One fatal mistake people have made about their financial future is not to have any plan. Another error is where people have a plan but overestimate how much income they will make when they retire (i.e cease from work because of old age). The income you will need in retirement is termed as pension.
We can financially plan successfully to have adequate pension, when we ask ourselves the question, ‘One day, would my pension be adequate for me?’
Every person should ask themselves this question at some point in their lives. The reason being that, that ‘one day’ will come for everybody. Only death can cut short that ‘one day’.
That ‘one day’ refers to a period in your life when you will cease from your work because of old age. The particular age would vary from person to person based on your current career or business.
No matter your age, there are a number of considerations and actions in answering the question of whether your pension would be adequate for you.
We would discuss these and many more at the upcoming Personal Finance Series by Ghana Talks Business on Wednesday, 22 July 2020.