Retirement

Retirement

Student’s name

Institution

Course

Date

The career I feel would better suit me is being a counsellor for at risk kids. This involves working with troubled youth between the ages of 10 and 21 in the juvenile justice system, in schools, or in social service organizations. The main role of a counsellor is providing guidance to this population. Serving as a role model, and building a supportive relationship with the population are essential in helping the population to solve their problems. I chose this career because I have realized I am able to relate well with at risk children. To be able to help the population, one must have the ability to build relations that are based on trust. This is the only way to an interactive relationship essential for identifying inappropriate decisions and coming up with effective solutions. Therefore, I believe, through the career, I will be able to help the at risk kids to make better life choices.

There are various factors to consider when deciding on a career. One, is the amount of income associated with the career. The salary must enable to afford basic needs and life a desired lifestyle. Second is the control over time. I prefer a career that balances life and work. A career that takes too much time is not preferred. The best career should be the one that makes one more comfortable. The third is the personality type. Every working environment requires certain personality types. For instance working as a counsellor for at risks youths requires a person with listening skills, attentive, and people who are empathetic. Therefore one must evaluate their skills to select a path that aligns with the skill set.

Retirement is achieved when one investment income, enough savings, or pension that can cover living expenses. At this position one can withdraw from the active working life. It is achieved when one has enough income sources that don’t require earning by working. Most are times when the term financial independence is used interchangeably with retirement. However, one can retire without being financially independent by reaching the set age of where they are working (Ritholtz, 2018). The advantages that come with retirement make it appealing. These include reduction of job-related stress, more time for exercises improving health, spending more time with family, and more time for social activities.

I would like to retire at the age of 60. By this age I should be done with paying the school fees for the kids. I will have made a good retirement plan that will take me through the remaining years. I will have thought of life after retirement and come up with a better option for remaining mentally and physically active after the retirement.

My biggest concerns about retirement and longevity are; paying for health care. Catering to health care cost after retirement is a key concern. I am concerned that the medical expenses will be too high disrupting the retirement budget. The second concern is outliving the saved money. I wonder if one can save enough for covering the long retirement. The third concern is whether I will be able to afford the daily expenses. This is considering that the social security income may be limited to cover all the expenses or may not even exist (Ritholtz, 2018). Increased longevity increases the chances of various risks such as expensive health issue, more inflation, and the chance of a financial crisis. Such risks are a major concern.

There are various steps to take to ensure that one has the adequate amount saved for retirement. The first step is estimating the amount of savings needed to cover a long retirement. This is done by first looking at the living standards and expenses. This is used as the baseline. Then one should consider how they expect the living standards to change during the retirement. The second step comes in when one has an estimate of the total savings why require in retirement (Ritholtz, 2018). The step involves making a savings schedule that will ensure that the estimated amount is saved by the age of retirement.

In the post retirement life I will ensure that one, I maintain friendships. Friends are strong reinforcers of identity. They will help in building a feeling of happiness. Attending social events, and lunch dates will help in maintaining the bonds. To maintain physical activity and keep the mind active in will keep working though the number of hours will be fewer. This will ensure I remain physically active, and I keep the brain sharp eventually promoting longevity. The work will also help stay in touch with friends. The part-time working will help maintain my identity and life purpose.

Reference

Ritholtz, B. (2018). The Good and the Bad of Retirement Saving. Bloomberg. Available at             https://www.bloomberg.com/opinion/articles/2018-07-09/the-good-and-the-bad-of- retirement-saving