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Retirement is a fundamental procedure in one’s journey after a successful completion of an employment. It never matters the time one should retire, what matters is how prepared one is towards the retirement. However, much one saves for retirement, if not prepared psychologically for it, it may be a nightmare. Preparation for retirement calls for several stages to ensure success, they include imagination, anticipation, liberation, reorientation, and reconciliation (Novak, 2011). This research paper is going to focus on the stages and which is the most significant, factors that impact retirement. Also, a comparison of United States retirement schedule with other countries, and the techniques other countries are using to plan for new retirees influx.
The first stage towards retirement is imagination; in this stage, one is not even interested in the retirement as it seems still far. Instead, working and paying bills together with ensuring children finish education is the theme. The stage of anticipation entails, hope, excitement, and planning for new activities and careers post-retirement. The third stage is liberation, this marks the beginning of retirement and liberation from their careers is felt. In this stage, people tend to reconnect with their families, hobbies, and others end up in new careers and businesses. The reorientation stage is the toughest if retirement was not planned well. This stage calls for utilization of the experience and skills one own together with time, minus proper planning retirees end up getting frustrated. The last stage is now more than ten years after retirement; reconciliation entails accepting what retirement offered. The levels of depression are now low, as life has already moved on. Preparation and planning entailed in the anticipation stage are most significant in retirement, no magic in retirement (Atchley & Barusch, 2003). Retirement is basically all about planning and is the most important stage, if well planned it marks success and not fantasy.
One of the stages in life that may end up pushing one into a financial crisis if not planned well is retirement. Basic factors to be considered before one enters into a retirement schedule include debt reduction, limiting unnecessary expenses, develop income generating streams from businesses and other careers. Also, consider joining insurance companies like medical insurances, look beyond retirement like what will happen if you pass on and your children are still schooling, and more investments are encouraged than spending. On the other hand, social interaction matters unlike lonely retirements as it keeps one happy and healthy. Retiring early and not at a normal age, reduce the amount one could have contributed to retirement. The earlier one starts saving impact retirement positively, as more money is expected at retirement (Atchley & Barusch, 2003). Social security is also the main source of retirement income, after social security retirement working continues earning money as well. Lifestyle choices also impact retirement, the number of children also influence retirement. Education and occupation on the other hand greatly impact the quality of retirement income as well.
Increasing numbers of retirees affect retirement both directly and indirectly. The problem worsens over time, the number of money Americans are saving are not proportional to their retirement demands. The money is much far below their demands, similarly families committed to saving mostly own insufficient property. Households are meant to up their savings double prior savings to counter the effects experienced in the retirement patterns. A comparison in terms of retirement between the United States and Japan shows people in Japan live longer and healthier compared to the United States. Also in Japan, the elderly above 60 years continue to work. In developing countries, retirement goes a long way to years beyond 60 and at times calls for life expectancy unlike in the United States where people go for retirement earlier than the normal age. In countries like France, the government pays people 65 years and above unlike united states where part of the income comes from work, calling for people still working. France, on the other hand, has a great interest in saving for retirement, saving rather than spending being their hobby, unlike the U.S where spending is much s compared to saving leading to a faulty retirement.
The United States is facing a crisis retirement wise, social security solved the crises to a large extent as income earned could be used prior or post-retirement. Countries like Canada, Australia, and the Netherlands have ensured adequate retirement benefits through collective investments and risk sharing. In Australia the retirement plan is universal; in both private and governmental sectors, unlike the U.S where the private sector is excluded. Also, in Australia retirement contribution is mandatory unlike in the U.S. Same to Canada, a robust social security plan is developed to ensure a high-income rate to the retirees in the event of retirement unlike the U.S (Novak, 2011). In my view, I am at the second stage; imagination stage. This stage entails planning and preparation. This is the most important stage towards a successful retirement as it still allows for saving and making other investments.
In conclusion, a quality and successful retirement entail preparedness and planning. Much is to be considered to ensure one gets a quality retirement rather than a retirement of fantasy and frustrations. More needs to be borrowed from other countries doing well in the retirement sector, this focuses on sorting the retirement crisis in the U.S.
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