Preparing for Early Retirement and Dealing with Future Job Loss

       Every human being will grow old, even if they are currently young, energetic, and healthy. It is a mistake to forget that tomorrow will be different from today when we are still young. We will all experience old age, also known as becoming elderly, if we live long enough. Even if we are healthy now, we may face severe illnesses in the future that require significant sacrifices. Therefore, it is essential to plan for our old age to avoid regretting our actions during our youth.

1. Prepare Basic Assets

         While young, it's a good idea to prepare fundamental assets that will be useful in your old age. A house, a motorcycle, a car, furniture, and other possessions are examples of basic assets. Prioritize owning a house in a good location for raising children and as a valuable investment for the future. Imagine retiring but still renting a house—how would that feel? If you have extra money, consider getting a landed property rather than an apartment or condominium.

Purchase a modest-sized house that is less likely to be demolished and has a good design. If you have extra funds, invest in a durable motorcycle or car that can be used until old age with minimal maintenance costs. Frequently changing houses, vehicles, furniture, and so on will waste money. Therefore, choose items that are long-lasting, durable, and inexpensive to maintain.

Avoid succumbing to the temptation of always wanting to buy the latest, stylish, trendy, or advanced items. Buy something simple that can be used for a long time and continue using it as long as it functions well. For example, you can replace your mobile phone every five years.

2. Social and Community Preparation

       Prepare the people around you to provide care when you enter old age. Educate your children well so that they can live independently and have the means to help and bring happiness to their parents in their old age. Cultivate your relationship with your spouse so that they remain loyal and supportive in both difficult and happy times.

Humans are social beings who need communication and the helping hand of others to survive normally. Help those around you without expecting anything in return, as they may provide more assistance than you ask for when you enter challenging times.

Don't forget that we have a Creator who made us. Therefore, if you want your life to have meaning, choose heaven by worshiping and being mindful of Allah SWT. It's useless to live happily for a hundred years but end up in a harsh and painful hell after death. Increase your acts of worship starting now as an investment for the afterlife.

3. Retirement Savings

Saving money is essential and highly beneficial if done correctly. In essence, saving money in the form of cash, whether at home or in the bank, can be disadvantageous due to high inflation rates, which reduce the value of your money over time, even if it accumulates interest in the bank.

Save in something that has a constant or even appreciating value, such as gold, silver, diamonds, platinum, jewelry, antiques, collectibles, and more. Even in the face of inflation, precious metals like gold and silver will continue to rise in value both locally and internationally.

Currently, there are gold and silver coins, known as dinar and dirham, which were used as currency in the past and are gaining popularity. In Indonesia, these coins are produced by PT. Aneka Tambang (Antam) and can be legally used for specific communities. With gold dinar and silver dirham, you can invest and transact without worrying about inflation because gold and silver have limited quantities in the world and are highly valued and are considered a means of transaction sanctioned by Allah SWT.

4. Preparing for Income in Retirement or Challenging Times

       Everyone needs money to survive in society, including the elderly. It's important for elderly individuals to have a source of income so they don't have to rely solely on their children, spouse, or others around them.

If you are a civil servant or part of the military or police force, you can feel more secure about your old age as you will continue to receive a pension even if you no longer work. However, for those who feel financially insecure or work in the private sector, retirement can be a daunting prospect, with the possibility of losing their income but still facing significant living expenses.

While young, consider starting businesses that can provide financial security in the future. Owning various businesses that do not require your direct involvement is sufficient to provide peace of mind. You can also invest in multiple houses, plots of land, shops, stalls, and more that can be rented out. Additionally, educate the next generation to run these businesses without your direct involvement, such as your own children, nieces/nephews, grandchildren, friends, and others you can trust.

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