Key World Cup lessons for every worker on retirement

A football match can be compared to retirement which, if not well planned, can be disappointing when our goals are not met.

There are valuable lessons on retirement from the 2018 World Cup in Russia. Great teams, which were believed to be in a better position to win the competition, were knocked out at the group stages.

This is what will happen if you fail to plan well for your retirement early enough. Annual salary increments or bonuses create a false illusion of being wealthy and in most cases one fails to make valuable investment plans for this new money.

Even in football, ball possession is not a guarantee for a win or a loose. In order to keep scoring in your investment goals, it takes consistency and discipline with clear strategic plan. France, Croatia and Belgium have made history because they had strong players all round. These are what our investment plans should have before we allocate our assets.

Like in a football game where there is half time, it is advisable for one also to step back and review how retirement goals are aligned to your asset.

To review retirement goals, you need a consultant who acts as your financial coach. Even in football during halftime the coach guides the players on change of strategy based on the first half results.

It is important to note that planning for retirement is a personal responsibility hence do not blame anyone for your failures. Like in any football game which is 90 minutes long, meaning players should score before time runs out to avoid blaming each another, you should act with time in mind.

To avoid blame game, you need to review your asset allocation with a scale and buy with the strategic alignment to your goals based on risk appetite and age profile alignment.

It is never too late to devise a new financial plan to safeguard your retirement. Go ahead and start planning for your retirement by topping up monthly contributions to NSSF through voluntarily members contribution.