PREPARING YOURSELF FOR RETIREMENT- DR JOBBICKS KALUMBA
PREPARING YOURSELF FOR RETIREMENT- DR JOBBICKS KALUMBA
PREPARING YOURSELF FOR RETIREMENT- DR JOBBICKS KALUMBA
Preparing yourself for retirement .when retirement age arrives you must be prepared, Mentally, Physically and Financially.
1) Children. Your children should not be too young or too spoiled to force to stay at work longer. It’s better to have all your children at younger age struggle with them with lower salaries and teach them self reliance, independence, self control and patience. Again never count them as investment, they will complain help if they wish. But the disaster is when you have to maintain them with your pension.
2) Car. In your young working life never waste your money in expensive big cars. Never commit your salary in a car. Get your personal loans mostly to invest in property and from that 50 000 buy yourself something good to move around with. Make sure it takes you 5 years with that car. And immediately make sure that you have at least 1 000 a month going into car saving account. That will give you 12 000 a year which is 360 000 the day you retire. Then you went to retirement with a brand new car with all motor plans and the rest. You won’t be able to negotiate with machines.
3) Property. Use your personal loans to invest in 3 types of property. a) A house in your plot back home. It does not need to be a palace, just a good house to sleep in at peace with your wife/husband. b) A house in your working town. You can start by buying a plot and and build. It can take time but you will be done one day before you retire. c) Build some muilt rest. You can use a mortgage to build muilt res, but you must make sure the muilt res rentals are more than your installments and the loan duration is 5 or 10 years earlier than your retirement date. At the day of retirement all this must be complete and free.
4) Masimo / Moraka. You must start to invest in all of this or one of them now. Make sure by the retirement age you don’t have the desire to go and buy a Masimo or dikgomo. You must be in a position to sell. If funds permit make sure you have boreholes in both your Masimo and Moraka. Then plan around planting many fruits trees. If your Masimo is near electricity connect it. Do some poultry houses and some shade nets.
5) Further Education. Never waste your time going to school to pursue Masters or PhD hoping they will increase your salary when you are already over 40. Unless it is the company policy or sponsored. Do online. The very important education after 40 should be towards things you will do on retirement. Learn to plough maize, vegetables, keeping chickens and goats, baking and financial management. This is what you need.
6) Social life. Start to be a responsible family member when you are still able. Go to family weddings and funerals and participate. Slaughter cattle with them. Run around as elders send you. Coming to family functions on the day of the function with a camp chair and a cooler box is a disaster for your retirement.
6) The day of retirement you must have no single loan, no fun insurance deduction only medical aid, no child maintenance, no school fees, no plan to buy a tshimo or Kgomo, finished the mortgage of your muilt res, with a brand new car not from your pension.
Before you dream of your pension annuity at least you must be sure of 5000 to 10 000 a month from your various investments. Your moraka must be profitable then. You Masimo must be producing. Your Mult res rantels must now go to your pockets. You can choose to rent your town house or stay in it with no pressure. You start to sell chickens, eggs, goats, Madila, fruits, Morogo, vegs, dinawa, phane as a keeping busy project using a brand new car.
All your pension including the 33% must be for your pleasure and medicals. Take your wife/husband on trips.
Not Pension is 5% of your salary. Never think you will archive things you failed to do with 95% of your salary using 5%. I have seen many houses at window level and owners passed on as a result of depression trying to start new and expensive life with pension. – Chisase Foundation
Ministry of Education
Justice Minister State Counsel SC Mulambo Haimbe (left), Education Minister Dr Douglas Siakalima (second left), National Science Centre NSC Director General Dr. Ben Banda and Prisoner of Conscience (PoC) Lus 4818/18 DERRICK SINJELA – picture by Henry Chunza – Today Zambia Newspaper (TZN)
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