Planning For Retirement

After the realization that indeed I am passing through what is called midlife crisis, I decided to take some deliberate thinking, rethinking and reflecting on the past. What lessons I could get out my experiences I had in my life, being good or not very good experiences. I also started to look forward started to envision and plan for the future.
An issue that I have considered seriously now is planning for retirement. Where and when should I retire? What am I going to do during my retirement years? Most importantly; how am I going to finance my retirement? Am I being too late planning for retirement?
I am a firm believer that it is never too late to do anything. Yet, I am not kidding myself; the earlier the better. The most perfect time is to plan for retirement when you get your first job after finishing your education. The same principle applies for planning for retirement. It is never too early nor is it too late.
There are two main aspects to consider here, the financial and the emotional aspects. It is best to have a retirement financial plan as early in your life as possible, in the same time do not lose site on emotional aspect.
Depending on where you live, usually a part of your salary goes to your pension plan. You are also allowed to save privately in a pension plan. There might be a cap on how much you can set aside every year, if this money is non-taxable. Familiarize yourself with different pension plans and the rules and regulations in the country you live in.
It is a good idea to find a financial advisor. You can also use many resources that are totally free to get advice. Your bank or financial institution, some non-profit organizations may offer such a service, and finally online resources all provide free information. Be very careful when you use online information. There are lots of information presented online that are far from being accurate if not practical, misleading or even wrong.
Very broadly; you can explore long term investment in equities or real estate. By real estate investment I do not mean buying your own home (which is a great thing to do), but I mean buying homes and renting them out. You get a monthly passive income from the rent, in the same time the property appreciates overtime. You can take some “calculated” risk in the stock market too depending on your age; as you grow older be careful with high risk investment. You can combine mutual funds with stock market shares, as mutual funds carry less risk.

Mid-life Crisis/ Talking from experience

The first question, during my first meeting with my life coach (M. Zein- http://www.lifecoachingegypt.com/coach/15#.WMV3khLyuDU ), was: Why do think you need a life coach?

Now I am becoming a mature person and I think that I am not where I wanted to be, I said. I feel I cannot afford to make any “bad” decisions and consequently taking the wrong move that will take me to the wrong direction in life. I feel that my thinking is getting a little obscured after a conflicting situation with my supervisor that lasted over 4 years. Even though the situation was finally resolve, I am still carrying a fresh wound that needs some time to heal. In short, even though I am a life coach, I needed coaching to help me think right; I continued.

After few sessions, I felt I was taken to a journey of rediscovery and that I am getting acquainted with myself again. In the same time both of us, myself and Zein, were trying to get acquainted with each other. In our last session, we were discussing how to tackle social media using Facebook, blogging and other available online media to get some exposure to like-minded people. We came to discuss as to how would social media serve me and how can I make the content attractive to like-minded people/readership. We were bouncing few ideas; my coach came up the topic of mid-life crisis.

After we ended the session, I slept on the discussion and pondered on the rich session that needed some time to digest. Suddenly, it struck me. Am I passing through midlife crises? I had to do some reading, and o boy was I in for a surprise.

I have realized that midlife crisis is not a trivial issue, it is not about men going crazy as they grow old. It was an eye opener for me, that is why I decided to share this topic with you.

Definition: According to psychology today; midlife crises happens at the age 40 to 65. It affects males and females. Midlife crisis is associated with physiological/psychological changes that takes place in our lives and if not dealt with it can lead to mental illness. https://www.psychologytoday.com/conditions/midlife

A study of the Office for National Statistics (UK) found that people between 40-59 are the least satisfied and more anxious among other age brackets. Study also found that dissatisfaction with life can start as early as at 35 years of age. People aged 65-79 seemed to be happier. https://www.theguardian.com/society/2016/feb/02/middle-aged-people-least-happy-most-anxious-ons-wellbeing-report.

Without getting caught in definitions and studies; midlife crisis is a quite normal phase of life. We mostly follow the herd. We have been told that key to happiness is to get the best education we can afford, then start a career and work ourselves up the career ladder. Start a family then raise a kid or two and send them to school. Around and about our midlife; we come to a major junction or crossroads that forces us to take a little pause to do some serious thinking and even questioning life, ourselves and doubt the value of what we did and still doing. Well, I hate my job, the only reason I studied medicine is because my father wanted me to be a doctor like him. I don’t think I love my wife/husband, I am not sure I even love myself, I am not enjoying life, in short I am not happy, we tell ourselves.

We become to realize that we are no longer young, we are not old either. Our bodies are changing from inside where hormones play their own game, diabetes, blood pressure or other diseases find their way to us. From the outside, body parts getting saggy, wrinkles appear in the face only to remind us every time we look at the mirror “we are not young anymore”. We get slower as we move and think. Our sight is as not as sharp as it used to be, in fact we find ourselves reaching for reading glasses every time we want to read something. Men think they are becoming less handsome, women think they are becoming less attractive. Amidst all of that, the ever-growing pressure exerted by looking after the kids combined with very demanding careers, the pressure of bills, everything in life is pressing. The loss of job or going through divorce, a loss of a friend in the same age or one or both parents amplifies the situation and makes it look even worse.

In short midlife crisis is about inevitable changes in life. It is only the way we choose to deal and handle this change that would make it crisis or a journey of self-rediscovery or re-inventing oneself. You can choose to run after young ladies/lads just to prove to yourself that you are still in the game. You can also choose to peruse hobby that you liked when you were a kid and decide to join an art or dance class, or even buy this Harley motor bike that you always dreamed of when you were in your teens, but your parents refused to get it for you for whatever reason. Or you can choose to take a part of making this world a better place by helping others within the community, or helping the poor in South America, India or Africa.

https://www.youtube.com/watch?v=UfvpJ6BCs9A

To cut the long story short, midlife crisis does not have to be so. If you are informed and prepared you can turn it into a breakthrough. Midlife crisis can be a very good opportunity to rediscover yourself and revive your passion. It is said that blissing has a very bad habit; it often shows up disguised as a mishap.