“Growing old is not an option. We don’t have a choice. But we do have choices that will greatly affect our quality of life for the rest of our life.”

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​Given that it shall come to a point in time when we shall not be holding our full-time job whether employed or self - employed, it is good to start thinking about that reality now and prepare accordingly. For the employed it is good to start thinking about this before your employer start doing so on your behalf and for the self-employed aim is to grow your business to stand on its feet and making it not need you ( story for another day).

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​So, when planning for retirement some of the key mistakes to avoid include:

​i. Lack of a proper plan in the journey to retirement: Everything worth doing requires a plan, one to create an accountability framework but above all to be able to see any potential pitfalls;

​ ii. Not starting early: One should start planning and investing for retirement early. This will give their cash sufficient time to grow and also give them time to acquire the skills they shall require in retirement;

​ iii.Backing the wrong ship: What you shall do in retirement is determined by the people you hang around and your investment partners. Having the circle of advisors that guide you to the right direction is of absolute importance

​iv. Lack of sufficient knowledge: At times we do not do that which we need to because we do not know of its existence or even how best to engage the right people for the right product. Being curious and seeking information is the first step towards getting it all right in the retirement preparation

​ v.Starting new things in retirement: Many at times we want to experiment with our retirement money not knowing that this could potentially put us in an awkward position eg starting a business with our paid up pension. If the business goes under, we shall have no fallback position;

​vi. Not investing in relationships: As one grows old, it is not easy to make new and strong relationships it is for this reason that it is recommended that we should invest and spend time with family and friends as they shall be the people, we spend most time with in the future

​ vii. Carrying fixed costs into retirement: One should ensure that they have cleared most of their fixed cost eg debt repayments before they retire. We should go a step further to provide for the unforeseen costs like the medical cover to ensure that our cashflows are protected in retirement.

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