In my 20s, like many women, I had a vague idea of what retirement might look like. At the time, I worked in the tech industry, providing IT support to various corporate clients across East Africa. Occasionally, I encountered older men and women packing up their desks and walking out the door for the last time. What struck me was how few of them seemed truly happy. Their faces showed anxiety rather than the joy one might expect from someone stepping into the next phase of life.
I remember wondering what could be behind their discontent. It wasn’t until I reached my 30s and 40s that I began to unravel the mystery of retirement—why so many of those I observed were less than thrilled about it. I studied people nearing retirement and those who had already left the workforce. The details of their stories varied, but the underlying themes were eerily similar.
By the time I reached my mid-40s, I decided it was time to start focusing on my pre-retirement journey intentionally. The decisions I made then, and the steps I took, have made all the difference. I’d like to share with you top five critical areas I focused on, which helped me prepare for retirement well in advance. These areas formed part of my “wheel of life” and ensured I was financially, mentally, and emotionally prepared.
1. Finances: Setting the Foundation for Financial Freedom
One of the first things I realized was that financial stability would be key in retirement. The days of relying on a steady paycheck would end, so I needed to plan for that. To start, I enrolled in a personal finance management course that taught me how to save, invest, and manage my money more effectively. This course led me to create a 10-year personal strategic plan—a roadmap to guide my financial decisions both pre- and post-retirement. This plan has been my anchor, and I update it yearly to reflect any changes in my goals or financial situation.
2. Family: Securing My Children’s Future
As a mother of two, ensuring my children’s education and financial well-being was paramount. I knew that school fees and other financial support would remain a significant part of our family’s financial commitments, even after I left the workforce. To address this, I invested in education insurance policies that would mature at strategic times, such as just before my daughters started university. This foresight has relieved a lot of the financial burden now that I am no longer in formal employment, and I’m incredibly grateful that I took the time to plan ahead.
3. Spiritual Life: Building a Support System in Faith
Navigating life without grounding in spirituality can be a challenging road, and I’m grateful I had the foresight to build a solid spiritual foundation. I joined a Bible study group and surrounded myself with like-minded individuals who share my belief that God is central to everything we do. Having a community that supports you spiritually is invaluable, especially when life throws its challenges your way. While my spiritual journey has been tested many times, my faith has kept me steady, and I’ve been able to keep moving forward.
4. Learning: Shifting from Employment to Entrepreneurship
By the time I was nearing my mid-40s, I realized that my passion for IT support, cyber security audits and software programming had waned. I knew I didn’t want to continue in the same field after retirement, so I began to explore other avenues. In 2020, I enrolled in a coaching academy and eventually set up my own business as a business startup coach and trainer, a business that I run to-date. Transitioning from employment to entrepreneurship has been one of the most rewarding aspects of my journey. I even documented this experience in my first book titled, From Employment to a Side Hustle to a Business Empire. My goal was to inspire others to take control of their financial destiny by turning their side hustle into a sustainable business. If you’re considering starting a business before leaving employment, I can share more insights from my journey.
5. Wellness: Taking Control of My Health
When I was working full-time, it was tough to find time for physical exercises or plan a healthy diet. Traveling across Africa, Asia, and Europe for IT consultancy assignments left little room for self-care. I made some attempts, but balancing work, travel, and personal well-being was challenging. Now, with the freedom that comes from having more control over my time, I’m able to prioritize my health more effectively. I can plan my meals, exercise regularly, and take better care of myself.
What About Your Retirement?
The above are just top five areas out of many facets of my life that I have been working on. So now I ask you—what does your retirement plan look like? One of the biggest lessons I’ve learned is that the earlier you start planning for retirement, the smoother the transition will be. I started my journey in my mid-40s, and while it was manageable, it would have been far less hectic had I begun earlier. If you’re in your 20s or 30s, now is the perfect time to start thinking about it. And if you’re in your 40s or beyond, it’s not too late—we can help you develop a solid action plan to prepare for this next exciting chapter of life. After all, it’s better to be late than never.
Article written by Lucy Munga, Former IT Consultant and now a business start-up coach and entrepreneurial strategist
Dear Lucy,
Thank you very much for the sharing. These are very useful insights and it would be great to partner with you to amplify this message.
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