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Preparing for Retirement: Your Retirement Checklist

Rukevwe Erakpotobor

Can you boldly say you’d be comfortable if you retired today? Like it or not, retirement could be long and you don't want to go into it unprepared. 


By implication, it’s not too early to start putting important plans in place. You want to factor in your health, expenses, and emergencies, as they make up a huge chunk of life after retiring.


While you might already have a Retirement Savings Account (RSA), it isn't everything you need to live a fulfilling life. This is why we’ve curated this checklist to guide you as you prepare for this important phase of your life. 


What is Your Ideal Retirement?

Before you create a checklist, whether mentally or on paper, you must define what retirement means to you. Your ideal retirement is often an accumulation of expectations, current realities, and willingness to commit. 


Some retirees dream of traveling the world; others may consider starting small businesses. You may see yourself settling into a quieter lifestyle, enjoying hobbies, or giving back to your community. 


There is no one right way to spend your years after retiring. However, whatever the case, your vision will guide the decisions you make now. 



Your Retirement Checklist

Future Expenses

How you envision retirement will significantly determine how much you’ll spend. Since you already have this vision, take a moment to map out a cost. Think about the following:


  • Will you rent, renovate, or maintain your current home?

  • Healthcare, including medical bills, regular checkups, and insurance.

  • Everyday needs like groceries, electricity, and transportation 

  • Would you be traveling, taking a course, or treating yourself?

  • Long-term debts that need to be paid


You might not have accurate costs, but you can project an estimate. Ensure you aim for realistic estimates that you can adjust as life progresses.



Pension Savings

Away from dreams and estimates, the money in your pension pot is real, a current reality even. This fund makes up the foundation for living your ideal retirement life.  If you already have pension savings, you want to ensure that:


  • You’re receiving regular updates from your Pension Fund Administrator (PFA).

  • Your contributions are consistent and up-to-date.

  • You understand how voluntary contributions can give your savings a boost.


And if you do not own an RSA or you’re unimpressed with how your PFA is handling your

funds, consider transferring your account to Oak Pensions.


Oak Pensions is a transparent PFA in Nigeria that also offers free counseling for those approaching retirement. The Oak Pensions team will provide the support you need to help you transition smoothly into this new phase of your life.




a checklist



Emergency Fund

Another core aspect of your retirement is emergency funds. Unexpected events that require unprojected expenses can happen, even in retirement. This is why having an emergency fund is crucial. 


If you can, save at least 6–12 months’ worth of living expenses so you won’t have to dip into your retirement savings when life throws you a curveball.


New Income Sources?

Your pension might not cover everything, so it’s a good idea to diversify your income. Now is the right time to consider investing, whether in treasury bills, bonds, or mutual funds. You could also start a small business or side hustle. These extra sources can cushion your retirement savings.



What is Your Health Saying?

Knowing your health status is important for now and becomes even more important as you age. Sometimes, we can evade many health challenges we battle in old age if we pay attention to what we do now.


To avoid future surprises, consider signing up for reliable health insurance and building a medical fund for emergencies. Do not forget to stay on top of your regular checkups and maintain work-life balance as we try to keep up with life’s fast-paced nature. Your health is your greatest asset and you should invest in it.


Your Legacy

What happens to your pensions and assets when you pass on? Have you thought about secession and who should receive all of these assets? As much as we try to avoid this topic, your legacy is equally important because your pension funds can still be accessed after death.


Therefore, it's important to work closely with a trusted professional who will draft a will that reflects your wishes and name beneficiaries for your pension and investments. They can also set up trusts, if necessary, for your loved ones. This would ensure your family is taken care of and prevent misunderstandings later.


Conclusion

Now you know that retirement is beyond savings and more of a collaborative effort of making prompt, smart decisions. If you need help ticking these items off your checklist, let Oak Pensions be your trusted retirement partner. 


Oak Pensions is Nigeria’s foremost pension fund administrator who can offer you the ideal pre-retirement guidance and help you secure your pensions for the future. 


Contact the Oak Pensions team of expert professionals at www.oakpensions.com  or call 09087448661 to get started right away.


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