Re engaging After Retirement (1)

By Prof. Waswa Balunywa

Questions

When does one retire? What does one do after retirement? How do you prepare for retirement? What are the choices? How to actually do it?

By Prof. Waswa Balunywa 2

When Does One Retire?

On ready retirement age as per law On getting to stage of diminishing

returns When successors are in place When he makes enough money!? No age limit


What is Retirement?

A shift from one type of activity to another

Appropriate when one ceases to contribute effectively to one type of engagement

Retirement is Re-engagement When successors are ready to take over Reducing own workload and speed No need to stop working


What is Re-engagement?

Switch from one job to another. One needs not retire entirely. One needs to be engaged in

something. Doing non-strangeous activities


Different types of Re-engagement The choices1. Re-engagement on reaching a

compulsory retirement age2. Planned Re-engagement on making

sufficient income3. Forced Re-engagement


Challenges

Illness Declining income Death of spouse Living too lonely Problem with children/


How to Overcome?

Plan Save


Cultural Setting

African families still extended family system.

Western countries have nuclear family. When children grow they go away.

African families still have family support.

Looking after elderly Elderly look after children's’ home


Re-engagement on Reaching a Compulsory Retirement Age

a) Civil service retirementi) Sit home with a pensionii) A pension with a businessiii) A pension in the extended family

supportiv) A pension with creative wealth support


b) Non-Civil service retirement

Depends on extended family Depends on accumulated wealth Work to death A combination of any of the above


Planning for Re- engagement Important to recognize retirement as

re-engagement Plan early in life Save to ensure finacial independence Take insurance where meaningful Rich dad poor dad way. Create

wealth Plan for a business activity


a) Important to recognize retirement as re-engagement

Life is a cycle, from childhood back to childhood.

In each cycle you are either supported or you support yourself

Each cycle is an engagement, childhood, student, work.

There is always decline and possibly decay


b) Plan early in life

Evolve life goals and adjust them with time.

Follow your brains and your heart. Look to the future and plan back to

the present. Visualize the various stages of your

life. Support the different stages with

necessary energy and resources.By Prof. Waswa Balunywa 14

Save

Do not spend more than you can Put some money aside however little Never borrow unless you are sure of

your cash flows Or borrow to be leverage situations

other than inflation Your savings today will be of great

help in your re-engagement stage


Take Insurance

Under good financial circumstances take an insurance.

An insurance is a savings you will definitely need the money


Rich dad poor dad way

Do not look for money, look for wealth

Buy and sell property Borrow to buy property for sale Buy shares in the company In conclusion you will earn while

seated


Doing business after retirementIssues You are a spent force by that time

possibly in decline stage Resources have competing needs Very costly health conditions None the less you can always start


Starting and running business in the decline stage of life

Establish a need in the market Think through the idea

Can it be produced?What is its price?Can it be sold?How to sell it?

Discuss idea with experts Prepare a business plan Do you have the necessary funds


Start the business

Mobilize finances Register the business Acquire relevant premises/

equipment Take necessary action to create

value


Issues/ what to watch out for. Do not hire people you cannot fire Do not borrow Don’t spend more than 25% of your

accumulated earnings One step at a time Bite what you can chew Location is important


Toddler


Toddler One Year


Four Years


Active- Eight Years


Active Youth


Executive


Old Age: After Retirement


Retirement Home


Re engaging After Retirement (1)

Career

Transcript of Re engaging After Retirement (1)