The second session of the vetting exercise of police officers
has kicked off in earnest. Listening to the numerous questions posed by
the panellists during the sessions, it is evident that the exercise is
thorough and full of gravity.
With thousands of
officers yet to undergo the vetting, the number of those who would
prefer early retirement to facing the panel will grow to a significant
figure. However, this may pose a potential risk even to the police
force.
Taking early retirement is not a bad idea.
However, the problem here is that up to this point many officers may not
have thought about or plan to retire early. The package may sound good,
but it takes time to adjust to the idea of sudden, early retirement.
The
thought of early retirement is something that many employees also
grapple with. But in most cases, the decision to take early retirement
is not well thought out.
Whether you are a police
officer who is yet to meet the charged panel or a staff who is weary of
work related stress, before you face your employer with a decision to
take an early retirement, ask yourself an equally challenging question —
one that’s often overlooked — are you psychologically and financially
ready to retire early?
Early retirement is not as simple as it may appear to many. Not
only does it have the financial implication but also the emotional or
psychological component in it. These two factors have to be considered
in tow. Reasons?
It is certain that you may be
financially prepared but not emotionally ready for early retirement.
This too causes some stress during transition from a structured
lifestyle of reporting to work to unstructured one with no strict
schedules.
Somewhat, many often have the feeling of
being on leave or vacation during early period of retirement. After time
lapses, the new lifestyle becomes painful and regrettable.
Conversely,
you may be emotionally prepared but not financially ready for early
retirement. This perhaps is where most officers opting for early
retirement may fall. This again is no better.
The
challenge is that one needs to be financially prepared since you will be
financing a longer retirement period beyond the normal one. This will
ultimately cause you emotional stress as you think of how to safeguard
your retirement nest from the risk outliving your pension income.
But how do you ascertain that you are financially and emotionally ready to take early retirement?
Regardless
of the situation that surrounds your choice for early retirement, below
are some of the few things you can consider as you deliberate and make
your preparation to retire early.
First, the choice
for early retirement does not mean that you retire from work but instead
you move on to do something else. This will help you both financially
and emotionally.
Therefore, to ensure that you are in
good financial shape, retire to something else be in a business venture
that will generate you some additional income to bridge the deficit.
Getting
something or a venture that does not only generate you income but also
keeps you engaged is imperative as it will help you in the psychological
transition into full retirement as well as help one to meeting
financial obligations such as paying unsettled debts and support
dependants.
Where this idea may not be viable, instead
of asking for early retirement, request for semi-retirement in which you
work part time or for some few months of the year as you make
psychological transition into full retirement.
Therefore,
it is advisable for every employee to prepare for early retirement
regardless of age. Remember that retiring early does not mean one is
tired.
Mr Opiyo is a training manager & coach with Tolerance Employee Financial Advisors Ltd. isaiah.opiyo@toleranceadvisors.com.
No comments :
Post a Comment