Retire rich through MR 5:30 rule

For many people, especially the youth and even some adults — retirement seems like a distant event.

As a result, they delay preparing for it until it is too late. Unfortunately, this lack of foresight often leads to hardship during the retirement years.

It is critical to understand that retirement planning is a personal responsibility.

One should not rely on their children, relatives or the government.

To retire wealthy, one must embrace hard work, financial sacrifice, discipline, consistency and patience.

It is regrettable that the concept of retiring rich is not taught in our formal education system, despite its significance in ensuring a secure and fulfilling life after years of service.

Had I not studied financial education and prepared deliberately, my retirement would have been a struggle.

I only had 10 years to prepare, which was not enough to secure the comfort I had envisioned.

Retirement should be a necessity, not a luxury.

It should be a time of joy, global travel, knowledge sharing with younger generations, and business creation, not a time of regret and financial struggle.

There are two essential components of a rich retirement: financial and non-financial.

In this article, we will focus on the financial aspect and explore what I call the Mr 5:30 Rule.

Letter "M" 
M stands for Martey, which is both my surname and a symbol of my lifelong dedication to financial education.

I am a proud Dangme man raised from a village in Ghana's Eastern Region.

Now l have retired. For more than a decade, I have immersed myself in research, free coaching and practicing the principles of retiring rich.

My goal is to become a recognised authority in money management, investment and retirement planning.

Alongside this, I also value the study of the Holy Bible as a guide for wise living.

Letter "R"

R stands for Retirement. It is a phase of life that demands serious attention and deliberate planning. Retirement can be viewed in three phases:

1. Pre-Retirement – the preparation period

2. Retirement – the active years immediately after stopping extremely hard work

3. Post-Retirement – the later years, often marked by declining strength

There’s a growing global movement called FIRE (Financial Independence, Retire Early), where individuals intentionally plan to retire much earlier than their national retirement age.

While early retirement is good, we must recognise that there is still much to contribute and achieve after official retirement.

In Ghana, formal pension systems began in 1965, culminating in the establishment of SSNIT in 1972.

Pensions are intended to reduce dependency on the state or family and provide dignity in old age.

Books on retirement planning provide immense value, offering strategies and examples of how to retire in comfort.

I encourage everyone to read widely.

Retirement period is the golden years, where one must enjoy life to the fullest.

One must travel to any part of the globe, take the best smoothies, sleep in the best house, impact on society by giving much knowledge, time and cash to guide the youth for them to have a better life. 

Number "5"

The number 5 represents five per cent of one’s net salary or income.

This rule suggests that by consistently saving and investing just five per cent of one’s income over a working lifetime, one can build wealth and retire rich.

This principle is inspired by nature: a single seed of maize, when planted and nurtured, becomes a full stalk, which in turn produces hundreds of new seeds.

Likewise, small, consistent investments can grow into a large financial reservoir.

You do not need a huge salary to become wealthy during retirement period — what you need is financial education, discipline and sacrifice to invest.

If the poor and low-income earners can commit to investing five per cent of their earnings consistently, they can break the cycle of poverty and build wealth over time.

You don’t have to be rich to retire rich; just get educated and apply all the required knowledge to make it financially.

What about number "30"?

Thirty represents the minimum number of years one should plan and prepare for retirement.

Considering improvements in life expectancy and healthier lifestyles, it’s no longer far-fetched to expect people to live up to 90 or even 100 years.

If someone retires at 60 or 65, they may live another 30 to 40 years.

Without proper planning, those years can become a burden.

Ten or even 20 years of preparation may not be enough for a secure retirement. 

Thirty years of consistent investment and without withdrawal gives you a better chance at financial freedom in old age.

While it is possible to start late and still retire comfortably, such cases are rare.

The safer path is to plan and invest early, assuming you’ll live a long life.

Commencing in your 20s is the key to a comfortable retirement.

Conclusion

MR 5:30 is a principle I developed through personal experience, years of research and financial coaching.

It is a practical, realistic approach to building long-term wealth and retiring rich.

However, this rule is not absolute or one-size-fits-all.

Before adopting the Mr 5:30 rule or any financial strategy, it is essential to consult a certified financial advisor for proper guidance and personalised coaching.

Remember, retirement is not an end — it is the beginning of a new chapter.

With proper planning and the right mindset, one can make it the most fulfilling part of your life.

The writer is the Founder & CEO, Joes Coaching Consult. He is an author, preacher, money management coach, trainer and farmer.

Email: zoommartey@gmail.com; joestechpu@gmail.com