Preparing for retirement on the farm


Retirement refers to withdrawing from the workforce or being available in the labor market which I call phase 1 and starting phase 2 of life. In phase 1 you are working to earn money to pay the bills and savings whereas in phase 2 you are working for self-satisfaction because you are doing what you love not because of money.

Life Mission

The starting point you have to develop a personal mission or purpose in life as without a mission you will not be in a position to develop personal goals. The mission explains the reason why you exist. The goals are targets or things you want to accomplish.

What to do in retirement

There are many activities or ideas that one can choose from and implement during retirement. The ideas may include farming, cooking, running a restaurant, writing books, research, and community activities among others.

Where to spend retirement

The options available are many including urban, rural, lakeside, and mountainous areas among others. You also have the option to migrate to other destinations in the world to implement your retirement ideas.

My choice

I decided to set up a model village engaged in sustainable farming near the Kampala Capital City because my interest in life has been in farming.


My planning process included getting my mission and goals more clearly and focus and developing and implementing an action plan that guides me in walking towards my retirement vision.  The process enabled me to identify challenges in farming early enough in order to develop a mitigation strategy to address them. My plan serves as my constant guide as I move on my journey in life.   I have used the success formula that includes mission, positive mindset, planning, belief, action, and review in ensuring that I remain on course.

Rules or principles for living a quality life

It is also important to develop rules or principles to help you in enhancing your self–discipline as you move in your journey in life.  The aim is to enjoy a high quality of healthy life during your retirement.  Your retirement environment should be natural in order to enhance the benefits of nature.

When to start

Start preparing for retirement early enough to avoid panicking as the retirement date drew near. For example, I bought the farmland about 20 years earlier and had started the development phase of the land by the time I retired. However, do not lose your sleep because you did not start early enough. You can start any time though implementing a retirement plan towards the tail end of phase 1 will be too demanding on your financial resources.

Building asset base

During phase 1 it is recommended to save and use your savings to acquire income-generating assets. The assets should not need so much of your time to manage during phase 2. The best option is to choose assets that can be managed remotely. It is recommended that by the time of retirement your critical assets are loan free. It is burdensome to service a loan during phase 2.

Personal branding- Low-hanging assets 

During phase 1 you have to work hard to improve your personal brand or identity as it will help you during retirement. During retirement, you no longer possess the powers of your former office and what matters is the good personal image you created while holding the office. My personal brand has helped me in being nominated to various corporate boards.

Cash management

In phase two of your life, you will be more concerned with cash flow management to avoid liquidating your assets base in order to provide the necessary liquidity. The aim is to ensure you do not outlive your income-generating assets to become dependent on other people.

Tax Advisor

It is important to engage a tax advisor who will advise you on the taxes applicable to you, how to pay them and the ways how tax burden can be legally reduced.


The contents of this article are a high-level summary of the issues among other things you may consider when planning for your retirement.

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