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During retirement or when preparing for retirement, one of the questions people like to ask was how much would be 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 will be 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. The health insurance will be taken care of.
  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 are supposed 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 and the usual norm is one will spend less when one is 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 used to 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 healths issue.

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.

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 and most of the time the policies which were purchased in their younger day do not seem to be the right policies for the purpose intended and if a new health policy is required 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, and 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 needs to be done 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 used to work every day and active, when suddenly we drop every thing we are doing and declare " I am retired", 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 it used as 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 is good those who want to retire or soon to retire can start learning some skills about online business.

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

6

Healthy SupplementIs There Some Secret Ways To Have Happy Retirement?

When a person thinks of his retirement, normally people will only look at whether we have enough to last the duration of the retirement.

Assuming you retire at the age of 55, and the normal life span of a person may be 90, hence 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, if we do not have a healthy body and mind, even though we have ample money at our disposal during our retirement, we will not be able to achieve our objective to have a healthy and happy retirement.

In order to really enjoy our retirement, besides financially independent, it is important to keep a healthy body and happy mind.

So we have to take care of the three important issues as follows:

1. Financially independent.

2. Healthy body.

3. Happy mindset.

I have covered some points in my previous posts about financially independent to enjoy a good retirement.

Now I am trying to bring to attention of 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, we need to take good care of our body and eat right, exercise correctly and if possible take some good vitamins and minerals or supplement, this is to maintain and supplement the vital nutrients we lost over the years as we age and help our body to function and maintain at certain level.

Nowadays, people are very conscious of the food intake and 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 and map out a menu for them to follow.

I would have thought as long as we took 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 will do 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 and exercise correctly, this is to maintain a certain level of fitness for our body so that we can have the necessary metabolism of our body.

Brisk walking is one form of exercise which can be done anytime during our retirement and it is free as long as you have a good pair of shoe for walking and it is important to ensure we spend certain times per day to walk briskly.

Happy Mind Set

Photo by Mathias Konrath on Unsplash

As long as we are happy, and we have a positive mind set, we will definitely lead a very happy and healthy retirement life as a happy mindset will surely lead to a healthy body and if one is happy always and have positive attitude, things will look up and bright up every body surrounding him and spread the good energy around.

Therefore, if we exercise right, keep a healthy lifestyle and eat healthily, we will have a very healthy and happy retirement

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