Retirement is a part of life and is the last thing you want to do correctly.
Well congratulations to myself for reaching retirement age.
Prologue
When I was young and still studying, I hope that time will pass quickly as I was eager to start working to earn money so that I can start doing things I liked.
When I was working, the money was coming in. Working and working just thinking of getting more and more money.
After working for 20 years and in my forties, I realized that if average life span is 60 years, I would have been left 20 years of my life.
I started to aim for my retirement at fifty to be financially comfortable. And still have 10 years to pursue my dreams.
And I was naive. Life circumstances did not go as I had wished. My retirement target changed to 55, then to 60 and ultimately 65 of which the government or CPF endorsed. My equation had changed. from Life = 20 + 20 + 20 (Study, Work, Retirement) to Life = 20 + 20 + 20 + 20 (Study, work, preparing for retirement, retirement)
Six important considerations for retirement.
- Financial planning
- Health
- Family support
- Social interaction
- Where to retires
- Transition (Preparing for retirement)
Financial Planning
An amount of money that can covers one lifestyle including food and accommodation for a specific duration of 20 years or more.
My income during retirement will be from CPF payout and property rental.
There are 2 choices of CPF payout, A higher amount money but with limited years of payout and a lower amount of money with unlimited years of payout (Till death do we part)
I have decided upon the higher amount of money with limited years payout.
Health
One need to be healthy to retires, if one is not healthy, who is prone to fall sick should work to enjoy the benefits of the company. Medical cost is a burden on financial planning. Without work on the routine, especially those who do not have a habit of exercise will fall into a Sedentary lifestyle. This in turn brings out health issues. If travels and tours is on your retirement list, then health & fitness is a requirement.
My only issue is mild High Blood Pressure. Need only consume 5 mg of Enapril-5 daily. And daily I exercise for an hour including a 2.4 km run.
Family support
One needs the support of the family. During retirement, time with them will be increased dramatically. Resultant effect is either better or worse, seldom remains unchanged.
My wife is supportive of my retirement. But she would like to continue working if possible.
Social interactions
One has to be mindfully active. Aware of the world happenings. Taking up courses or participate in volunteering etc. There so many courses available and money as well in Skill future fund. (Government support funds)
Where to retires
Where about to retires is link to lifestyle and cost of living. Living in the city means having entertainment and good food etc. while living in the outskirt means slower pace of life and simplicity.
Singapore itself is an urban city and fast pace. I have always like agriculture and a minimalist.
I have chosen Thailand for my retirement country as the cost of living will be lower than Singapore which is my home country.
And most importantly my wife is from Thailand.
We are planning to host visitors to our home/farm in Southern Thailand.
Transition
The most important of all for retirement.
What is Transition? Transition is moving from having a job to being jobless.
One cannot actually accept being “Jobless” easily. Having a routine of going to work, earning money and then suddenly No work and No Money.
Without having to work, one routine will be changed and thus affecting not only oneself but people around also. Moneywise is like losing power, the ability to purchase.
Now I am in transition process, in brief it means Semi or Partial Retirement.
Partial retirement
Means half retirement and half working.
I do not have a full-time job but am doing part-time or freelance job.
This income gives me a feeling that I am still making money and hence the ability to purchase. Although the jobs are more laborious than mentally but is good for my physical fitness. I have lost 3 kgs since I have taken up freelancing job. Hopes to reach my ideal BMI soon!
With good time management, on schedules and routines, I hope to find a balance between the social world and my dream world.
Epilogue
Am I retirement ready?
Yes, I will be ready