Tips on living after retirement

Will Rogers once said, “Half our life is spent trying to find something to do with the time we have rushed through life trying to save.”
The average person has roughly 20 years of life remaining after retirement – time enough to write a masterpiece, run a marathon, or mentor hundreds of youth. There’s even time to do nothing, discover the beauty of grandchildren, or rekindle the romance of a long relationship. Tomorrow can be the beginning of new adventures, new joys, and greater successes. How you spend it is up to you.
For Julius Okia, a 67-year-old who is in his second year of retirement says retirement is about trying to cope with life without necessarily panicking with early morning demands.
Okia was a civil servant for more than 30 years, during which he had to focus on work and other related demands of employment. He now finds himself with a lot of time on his hands.

“I am now focusing on being the best grandfather to my grandchildren. They visit me every now and then,” he says.
Leaving the work force brings unique changes in one’s social and economic lifestyle, posing challenges that demand one to find a way of coping. But these depend on how one planned for retirement way before they actually left. The minimum age of retirement in Uganda is 55 years.
Rather than go to the village like some people do after retiring, he has chosen to stay in the city supervising his farm and other businesses.

For other people, retirement brings mixed feelings especially if one has not planned for it. Most times, many people adopt poor lifestyles due to the abundance of time they have and lack of exercise.
You find that most people suffer from chronic illnesses towards or during their retirement and lack of a proper plan may affect you and make your retirement less pleasurable.
Mr David Nyakundi Bonyi, the chief executive officer Uganda Retirement Benefits Authority (URBRA) is planning to come up with a programme on preparing people for retirement. This initiative according to Nyakundi, is already being done in other countries.

“As an Authority, we are going to start quarterly workshops for people who are remaining with five years to retire. These workshops will serve to prepare them for that retirement stage,” he said.
URBRA was founded in 2012 to regulate the pension sector which holds savings for workers.
Bonyi among other things says they plan on helping people to spend their income. What to invest in, how to plan for a post health insurance package among others.
“Assuming they are members of various schemes, people leave employment and use up their money and become broke,” he says.

Time management
Without the burden of a daily job, you have time to collect and consider the memories of past people, events, and places. Retirement allows you to recognise your accomplishments, understand and forgive your perceived failures, and set a new course for the rest of your life.
As such Nyakundi says when you retire, you need to programme your day, focus on what you can do to contribute to the community.

Invest wisely
However, that can be achieved when you have a proper plan of what you want to do. Many retirees discover that leaving one life to begin another is difficult. Yet planning early by saving and investing wisely will help you meet your needs during retirement.
“Ask yourself: how much income will you require when you retire to maintain yourself and any dependents you may have during retirement,” Nyakundi advises.
As such, Mr Nyakundi says when you retire, you need to programme your day, focus on what you can do to contribute to the community.

Health in retirement
Chances of retirees relying on their children for support are becoming slimmer by the day. Yet as people age, they become more prone to sickness, and more complicated diseases due to many reasons including lifestyle.
“The traditional value of the young supporting their parents is breaking. That is why we need a solution to living healthily after retirement, Mr Nyakundi says, suggesting that using pension funds to buy health insurance could help us prepare well for that time when we are not working.

“As you get older, your insurance needs will likely change. If you have fewer debts and dependents, you may not need as much life insurance coverage. But you might have more health problems, so you may want to consider critical illness insurance or long-term care insurance. Insurance companies can design a product to encourage people to save for retirement. But without national health insurance, it is difficult,” Mr Nyakundi warns.
Mr Ibrahim Kaddunabbi Lubega, the chief executive officer Insurance Regulatory Authority says most insurance players have products which best suit the old people.

Retirement plan
HOW TO PLAN FOR OLD AGE
Start planning now. Start saving and investing some of your income as early as possible. If you are on a pension plan, this will be a useful addition to your retirement or pension income. If you are not, these savings will be your security for old age. Remember, the retirement package you receive from government (if you are a civil servant) or National Social Security Fund (if you are a private sector employee) may not be enough to enable you meet all your needs during retirement. Therefore plan early, save and invest to be able to supplement that retirement or pension income.