
Strength
of retirement.
Health Benefits, Here
retiree get enough time to have enough food and time with their families.
Moreover, Retirement is often associated with a time of poor or declining
health. However, retirees have more time to sleep, exercise and choose or
prepare healthful foods making retirement an opportunity to actually improve
overall health. Many retirees take up an athletic hobby, such as golf or
walking, which can easily be carried over into later life and promote
longevity.
Stress reduction, retirement
can be good for a retiree's mental and physical health. Jobs are a major source
of stress for many employees, and retirement may offer relief. By removing the
need to perform to a high standard and meet specific targets. The process of
meeting with customers and Boss instructions create mental busy hence it led to
the rise of stress.
Some retirees can use
their new-found free time and accumulated wealth to become involved in
philanthropic activities. From making charitable donations to serving on the board
of a community foundation.
Retirees can use their skills,
knowledge and experience they developed over the course of a lifetime to meet
the needs of the community and national in general.
Family connection, Retirement
offers the advantage of allowing more time and energy to spend with their
family. The classic instance of retired grandparents serving as babysitters is
only the most common example. Retirees can use their new lifestyle to spend
more time with adult children, distant family members, retired siblings and
close friends.
Weaknesses
Decline of plan for every
year. At its core, retirement planning is about envisioning the life you want
to live after giving up a full-time career. Identifying your “number,” requires
an examination of your spending habits adding some cushion for inflation and
healthcare costs but also a close look at your happiness index. Many people do
their best to anticipate wants and needs 30 years down the road, but
understandably they fail to account for the big shifts.
Retirees are not
partnering with a financial professional. In the Internet age, when even the
most complex information is available on demand, there’s virtually nothing
Google cannot answer or so it would seem. In reality, online tools and
retirement calculators don’t go nearly far enough in providing comprehensive,
individualized advice.
Likewise lack of creativity because most of retirement
planning resources available through your employer and not employees hence
after return back to the society it is difficult to make any plan. Do it yourself
retirement planning is particularly ill-advised if you’re an affluent or high
net worth individual, for whom “saving as much as possible” is no longer the
name of the game.
Paralyzed thinking and
innovation due to last of your daily career practice like what it was before
you retire.
Opportunities
A new lifestyle,
retirement has the advantage of being one of the few times in life when many
people can freely reorganize their lifestyle and its priorities.
Spending more time on a
hobby with family, following an intellectual pursuit or traveling can define an
entirely new way of life, especially if a career dominated much of a person's
time commitments prior to retirement.
Health relaxation, After
a long journey of working a human body need to rest or reduce heavy work and
get enough or health food hence after retirement employee get enough time to
recover their body for sustainable power and health.
To practice more
strategic tax management. Modification of retirement plan for tax-efficiency
isn’t about paying less than you owe; it’s about supporting the causes that
matter to you and transferring more or your wealth to the next generation. With
the help of financial advisor, you should take steps to determine your current
(and future) tax burden, and design strategies to minimize the amount of tax
you pay in retirement. This can include decisions about how you will invest,
how to contribute and withdraw from tax-deferred accounts, how you plan for
charitable giving, even where you choose to live in retirement.
To reconsider conservative investments and
savings. Saving can go down or up
depend on the style and strategic your using. To offset this decline in purchasing power,
you need to tap into investment/savings vehicles that will help your assets
keep pace with the cost of living.
Threats
Failing to track or plan
well the financial spending. Most of retirees fail in this area simply because
they experienced only monthly salary hence thy fail to balance their pension
money instead they over use.
Increase of disease which
led to the paralysis of body mental stress which can result from overthinking,
lack of smart vision, lack of advice and delay of pension payment. When an employee retire they are in high risk
to get this problem.
Failing to plan for an
unexpected job loss. There’s no rule that says retirement has to start at age
65. And in fact, many professionals are planning to stay in the workforce well
beyond their mid-sixties for financial and/or personal satisfaction reasons.
Early death. Most of
retirees there in danger of death few days after their retirement time because
of disease caused by stress and other externalities.
A SWOT analysis
(Strengths, Weaknesses, Opportunities, and Threats) is an organized planning
process that can help you gain insights into your retirement planning. The goal
of a SWOT analysis is to capitalize on your strengths and determine areas of
weakness you can improve upon. Take the time to protect your future. Print out
stress and fill in happiness in your retirement life. Hence the road to
retirement is hardly a straight line.
All in all retirement marks the end of a person's
working career. Employees after their retirement faces many challenges like
stress, disease, death among others however retirees in recent decades have fundamentally
redefined what it means to be retired. Nowadays, retirees are often active in a
variety of areas and may even pursue part- or full-time employment after
leaving behind a career of many years. This prove that retirees are inheritance
in the national.
By James Kalimanzila(Hungry Learner) - HRM expert
Strength
ReplyDeleteWeakness
Opportunity
Treats for project management analaysis and evaluation.
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