Retirement did not come suddenly, since the beginning of our working life, and we know that one day we will retire, and it is wise to prepare for this day.
A comfortable house next to the beach, with a beautiful garden, technological devices that prepare things and provide me calm and comfort, a secretary or personal assistant, a hobby to spend my time, or a charitable work that ends my life and makes me relevant to society.
In fact, plans differ from person to person, and from society to society as well. While we find some societies in which a person continues to work until he breathes his last while selling vegetables on the street, or he is driving a small tractor in the field. We find others looking for a job to complete the rest of their lives because they still have the ability to give and at the same time they do not have enough money to spend from it, rest from the journey of life and try to enjoy what is left. There are countries and societies that provide experts and retirement counselors, psychiatrists and biologists as well to examine people of this age and help them overcome change, in addition to a great reward and a certificate of appreciation.
What do you plan for yourself when you reach this age well, God willing?
I hope you are not one of those who are surprised, gloomy and sad as if everything in their life ended with the job, even friends. Because the pension is like all stages of life, if we prepare for it and think about it well, it will be an important stage that may also lead us to a new beginning with friends and grandchildren and is not without hobbies, skills and financial activities as well. And one of the important aspects of being prepared is to save money in order to meet the requirements of our life at this stage.
Here comes the question: How much do you save for yourself and your grandchildren at retirement age? Or are all your savings devoted to marriage, changing the house, educating children, etc. etc.?
The retirement services company Schwab published a paper in 2019, which found impressive things in this regard, including:
First: 401 participants think they need $ 1.7 million, on average, to retire !!!
Second, many people are not on the right track to save money for retirement and the reason is that they do not know how they can determine how much to save, when it should start, and how they can increase savings so as not to affect their current life expenses and family requirements.
And third: We have to choose early on the appropriate base to provide the retirement income, such as about 80% of your final salary before retirement. Or he could save between 4% and 15% of his salary.
What do you think, as long as Allah, please in all these matters ??