a cool breeze which comes and sooths the life. This happens to many who retire with a plan and it becomes hard for those who do not. This paper outlines the best and worst of both.
Introduction
A general definition of retirement goes like ‘A point in life when a person stops employment completely is called as Retirement.’ Other definitions explain it as ‘withdrawal from one’s occupation, business or office’ or ‘withdrawal into privacy or seclusion’. After a lifetime of being employed, there comes a time in the life of the person when a person’s age or other circumstances asks the person to stop being employed and lead the life’s moments as he/she wishes. Retirement could be both Happy and sad. Depending upon the planning a person performed envisioning the retirement period in the coming future. A happy retirement could be the one where a person has planned financially to undergo his retirement phase full of comforts and the way he/she ever wanted. There will be no financial crisis or insecurity when a person plans properly and as per his requirement. On the other hand Retirement could turn sad when there was to financial planning to begin with, being left with no employment, a retired person may find it difficult to sustain through the retirement phase, in some countries though, government takes care of retired individuals but this is limited mostly to developed countries only. In most of the developing countries the system is not in place and retired individual has to plan and find own supporting source.
Thesis Statement:
Retirement could be full of issues if not planed properly, and could be the happiest phase of life if planned.
A. Different for different countries
B. A person is free to choose
C. Normal Retirement Age
D. Retirement is personal decision.
Retirement Benefits
Different for Different countries
Sum paid to retiree after retirement called as pension
Types of Pension
Schemes in various countries.
Trends in concept of Retirement
Trends of retirement are changing
Even youngsters are opting for retirement
VRS and other retirement options
Benefits of VRS
Problems related to Retirement:
Unplanned Retirement
Reasons of not planning
Difficulties of unplanned retirement
Wrongly Planned Retirement
Reasons behind wrong planning
Which path to choose from
Mental Preparation
Involvement in work after retirement
Prepare mentally to do less work
Recommendations to the Retirement Issues:
Diversify your investments
Opt for saver options along with riskier investments
In case you lose the risk, you have some finances left to incline upon.
B . Be with your Family
Fill up for the time you could not give your family while you were employed.
Pour your emotions to the family and share love
Do what you dreamt about:
Chase your dreams
Do not work only for money but to give you happiness.
Be an entrepreneur out of your passion.
Conclusion:
As we have seen here, retirement is inevitable in a working person’s life. Either it comes out of age, or because of some unfortunate events or even by an early wish of a person. A person must plan to retire as soon as he gets employed. Savings of all the months while working add to his or her happiness after retirement. A person, who plans well, will live a happy retirement life and who does not, struggles. To save oneself from all the after retirement issues, one must try and plan not just retirement but also plan for life after retirement whether it will be a relaxing life with family or a life full of passion for dreams.
There are many after retirement success stories in the world in all the diversified streams. It could be entrepreneurship, or culinary art, performing arts or teaching. Retired individual follow their passion with heart. As they have nothing to lose and they deserve following their passion if they could not do it while being employed.
Many countries in the world is now aging fast, after baby boomers retire in USA, there will be dramatic rise in average age in USA. Retired Individual’s after retirement work could prove instrumental in this situation. When they are in no Risk stage in life, they can be a good employer by starting their own businesses. Thus not just they do not have to worry about being paid from Government of life’s sustainability but they will be actual job givers and thus they will help society in removing problem of unemployment to a certain extend.
References
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2. Holtzman E. (2002). Emotional aspects of retirement. 23 April 2001. Retrieved from web. http://www.umass.edu/fsap/articles/retire.html
3. Wolcott I. (1998). Families in later life, Dimensions of retirement. 12 May 1998. Retrieved from web. http://www.aifs.gov.au/institute/pubs/WP14.pdf
4. Shamraj R. (2011). Conscientious people earn more and save more for retirement. 29 March 2011. Retrieved from web. http://ns.umich.edu/new/releases/8335
5. Barbara A. Butrica, Karen E. Smith, and Eric J. Toder (2009). Retirement security and the stock market crash: What are the possible outcomes? 14 November 2009. Retrieved from web. http://crr.bc.edu/images/stories/wp_2009-30.pdf
