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On the Money series by Old Mutual: Retirement Planning Lessons from the Elephant.

A new financial education series called “On The Money” is being launched by Old Mutual Ghana, a division of the pan-African investment, savings, pensions, insurance, and banking group. This series aims to inform and educate readers on how to save and invest money for the long term in order to live a fulfilling life in later working life and/or upon retirement.

The series focuses on the key African creatures, such as the elephant, leopard, lion, buffalo, and rhinoceros, and how each one may help you plan your retirement in a wise way so that you can enjoy it to the fullest.

In our previous lesson, the leopard taught us the art of planning.

The elephant is in the spotlight this week.

The elephant, it is believed, never forgets. Elephants take thorough visual notes of food sources throughout their migration routes because they are known to have excellent memories. It is able to survive in the forest thanks to its strong memory. The elephant has the ability to recall where it last found food, water, and even danger.

And that information aids its ability to survive and flourish where it currently resides.

What can we learn about life from the elephant?

Knowledge is power, according to the elephant’s hidden message. Know and keep in mind the specifics of your income and expenses. Spend your money wisely by making use of this information. Understand what you spend, what you make, and what you owe. The human memory is fallible, unlike the elephant’s. Fortunately, we can read and write to aid in memory. We can therefore recall just as well as an elephant with good record-keeping. Gather information about your earnings and expenses and write it down.

Maintaining accurate records will greatly improve your understanding of your spending patterns. You might be shocked to learn how much money you spend on things like transportation, lunches, cellphones, leisure activities, account payments, etc. After keeping track of your income and expenses, you may make plans on how to adjust your spending to match your income and future objectives. This understanding provides you the power to change. Creating a budget is a skill that anyone can master.

Importance of budgeting when preparing for retirement?

Getting ready for retirement? Budget. Plan your retirement contributions. Include it in your monthly spending plan, and actively see to it that a portion of your income goes toward your retirement account.

Planning for your ideal retirement lifestyle enhances the likelihood that you’ll enjoy it. Do not rely on luck in any way. Make careful to include contributions to retirement funds as a major expense when creating your monthly budget. You can boost your retirement contributions as you start earning more.

Old Mutual Retirement Salary

Old Mutual Retirement Salary is designed to support retirees in living a secure and happy retirement. A flat sum payment is all that is required to join the Old Mutual Retirement Salary.

The best aspect is that you don’t have to release the entire cash at once. The Old Mutual Retirement Salary gives you the option to start saving for a lump amount when you select your preferred retirement style, or those who are already retired can only make the payment and prepare for the monthly retirement salary they will be receiving.

Couples who purchase a policy together might benefit from shared spousal benefits in addition to the retirement salaries for retirees. For all policy holders, there is also a funeral coverage option. The guaranteed term makes sure that following the customer’s passing, the regular retirement salary stops. Although an annuitant is permitted to choose a minimum number of years for which the income is assured to be provided even after death when the product is initially acquired. The specified recipients can also receive the remaining revenue in the guaranteed duration.

closing remarks

In conclusion, one should take this advice from the elephant. Knowing things is really important. It has been said that information is the finest dividend to invest in, thus it is crucial to start from a position of knowledge if you want to develop strong, positive money habits. Make use of a budget to keep you concentrated on achieving your goals.

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