Retirement Savings

by: Pauline Uchi, Licensed Financial Consultant

Retirement is not an option. It is certain! When we are gifted with good health and long life until we reach the age of 60 or 65, we will definitely retire. Why? because it is mandatory and our bodies are not designed to work the way they used to work during our younger years. Retirement is meant to be enjoyed! But to others, retirement is to endure!

What will happen during retirement? When we reach our retirement age, our income will stop! (esp to employed and professionals like doctors, lawyers), but it does not mean that we do not need the money. There are utility bills to pay, food and other basic expenses for daily living. The more we need an income because we are not working anymore. So where will we get this income to sustain our expenses? Prulife UK and I can help you put up a fund for this future need.

If you were to retire today at the age of 60, it is likely that as a man, you would enjoy 7 years of retirement or 13 years if you are a woman. As our life expectancy becomes longer with better medical facilities and breakthrough in medicine, by 2030 we are likely to live for another 10 years. That is 10 years more than today that we have to plan for.

You will be surprised to know that 8 out of 10 people endure retirement instead of enjoying them as they are dependent on their children for financial support. Which would you like to be, the 8 that endures retirement or the 2 that enjoys a financially independent retirement?

Instead of becoming dependent on your children during your retirement years, wouldn't it be better to start planning now so that you can enjoy the financial freedom that you deserve when you are already retired? What type of lifestyle would you wish to have during your retirement? How prepared are you today?

According to NSO:
3 out of 10 individuals HOPE TO EXTEND their working years due to financial anxieties!

Over 50% of retirees WISH THE GOVERNMENT HAD HELPED THEM SAVE MORE by enforcing additional private savings!

8 out of 10 retirees DO NOT SEEK PROFESSIONAL ADVICE for their retirement income!

My advocacy is to help you secure a financially stable future post retirement. I've attached a table to give you a glimpse of the expenses we need to cater for if one day we would like to give up work.

If you were to retire today, do you have the money that you will need to do so?

The good news is, you can plan NOW