PSY 358 Assignment: Plan for Successful Retirement Essay

PSY 358 Assignment: Plan for Successful Retirement Essay

PSY 358 Assignment: Plan for Successful Retirement Essay

            When deciding the type of career you want, one should consider personal interests such as hobbies and talents and assessing whether the career will provide an opportunity to fulfill the interests (Cavanaugh & Blanchard-Fields, 2018). One should also consider the income that he wants to get and assess for careers that are likely to offer the amount of income during employment. The skills necessary for the career, especially soft skills such as time management, teamwork, and leadership, should be factored (Sharf, 2016). Besides, one should evaluate if he or she possesses the skills required for a specific career. Furthermore, one should consider the level of education and training needed to pursue the career and assess if he or she will be able to meet the minimum education requirements (Sharf, 2016). One should also consider the market demands of that career to ensure that you will secure a job and career growth after completion of studies.

Retirement is a transition phase people experience in life and entails withdrawing from one’s occupation or the active work life. Some people retire when they have adequate sources of income that they do not earn by working while others retire due to loss of jobs or health problems (Cavanaugh & Blanchard-Fields, 2018). The most appealing aspect of retirement is the freedom that a retiree has to engage in business, community leadership, recreational activities, and traveling. Retirement also comes with relieve of the hassle that is associated with employment, such as waking up early, spending lots of hours at the job place, and meeting tight deadlines. Besides, as a retiree, you have adequate time to spend with your spouse, children, and relatives and also look after your home.

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My ideal retirement age is at 55 years since, I will still has the energy to venture into new activities, leadership positions, and manage businesses. Retiring at 55 years will relive from employment pressures and allow me to focus on living a healthy life and venturing into other life aspects. I will need to save $4,169,815for retirement with a total monthly contribution of $ 5,000 to fully fund the plan. My biggest concern about retirement is having financial constraints since there will be no more flow of income from employment. I also foresee boredom and loneliness, especially when there is no one at home, yet I was used to interacting with colleagues and clients. Besides, my body and brain will not be very active, and I might develop brain neurodegenerative and lifestyle diseases. To ensure financial independence during retirement, I will need to have monthly savings by signing into a retirement benefit plan. I will also need to make investments from my early employment years through shares, bonds, and venturing into a business that will guarantee continues flow of income.

During retirement, I will maintain my identity by engaging in community and church leadership to serve people in various positions. In addition, towards the end of my employment years, I will apply for a position as a board member of various corporate and non-governmental institutions to keep me engaged. I will maintain physical activity by having a daily physical exercise routine that will include morning runs and jogging, cycling, and aerobic activities. I will have weekly visits to the gym and monthly hiking activities to maintain a healthy weight and prevent lifestyle diseases (Baxter et al., 2018). Furthermore, I will engage in chess and puzzle games, read newspapers, magazines, novels, and books to challenge my brain and keep it active (Baxter et al., 2018). Keeping the mind busy will significantly prevent the development of age-related conditions such as dementia.

Advice from a Retired Person

I surveyed a 68-year-old retiree who retired at the age of 52 years and has been getting a lot of income from his businesses and shares during his retirement period. He advised me that to ensure financial independence during your retirement years; one needs to have a retirement plan as soon as you begin your first job. A majority of retirement plans fail to succeed since people tend to lay out their plans when they are approaching the retirement age. He also advised young people to venture into investments during employment through shares and bonds that will ensure a continuous flow of income. He further mentioned that he tried several businesses that failed, and this was a loss to his pension. He advised that one should be cautious when venturing into new businesses using your pension money but rather invest the money into existing investments.

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PSY 358 Assignment: Plan for Successful Retirement Essay

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