Start Planning for retirement now, while there's time

Many are not so happy after their retirement- having forgotten they'll be older sooner or later and there'll be a day they will no longer work and have no regular income. Many think it is a long way to go and they choose to worry about it when that day arrives.

You will be surprised how fast it will come.

After retirement, most people wish to travel. Some hope to spend the rest of their life in their favourite place, perhaps a bungalow by the beach or a house upcountry in big, open space. Yet how many people really have a plan in place to accomplish all these retirement goals? Believing that retirement planning is for the elderly, most live for today. Still, somebody is going to retire next year and when the day comes, it will be too late.

I am not talking just about the financial situation.

When you travel, there is usually a lot of flying and driving around. A long walk requires a lot of energy. Have you ever thought whether you will be healthy enough to cope with all of these new challenges?

Preparation-wise, are you willing to get fit? Don't overlook your health. You may be healthy today; however, if you use your body without giving it maintenance, it could soon be "out of order" just as you are about to enjoy life in retirement.

If you can maintain your car regularly with check ups and pampering, why not your body? When was the last time you had a physical check up?

I know we are all tired of the word "exercise", but do you remember what happened to the car that was parked for a long time without anybody warming it up?

Humans are social animals. Nobody likes to be alone, no matter where they are. If you are not married and do not think you will be at retirement, who are the people you will share your good times and bad times with when you get older? A good retirement life is also about building and maintaining good relationships with people - at least one person. Who will you talk to when you don't have to go to the office any more?

Then there is your financial readiness. For almost each activity you choose to do you need to have some money to cover it. When we work, each year we have to prepare a budget for the coming year so we can implement our plan. We complain when our budget is cut.

However, unlike work, nobody has to approve your life plan. Not even your boss. This is your life, so you need a good budget to be able to accomplish your plan. You are the board of directors of your life and you can say yes to every plan you want.

Keep these questions in mind:

Where will your income come from the day after your name is not on the payroll of your organisation? Do you want to have a regular income in your bank every month, just like now? Are you prepared to have one lump sum, to spend for the rest of your life? There are many new financial products in the market nowadays which can help you plan for the days after retirement.

Plan ahead so that when the day comes, you can take off and enjoy yourself - just like you dreamt about on the days when you worked so hard.

Wilf Blackburn is president and CEO of Ayudhya Allianz CP Life Insurance.