Emily Ann Inocentes-Lombos
RETIREMENT. Some look forward to it, while others dread it. Some choose to retire, while others are forced to. It can be a time of pleasant anticipation or unbridled apprehension.
Ateneo Cord conducted a survey to examine how people feel about retirement and what steps they are taking to prepare for it.
Results show that almost all (96 percent) expressed excitement about doing activities they have been putting off.
Sixty-four percent feel they will have more control over their daily routine. Thirty-two percent said they will be relieved that they do not have to work anymore. On the other hand, one of three feel anxious about financial security. Twenty-nine percent feel they will miss their job. A few respondents cited feeling less important, boredom, loneliness and fear.
What steps are they taking in preparation for retirement?
The majority are saving money (67 percent). Others are starting a business (53 percent) and pursuing hobbies and interests outside work (53 percent). About 43 percent are getting involved in community activities and 37 percent are buying retirement plans.
Most respondents (68 percent) agree that they have thought of what they want to do when they retire. It appears that the respondents accept that retirement is an inevitable phase in one's life. Some actually look forward to it as a time when they can do what is important or meaningful to them.
Whether it will be pleasant or traumatic may be determined by how well-prepared one is, emotionally, mentally, financially and, even perhaps, spiritually. Knowing that, a number of them have taken it upon themselves to set goals that would ensure a healthy change in their lifestyle.
A great majority (90 percent) agreed that organizations should help their employees. Indeed, the more organizations equip their employees in planning for retirement, the more smooth the transition will be. The less apprehensive employees are about their future, the more productive they can be for the rest of their work life.
In the Philippines, a few organizations have instituted programs to assist their employees plan for retirement. They offer career life transition workshops, financial planning, business ideas and opportunities seminars, counseling and outplacement. These services are usually outsourced to groups who specialize in these areas. Some more innovative companies organize fairs, inviting government agencies, such as Social Security System (SSS) and banks to give talks on retirement and investment. The main objective is to increase the level of preparedness for an inevitable phase in the employee's career.
While organizations are expected to provide assistance, there is no substitute for planning ahead. Some things to consider in preparing for retirement:
1. Save whenever you can, or/and invest your money early. If your employer offers a retirement savings plan, sign up for it now.
2. Budget your money. A budget checks unnecessary spending, helps you see where your money goes and frees up cash for retirement savings. Before you create your budget, think about the short- and long-term financial goals you want to achieve and be honest about the time it will take you to reach them.
3. Pay off debts, or stay away from them! High-interest debt eats up precious money that could otherwise be put toward your retirement savings. Credit cards are convenient but the high interests are costly and creep up on you!
4. Be in good health by being active and eating well. Healthcare gets more expensive as one gets older, and few organizations cover anyone beyond 65.
5. Plan your activities. Learn new things. Discover new hobbies. Develop a healthy outlook. Try not to attach your identity to the work you are doing at present.
6. Stay connected with your loved ones and friends. While still employed, you might not be spending as much time as you want to with them. Remember, jobs come and go, but relationships endure.
(To know more about retirement issues, attend the Ateneo Cord's learning session, Preparing your Employees for Retirement, on Dec. 5. Call 426-5931 or e-mail ateneocord@admu.edu.ph for questions.)
Source: Inquirer.net
RETIREMENT. Some look forward to it, while others dread it. Some choose to retire, while others are forced to. It can be a time of pleasant anticipation or unbridled apprehension.
Ateneo Cord conducted a survey to examine how people feel about retirement and what steps they are taking to prepare for it.
Results show that almost all (96 percent) expressed excitement about doing activities they have been putting off.
Sixty-four percent feel they will have more control over their daily routine. Thirty-two percent said they will be relieved that they do not have to work anymore. On the other hand, one of three feel anxious about financial security. Twenty-nine percent feel they will miss their job. A few respondents cited feeling less important, boredom, loneliness and fear.
What steps are they taking in preparation for retirement?
The majority are saving money (67 percent). Others are starting a business (53 percent) and pursuing hobbies and interests outside work (53 percent). About 43 percent are getting involved in community activities and 37 percent are buying retirement plans.
Most respondents (68 percent) agree that they have thought of what they want to do when they retire. It appears that the respondents accept that retirement is an inevitable phase in one's life. Some actually look forward to it as a time when they can do what is important or meaningful to them.
Whether it will be pleasant or traumatic may be determined by how well-prepared one is, emotionally, mentally, financially and, even perhaps, spiritually. Knowing that, a number of them have taken it upon themselves to set goals that would ensure a healthy change in their lifestyle.
A great majority (90 percent) agreed that organizations should help their employees. Indeed, the more organizations equip their employees in planning for retirement, the more smooth the transition will be. The less apprehensive employees are about their future, the more productive they can be for the rest of their work life.
In the Philippines, a few organizations have instituted programs to assist their employees plan for retirement. They offer career life transition workshops, financial planning, business ideas and opportunities seminars, counseling and outplacement. These services are usually outsourced to groups who specialize in these areas. Some more innovative companies organize fairs, inviting government agencies, such as Social Security System (SSS) and banks to give talks on retirement and investment. The main objective is to increase the level of preparedness for an inevitable phase in the employee's career.
While organizations are expected to provide assistance, there is no substitute for planning ahead. Some things to consider in preparing for retirement:
1. Save whenever you can, or/and invest your money early. If your employer offers a retirement savings plan, sign up for it now.
2. Budget your money. A budget checks unnecessary spending, helps you see where your money goes and frees up cash for retirement savings. Before you create your budget, think about the short- and long-term financial goals you want to achieve and be honest about the time it will take you to reach them.
3. Pay off debts, or stay away from them! High-interest debt eats up precious money that could otherwise be put toward your retirement savings. Credit cards are convenient but the high interests are costly and creep up on you!
4. Be in good health by being active and eating well. Healthcare gets more expensive as one gets older, and few organizations cover anyone beyond 65.
5. Plan your activities. Learn new things. Discover new hobbies. Develop a healthy outlook. Try not to attach your identity to the work you are doing at present.
6. Stay connected with your loved ones and friends. While still employed, you might not be spending as much time as you want to with them. Remember, jobs come and go, but relationships endure.
(To know more about retirement issues, attend the Ateneo Cord's learning session, Preparing your Employees for Retirement, on Dec. 5. Call 426-5931 or e-mail ateneocord@admu.edu.ph for questions.)
Source: Inquirer.net
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