Head into retirement with sound financial planning

It is a subject we recurrently think about. Retirement marks a new stage in the lives of workers. It is often a time to sit back and enjoy the fruit of your labour — and in good health.

After spending years working hard to meet strict deadlines, it is finally time to put your feet up without anxiety about your finances.

All you now need to worry about now is taking care of your health —perhaps a nice cup of herbal tea in the morning as you flip through the newspapers.

The big house that was once filled with children’s cries is quiet. It has become so silent you can hear a pin drop.

You are now surrounded with trees and everything around you is green. It is a big contrast to the life you left behind—the fast moving corporate environment filled with the noise of shuffling papers, ringing phones and computers.

This is retirement time. It is the new life that we look forward to . But how can you relax and enjoy your years of sweat without anxiety.

A financial plan is the way out. Here are things that you can do to make your twilight years more enjoyable.

Paying off debts: Debt is a heavy burden on your shoulders.

Paying off your creditors before retirement guarantees you a comfortable life. Mortgages, for instance, if overlooked can haunt you into retirement.

To avoid using up most of your pension to repay a home loan, make sure that you structure repayment in a way can allow you to fully service it before you retire.

But just in case you find yourself in debt after retirement, Isaac Maluki, a financial advisor, suggests selling the house at a higher price since market trends show that property value appreciates with time.

Owning a house: Retiring to your own house is the best bet.

It is a great relief after years of paying rent. A rental house will only continue eating into your pension.

This money should be restricted to making your life better but not sending you back to dependency. Depending on your children for money is also not honourable.

Mr Maluki advises potential home owners to take up mortgages as soon as they are employed. But he urges care on the choice of a mortgage plan.