re engaging after retirement (1)
TRANSCRIPT
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
By Prof. Waswa Balunywa 3
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
By Prof. Waswa Balunywa 4
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
By Prof. Waswa Balunywa 5
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
By Prof. Waswa Balunywa 6
Challenges
Illness Declining income Death of spouse Living too lonely Problem with children/
By Prof. Waswa Balunywa 7
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
By Prof. Waswa Balunywa 9
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
By Prof. Waswa Balunywa 10
b) Non-Civil service retirement
Depends on extended family Depends on accumulated wealth Work to death A combination of any of the above
By Prof. Waswa Balunywa 11
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
By Prof. Waswa Balunywa 12
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
By Prof. Waswa Balunywa 13
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
By Prof. Waswa Balunywa 15
Take Insurance
Under good financial circumstances take an insurance.
An insurance is a savings you will definitely need the money
By Prof. Waswa Balunywa 16
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
By Prof. Waswa Balunywa 17
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
By Prof. Waswa Balunywa 18
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
By Prof. Waswa Balunywa 19
Start the business
Mobilize finances Register the business Acquire relevant premises/
equipment Take necessary action to create
value
By Prof. Waswa Balunywa 20
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
By Prof. Waswa Balunywa 21