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During retirement or when preparing for retirement, one of the questions people like to ask - how much is enough for us to retire without any financial worry and independent?

Then the next thing is the myths of retirements, and the reality of it, how do we handle these issues?

So what are the myths of retirements?

  1. We can start preparing for our retirement later.
  2. Our Savings is enough for our retirement.
  3. We will spend less in our retirement life.
  4. We will have a lot of free times during our retirement.
  5. Health issues do not slow down a person until much later.
  6. We can start our savings plan for retirement later.
  7. We can take care of our health insurance.
  8. Invest in safe and stable financial instruments to lower risk and preserve capital.
  9. The Retirement Fund is sufficient for retirement.
  10. Still, can work during retirement.

1. We can start preparing for our retirement later.

People like to put off what they intend to do to a later date especially on retirement. And this is quite a serious problem, if we do that, as the longer we put off our retirement financial plan or wealth plan, the less we will have accumulated for our targeted funding for retirement.

The power of compound interest will come into play in our wealth plan, and the later we start savings for our wealth plan, the less amount we will have in term of compounded interests accumulated. Which will be quite a substantial amount, which we may regret later for not starting earlier.

2. Our savings will be enough for our retirement.

Enough Money for Retirement?

Whether the amount saved for retirement is enough or not, is anybody guess, there does not seem to be an amount which is the right amount for retirement, as there are so many variable involved; and also very much depend on where one is residing; and the lifestyle one has and hoping to have upon retired.

3. We will spend less when we are retired.

Nice Food For Retirement

I hear a lot of this when I talk to people about retirement,  the usual norm is one will spend less when one retired. Is it really the case? some may have more to spend on health and medical, others may have to spend more when they move to a new place to retire, instead of staying put at the place they used to live during the working life.

4. Having a lot of free time during our retirement.

Relaxing on Retirement

Conversation I have with people going to retire is - they currently put off whatever they want to do until retirement because they have the impression that they will have a lot of free time during retirement, and they can do whatever they plan to do.

The reality is -- do you really have a lot of free time during retirement?

It will be a shock to some people when they find out they need to adjust their retirement plan, as they go along and realize they are busier than their working life!!! as when they are getting into retirement life and find out they have planned a lot of activities and not able to cope with.

5. Health issue does not slow a person until much later.

There is a possibility that once a person retires and suddenly there is no much pressure and stress, the body takes time to adjust to relax mood, and all of a sudden, those problems in the body start surfacing and the person will face a lot of sickness such as hearing issue, movement problem, pain and aches and so on, and this will surely mean we need to incur more to solve these health's issues.

6. We can start our saving plan for retirement much later.

A lot of people decide to delay the start of saving for retirement, and prefer to pay off the house mortgage, children education loan and so on, without realizing that the more we delay the start of the savings plan, the more we need to save in the later years in order to have a bigger nest of funds for retirement and we may have to adopt a more aggressive method to accumulate the fund/money required.

As mentioned earlier, the power of compound returns which can help to achieve financial security.

7. The health insurance will be taken care of.

Photo by rawpixel on Unsplash

Quite a lot of people depend on the health insurance for the golden year, most of the time we purchase the insurance policies in our younger day, and we later find out the policies  do not seem to be the right policies for the purpose., and if we go for a new health policy to meet the requirement, it will be very costly.

The next question one needs to ask is, what are really covered in the health insurance?

8. Invest in safe and stable financial instruments to lower risk and preserve capital.

This is a big headache for a retiree to consider:

  • to move to a stable and low risk investment,
  • the return may not be as high,
  • this will affect the growth of your savings fund,
  • the immediate problem one needs to face will be the rate of inflation will be higher than the return on investment.

If the rate of inflation is higher than the growth and return on investment of the fund, sooner or later it will affect the availability of the fund for sustaining the lifestyle of retirement.

The situation will become more acute if one's life expectancy is more than 90 years old.

9. The retirement fund is sufficient for retirement.

People may have set aside some fund specifically for retirement, besides the savings they have.

The main question one needs to ask is -

  • whether the money in total set aside for retirement is sufficient, and
  • if it is not, what do we need to do to ensure we have enough for retirement?
How do we determine the retirement fund is sufficient?

There is no any hard and fast rules on this:

  • it all very much depends on the needs and
  • requirement of each individual.

10. Still, can work during retirement.

Plant Durian in Retirement

A lot of people have the idea that retirement means stop working, which will actually cause a lot of issues and problems,

Are we retiring from work or from life?

There is a different between the two and we have to make sure we are not retired from life and do nothing.

If we work every day and we are active, when suddenly we drop every thing we are doing and declare " I retire!!", that is the end of it, a lot of problems will arise

And you will be facing a lot of issues if you are not able to adjust to the retired lifestyle.

Sooner or later, the mind may be as sharp as before, because suddenly one stops using the mind.

As we know, our mind stays sharp the more we use our brain and our mental will stay healthy if we consider using it.

Likewise, our body also stays healthy and mobile if we consider to exercise and move around more often, instead of just sitting around and lazying away.

We may want to start a second career which is less taxing than our first, and enjoy retirement at the same time.

Not to mention it may generate and supplement our income for retirement.

So, what can we do to mitigate the impact on retirement and at the same time enjoy our retirement?

For those people whom I have had discussion with, I always encourage them:

  • to start a second career, or
  • do something less taxing, and
  • which can generate income for their retirement,
  • at the same time can learn some new skills.

With the advancement of technology and availability of internet, it will be good for those who want to retire, or soon to retire can start learning some skills about online business.

Why I found that Wealthy Affiliate is a good platform for a person to learn/

  • a person can learn a lot from Wealthy Affiliate, such as
  • learning how to create a website of your own,
  • how to use the internet in a more productive way,
  • getting to know how to link with other social media and so on, some basic computer skills which will come handy when one retired and have ample time to learn in this WA community.

By doing so, it can also help to keep a person's mind sharp and in a healthy state.

If you have any questions or wish to share your experience on this topic.

Please feel free to leave your comments and questions and your experience in the feedback space below.

I would be glad to get back to you and thank you for your feedback and comments and sharing of your experience.


Healthy SupplementIs There Some Secret Ways To Have Happy Retirement?

When a person thinks of his retirement, normally people will only ask: -

Do  we have enough to last the duration of the retirement?

Assuming you retire at the age of 55, the normal life span of a person may be 90,

As a result of which, you will have 35 years to enjoy or suffer when you start your retirement.

Hence, the question arises, in order to be able to live out this 35 years,

How are we going to ensure we have a happy and healthy retirement life?

  • People tend to think of ensuring money in the bank, or
  • in hand to live out the 35 years, will be fine already, and
  • neglect the health in body and mind.

As can be expected, If we do not have a healthy body and mind, we will not have a healthy and happy retirement.

To have a happy retirement, what are we really looking at ?

In view of this,  we have to take care of the three important issues as follows:

1. Financially independent.

2. Healthy body.

3. Happy mindset.

I have already covered some points in my previous posts

Mainly concerning financially independent to enjoy a good retirement.

Now I am trying to talk about the need to have a healthy body and happy mindset.

Healthy Body

If we want to remain healthy, and ensure our body stays active for many years to come.

Generally, we need to do the followings:

  1. Take good care of our body,
  2. Eat right,
  3. Exercise correctly
  4. and if possible, take some good vitamins and minerals or supplement,
  5. This is to maintain and supplement the vital nutrients we lost over the years as we age, and
  6. Help our body to function and maintain at certain level.

Nowadays, people are very conscious of the food intake.

People now always go for healthy food, preferably eat some natural food.

Instead of processed food, and

Some even go to the extent of having a dietitian to prepare their food.

The dietitian also maps out a menu for them to follow.

What do we normally think of when come to food?
  • Take simple and natural action,
  • like taking fruits,
  • vegetables and
  • whole grains
  • as the key to maintain a good healthy diet, and
  • trying to avoid meats, as we are trying to be thrifty in our retirement, and
  • still manage to get enough nutrients and the necessary minerals required by our body.

Other than the food intake, it is important also we have adequate exercise.

Whatever exercise we do,

Generally speaking, exercise correctly is to maintain a certain level of fitness for our body.

This is to enable us to have the necessary metabolism of our body.

Brisk walking is one form of exercise.

It can be done anytime during our retirement.

Further more this exercise is free, as long as you have a good pair of shoe for walking.

Thus, we need to ensure we spend certain times per day to walk briskly.

Happy Mind Set

Photo by Mathias Konrath on Unsplash- Happy Retirement

As long as we are happy, and we have a positive mind set.

Naturally, we will definitely lead a very happy and healthy retirement life.

Benefits of happy mindset:
  • Lead to a healthy body
  • If one is happy always
  • Will have positive attitude,
  • Things will look up positively,
  • Can brighten up everybody surrounding him,
  • Spread the good energy around.

Therefore if we exercise right, keep a healthy lifestyle and as long as we eat healthily.

All the things considered,  we will have a healthy and happy retirement

In summary

In order to have a healthy and happy retirement:

  • We must eat healthily
  • Having a happy mindset
  • lastly, exercise correctly

If you have any questions or wish to share your experience on this topic.

Please feel free to leave your comments, questions and your experience in the feedback.

I would be glad to get back to you.

Thank you for your feedback and comments and sharing of your experience.