WHEN TO START PREPARING FOR RETIREMENT

Retiring is a decision that many don't make, they rely on the system, the state or a company decide for them. They are working there until the company, the corporation or the administration where they work decide to push them out of the offices, the construction sites or the floors with a lot of honor but little reserve. This is the group of those who have long resigned themselves to their fate and do not expect anything special from working life.

There is the group of those who plan carefully, but who ultimately fail because their plan (which has not taken into account all the parameters including the evolution of purchasing power in the future), quickly becomes obsolete and no longer correspond to reality. When it comes time to retire, they cannot cope with their financial burdens because inflations eat away the small profits of their meager investments.

Often, members of the two groups mentioned above are forced to continue to work full time long after retirement age.

There is a third group of those who say not to retire but to "refire". They search for meaning to their new life, refocus their mind and their energy, rekindle their relationships. They finished raising their children and decided to take on new challenges. Their mission is: to leave a legacy, to be an influencer, to touch and improve the life of countless others, to leave the world a better place than they found it.

Retirement is a many years long task that needs to be taken care of before it happens. When to start working on it is not clear but the sooner, the better. According to some, the ideal moment is as soon as you start working. Others think that the time should be middle-age (45–55). Everyone agrees that 60 is too late. The main reason is that usually the amount of the retirement pension is not enough to cover all the financial needs of the retirees. The average person needs to count on the interest of their savings to complement and enjoy a decent life. Compounding interests extended over a longer period of time require a smaller financial contribution for much larger returns. The longer one waits, the shorter the contribution period the larger the amount to contribute and the smaller the returns.

Retirement is a break-up with a lifestyle of about 40 years of working and the start of a whole new adventure with its ups and downs. It is necessary to take into account the moral, psychological, financial, health, and even the administrative aspects of it. A good retirement plan should guarantee financial independence, good healthcare, physical and mental wellbeing until the end.

It is not at all a bad idea to continue to work, at least part-time after retirement. Combining employment and retirement has economic advantages and some health benefits, statistics show that those who continue to work at least part-time after retirement, keep their good health for a longer period of time than those who stop working.

In conclusion, preparing a good retirement plan is a specialist's job, laymen should get help to get as much returns on their earnings in order to enjoy their retirement.