Fears of Retirement

With Singapore’s life expectancy rate of 83.3 years, assuming if one retires at age 67 years old, he has 16.3 years of life in retirement. However, if another wants to retire at 62 years old, then he has 21.3 years ahead of him to live out.

Having experienced how it was like to be out of the workforce for 6 years now, let me share how it was like to retire. This blog post covers the fears of retirement. There are three aspects: Money, Health and Time.

Money
The fear is when money runs out. Your savings are being depleted year by year. Every big-ticket item like a vacation, buying home appliances, house repair, etc can set you back. One would be extremely lucky to be able to increase wealth by investment returns. More often it is the other way round.

Health
As one gets older, he may not be as healthy and fit as when he was younger. Common health problems increase over time. He is prone to accidents when his faculties are not so agile. Health care cost goes up. Without adequate health insurance, money is depleted as well.

Time
Time refers to how can one use his time meaningfully since he is not engaged with work in the workforce. Waking up everyday means that there is 16 waking hours ahead to be occupied. This is a bigger challenge than the other two above. It is real and happens every single day.

Fear Not
Time does not wait for man. Majority of us has to face retirement at some time. When the time comes, are we prepared?

Financial Planning, Retirement Planning and Money Management address the money aspect.

Health aspect includes physical health and mental health (mind and body). With regard to mental health, living a wholesome life and morally helps. One should be conscious of one’s body so as not to cause stress to it, such as alcohol consumption and smoking. Physical exercises must not be neglected. Suitable food intake is the other. Going for regular health check is necessary to address health issues that may surface.

On the aspect of spending time meaningfully, one has to draw out his own plan according to his interest and skills set. I like to read and I write. I watch over our investment portfolios. I do book keeping for two entities. My wife and I spend one day each week to help in TOUCH’s Meal-on-Wheels programme to benefit the beneficiaries. We also like to explore places in Singapore to visit. There are many places of interest and parks and nature reserves we have yet to visit.

Retirement can be fulfilling if some routine can be built into one’s life. Because we have seen through lives, we have wisdom to share. Pass this wisdom on. We can be useful to others and it is rewarding.

Copyright © 2018, limkimtong for Living Investment

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