Category: Retirement

Introduction:

Financial freedom in retirement is a cherished goal for many individuals.

It signifies the ability to maintain one's desired lifestyle without worrying about financial constraints. However, achieving this state requires careful planning, disciplined saving, and strategic investment. In this article, we delve into the key components of a retirement plan aimed at attaining financial freedom.

Understanding Financial Freedom in Retirement:

Financial freedom in retirement goes beyond merely having enough money to cover expenses.

It entails having the resources to live comfortably, pursue hobbies and interests, travel, and handle unexpected expenses without compromising one's financial security.

Achieving this freedom requires a holistic approach encompassing savings, investments, budgeting, and risk management.

Key Components of a Retirement Plan:

Setting Clear Goals:

The foundation of any retirement plan is establishing clear and realistic financial goals. This involves determining the desired retirement age, estimating post-retirement expenses, accounting for inflation, and considering any additional goals such as travel or supporting family members.

Building a Diversified Portfolio:

A well-diversified investment portfolio is crucial for achieving long-term financial freedom. It should include a mix of assets such as stocks, bonds, real estate, and other investment vehicles based on individual risk tolerance and time horizon. Diversification helps mitigate risk and enhances the potential for steady returns over time.

Maximizing Retirement Accounts:

Contributing to retirement accounts such as 401(k)s, IRAs, or pension plans is a cornerstone of retirement planning. Take advantage of employer-sponsored retirement plans and strive to maximize contributions, especially if there's an employer match available. These accounts offer tax advantages and can significantly boost retirement savings over the years.

Creating Multiple Income Streams:

Relying solely on a pension or retirement savings may not suffice to achieve financial freedom. Consider creating additional income streams such as rental properties, dividend-paying stocks, freelancing, or part-time work in retirement. Multiple income sources provide a buffer against economic downturns and enhance financial stability.

Managing Expenses Wisely:

Controlling expenses is essential for preserving retirement savings and ensuring financial freedom. Create a realistic budget that aligns with retirement income and lifestyle goals. Identify areas where expenses can be trimmed without sacrificing quality of life. Managing debt effectively and avoiding unnecessary expenditures contribute to long-term financial security.

Accounting for Healthcare Costs:

Healthcare expenses can significantly impact retirement finances, especially as individuals age. Incorporate healthcare costs into retirement planning by estimating potential expenses for medical insurance, long-term care, and out-of-pocket healthcare costs. Consider purchasing long-term care insurance to protect against substantial healthcare expenses in later years.

Revisiting and Adjusting the Plan:

A retirement plan is not static; it requires periodic review and adjustment to stay on track. Life circumstances, financial markets, and personal goals may change over time, necessitating modifications to the plan. Regularly revisit investment allocations, retirement goals, and spending habits to ensure alignment with long-term objectives.

Benefits of Financial Freedom in Retirement:

Peace of Mind:

Achieving financial freedom in retirement provides peace of mind, knowing that one's financial needs are adequately met, and there's a buffer for unexpected expenses.

Flexibility and Independence:

Financial freedom allows retirees to enjoy greater flexibility and independence in their lifestyle choices. Whether it's pursuing hobbies, traveling, or spending time with family, retirees have the freedom to do what they love without financial constraints.

Legacy Planning:

With financial security in place, retirees can focus on legacy planning and leaving a meaningful inheritance for loved ones or contributing to charitable causes.

Reduced Stress:

Financial worries are a significant source of stress for many individuals. Attaining financial freedom alleviates this stress, enabling retirees to focus on enjoying life and pursuing their passions.

Conclusion:

Achieving financial freedom in retirement requires careful planning, disciplined saving, and prudent investment.

By setting clear goals, building a diversified portfolio, maximizing retirement accounts, creating multiple income streams, managing expenses wisely, accounting for healthcare costs, and regularly reviewing the plan, individuals can pave the way for a financially secure and fulfilling retirement.

Ultimately, financial freedom in retirement offers peace of mind, flexibility, and the opportunity to live life on one's own terms.

If you wonder what financial freedom in retirement looks like, imagine waking up each day knowing you're secure. Not just for today, but for the decades to come. That's what we're aiming for \'financial freedom\': the peace of mind that comes from being financially prepared for retirement.

Now, achieving financial freedom isn't just about having a certain amount of money in the bank. It's about knowing you can live comfortably, support your lifestyle, and handle unexpected expenses without panic. This sense of security can have a profound effect on your mental and emotional well-being during what should be your golden years.

Part of this involves understanding how a robust retirement plan can help you maintain your independence and give you the liberty to pursue the things that matter most to you. Whether it's traveling, indulging in hobbies, or just enjoying a quiet life at home, financial freedom underscores it all.

So, I'm going to share insights on why it's essential to not only build a nest egg but to also craft a flexible, resilient retirement strategy that adapts to life's ever-changing landscape. That way, you can rest easy knowing that your finances are as prepared for the future as they possibly can be.

Key Components of a Retirement Plan: Laying the Foundations

I'm going to walk you through the essential building blocks of a solid retirement plan. It's not just about stashing away cash; it's about creating a strategy that will guide you to financial freedom. And remember, your first attempt at a financial plan isn't the last. It's a living document that grows with you, adjusting as your life and the markets change.

Let's start by setting clear, achievable retirement goals. This isn't just about picking a number. You'll want to think about the kind of lifestyle you envision. Whether it's traveling, pursuing hobbies, or helping out the grandkids, your goals should be as unique as you are. And I'll let you in on a little secret: choose something that resonates with you. If your goals excite you, you're more likely to stick with the plan.

Next, let's talk about building a diversified portfolio. Diversification isn't a buzzword; it's a shield against the unexpected. I'm here to help you understand how spreading your investments across different asset classes can protect you from significant losses. Think of it as not putting all your eggs in one basket.

Maximizing retirement accounts comes next. There's a lot of opportunity in tax-deferred or tax-free growth that accounts like 401(k)s and IRAs offer. That's going to include figuring out how much to contribute and which investments to choose within these accounts. And don't worry too much about the technical stuff; I'll break it down in a way that makes sense.

Creating multiple income streams might sound complicated, but it's truly about security. Imagine if one source dips, you have others to support you. That's the strategy I like to leverage, from rental income to part-time work — even hobbies that pay off.

Lastly, managing expenses wisely is a part of this picture. It's about living within your means now so you can live comfortably later. Don't focus too much on perfection. Rather, it's important to prioritize your spending and find smart ways to cut back without sacrificing the joy of the present.

Medical Considerations: Accounting for Healthcare Costs

You're going to find out about why your retirement plan should never overlook healthcare expenses. Now, these aren't just numbers to plug into a spreadsheet; they're about ensuring you have comprehensive care without the stress of financial strain.

I'm going to explain how you can project your healthcare expenses, so you're not caught off guard. One of the keys is understanding Medicare, supplements, and out-of-pocket expenses. There are tools and estimators that can help you figure this out, and I'll touch on how to use them effectively.

Next, you'll need to consider insurance options beyond Medicare, like long-term care insurance. I'm here to help you understand the complexities of these insurance choices and their crucial role in protecting your nest egg.

It's also essential to discuss the savings plans specifically designed for healthcare costs, such as Health Savings Accounts (HSAs). If you qualify and choose to use an HSA, it can offer tax advantages and build funds for future medical expenses.

This isn't just about financial preparation; it's also about lifestyle choices. Staying active and maintaining a healthy diet can directly influence your healthcare expenses. Bridging the gap between financial planning and health consciousness could significantly ease your financial needs in retirement.

Finally, there's the piece many forget to consider: the impact of good health on reducing overall financial burdens. In my opinion, the investments you make in your health today are just as important as the dollars you save for tomorrow.

Staying the Course: Revisiting and Adjusting the Plan

You've set your retirement plan into motion, but I'm going to tell you a secret: It's not set in stone. In fact, it's crucial to revisit and adjust your financial plan regularly. The economy changes, life throws curveballs, and your needs in retirement will evolve. That means being proactive and making tweaks to stay aligned with your goals.

Part of maintaining a sound retirement plan is scheduling periodic reviews. Think of it like a check-up for your finances. You want to ensure everything is functioning as it should, and if not, figure out what adjustments are needed. These check-ups can highlight areas where you might need to save more, or they could reveal opportunities to invest in new avenues.

Adjusting your plan isn't just about responding to the market; it's about responding to life. Have you experienced a significant life change like marriage, divorce, or an unexpected health issue? Your retirement plan needs to reflect these changes. Plus, as you edge closer to retirement, your risk tolerance may shift, prompting a reallocation of assets.

When you face a crossroad and need to make adjustments, financial advisors can be invaluable. They bring a wealth of expertise and can offer tailored advice to navigate the complexities of retirement planning. They can help you understand the implications of withdrawing funds early or choosing between different pension options.

Now, all of this adjusting isn't for naught. A finely-tuned retirement plan is going to directly feed into the peace of mind you'll relish in your later years. Following the compass of a well-maintained financial plan will lead you straight into the arms of financial freedom. Choose to empower yourself with the flexibility to make changes that safeguard your future.

Embracing the Benefits of Financial Freedom in Retirement

I'm going to let you in on something: a well-crafted retirement plan does more than just pad your bank account. It's about giving you freedom—the kind that lets you sleep soundly at night, knowing you've got the golden years handled. Financial independence in retirement isn't a luxury; it's a goal that's within your reach with the right moves.

Financial freedom means you can live your retirement on your own terms. That's freedom to travel, explore passions, or simply enjoy the day without a financial care clouding the horizon. With your finances in check, your options expand. Want to spend six months abroad, or take up that hobby you've always thought about? You can, because you planned for it.

Don't overlook legacy planning, either. I like to think of it as your financial love letter to the next generation. It's not just about leaving assets; it's about passing on your values, your experiences, and maybe even setting up a scholarship or donation to a cause close to your heart.

I've seen it firsthand—financial worries can be a major source of stress, especially in retirement. But here's the good news: by crafting a retirement plan with all the components discussed earlier, your stress can take a backseat. Imagine a retirement devoid of financial anxiety, where emergencies can be handled with ease, and your biggest worry is which book to read next or which family member to visit.

So my question to you today is simple: how will you start building a retirement plan that secures financial freedom and peace of mind for years to come? A journey of a thousand miles begins with a single step, and yours starts with appreciating the monumental benefits of financial freedom. You've taken in a lot today, and I really hope that you're feeling inspired to take action. After all, the peace of mind you'll gain is beyond measure. I'd love to hear about your retirement dreams and plans, so feel free to share your thoughts and let's keep the conversation going!

A Comprehensive Guide to Planning a Proper Retirement: Securing Your Future Happiness

Introduction:

Retirement is a significant milestone in one's life, signaling the end of a professional career and the beginning of a new chapter. Planning for retirement is crucial to ensure financial security, maintain a comfortable lifestyle, and pursue personal goals. In this comprehensive guide, we will explore the key steps and considerations to plan a proper retirement.

Assessing Your Current Financial Situation:

The first step in planning for retirement is to evaluate your current financial status. Take stock of your assets, liabilities, and monthly expenses. Understand your sources of income, such as employment, investments, and other potential revenue streams. This assessment will serve as the foundation for creating a realistic retirement plan.

Setting Clear Retirement Goals:

Define your retirement goals by considering your desired lifestyle, travel plans, and any specific activities or hobbies you wish to pursue. Understand your healthcare needs and potential long-term care costs. Establishing clear goals will help determine the financial resources required to support your retirement lifestyle.

Creating a Realistic Budget:

Developing a detailed budget is essential to understand how much money you will need during retirement. Factor in living expenses, healthcare costs, travel, and any other activities you plan to engage in. Be realistic and conservative in estimating your future needs to avoid underestimating your financial requirements.

Establishing an Emergency Fund:

Building an emergency fund is crucial for unexpected expenses during retirement. Aim to save three to six months' worth of living expenses in a liquid and easily accessible account. This fund will act as a safety net, providing financial security in case of unforeseen circumstances.

Maximizing Retirement Savings:

Take advantage of retirement savings accounts, such as 401(k)s, IRAs, and other tax-advantaged investment vehicles. Contribute regularly to these accounts, and if possible, maximize your contributions. Leverage employer-sponsored retirement plans and explore investment options that align with your risk tolerance and time horizon.

Diversifying Investments:

Diversification is key to managing risk in your investment portfolio. Allocate your assets across different investment classes, such as stocks, bonds, and real estate, to create a balanced and resilient portfolio. Regularly review and adjust your investment strategy based on your changing financial goals and market conditions.

Considering Healthcare Costs:

Healthcare expenses often increase with age, and it's essential to plan for these costs during retirement. Investigate health insurance options, including Medicare and supplemental insurance policies. Factor in potential long-term care expenses and explore insurance products designed to cover these costs.

Evaluating Social Security Options:

Understand how Social Security benefits work and consider the optimal time to start receiving them. Delaying Social Security can result in higher monthly payments, providing a more substantial financial cushion during retirement. Calculate the best strategy for your individual circumstances.

Developing an Income Distribution Strategy:

Plan how you will withdraw funds from your retirement accounts to sustain your lifestyle during retirement. Consider tax implications and establish a systematic withdrawal strategy that aligns with your financial goals. Consult with financial professionals to optimize your income distribution plan.

Continuously Reviewing and Adjusting Your Plan:

Retirement planning is an ongoing process that requires regular review and adjustment. Monitor your investments, reassess your budget, and stay informed about changes in tax laws and retirement policies. Life circumstances change, and your retirement plan should adapt to ensure continued financial security.

Conclusion:

Planning a proper retirement involves a combination of financial foresight, goal setting, and strategic decision-making. By carefully assessing your current financial situation, setting clear goals, and implementing a comprehensive plan, you can pave the way for a secure and fulfilling retirement. Keep in mind that seeking advice from financial professionals can provide valuable insights and ensure that your retirement plan remains robust and adaptable to changing circumstances. Remember, the key to a successful retirement is careful planning and consistent execution of your financial strategy.

A Comprehensive Guide to Planning a Proper Retirement: Securing Your Future Happiness

Introduction:

Retirement is a significant milestone in one's life, signaling the end of a professional career and the beginning of a new chapter. Planning for retirement is crucial to ensure financial security, maintain a comfortable lifestyle, and pursue personal goals. In this comprehensive guide, we will explore the key steps and considerations to plan a proper retirement.

Assessing Your Current Financial Situation:

The first step in planning for retirement is to evaluate your current financial status. Take stock of your assets, liabilities, and monthly expenses. Understand your sources of income, such as employment, investments, and other potential revenue streams. This assessment will serve as the foundation for creating a realistic retirement plan.

Setting Clear Retirement Goals:

Define your retirement goals by considering your desired lifestyle, travel plans, and any specific activities or hobbies you wish to pursue. Understand your healthcare needs and potential long-term care costs. Establishing clear goals will help determine the financial resources required to support your retirement lifestyle.

Creating a Realistic Budget:

Developing a detailed budget is essential to understand how much money you will need during retirement. Factor in living expenses, healthcare costs, travel, and any other activities you plan to engage in. Be realistic and conservative in estimating your future needs to avoid underestimating your financial requirements.

Establishing an Emergency Fund:

Building an emergency fund is crucial for unexpected expenses during retirement. Aim to save three to six months' worth of living expenses in a liquid and easily accessible account. This fund will act as a safety net, providing financial security in case of unforeseen circumstances.

Maximizing Retirement Savings:

Take advantage of retirement savings accounts, such as 401(k)s, IRAs, and other tax-advantaged investment vehicles. Contribute regularly to these accounts, and if possible, maximize your contributions. Leverage employer-sponsored retirement plans and explore investment options that align with your risk tolerance and time horizon.

Diversifying Investments:

Diversification is key to managing risk in your investment portfolio. Allocate your assets across different investment classes, such as stocks, bonds, and real estate, to create a balanced and resilient portfolio. Regularly review and adjust your investment strategy based on your changing financial goals and market conditions.

Considering Healthcare Costs:

Healthcare expenses often increase with age, and it's essential to plan for these costs during retirement. Investigate health insurance options, including Medicare and supplemental insurance policies. Factor in potential long-term care expenses and explore insurance products designed to cover these costs.

Evaluating Social Security Options:

Understand how Social Security benefits work and consider the optimal time to start receiving them. Delaying Social Security can result in higher monthly payments, providing a more substantial financial cushion during retirement. Calculate the best strategy for your individual circumstances.

Developing an Income Distribution Strategy:

Plan how you will withdraw funds from your retirement accounts to sustain your lifestyle during retirement. Consider tax implications and establish a systematic withdrawal strategy that aligns with your financial goals. Consult with financial professionals to optimize your income distribution plan.

Continuously Reviewing and Adjusting Your Plan:

Retirement planning is an ongoing process that requires regular review and adjustment. Monitor your investments, reassess your budget, and stay informed about changes in tax laws and retirement policies. Life circumstances change, and your retirement plan should adapt to ensure continued financial security.

Conclusion:

Planning a proper retirement involves a combination of financial foresight, goal setting, and strategic decision-making. By carefully assessing your current financial situation, setting clear goals, and implementing a comprehensive plan, you can pave the way for a secure and fulfilling retirement. Keep in mind that seeking advice from financial professionals can provide valuable insights and ensure that your retirement plan remains robust and adaptable to changing circumstances. Remember, the key to a successful retirement is careful planning and consistent execution of your financial strategy.

For those who are residing in Singapore, you may want to consider the plan from the Singapore government under the Central Provident Fund, a.k.a CPF, you can go HERE to learn about the plan.

Once you have decided on your plan, the next step would be to follow through the plan and make adjustment accordingly should the need arise.

As mentioned above, you have to continuously review the plan and make the necessary adjustment.

Financial Planning and its key components

What is Financial Planning?

Financial Planning is a process whereby one tries to determine his financial status, and set a financial goal and means to achieve the goal set.

As one old saying usually quoted – "if you fail to plan, you plan to fail."

To put it simply, without a proper financial plan, a person will not know his financial needs and wants now and the near future.

Overall, we will be more focus in our daily financial requirement and will have the meaning goal to strive for if we have good financial plan.

Why do we need a financial plan?

To organize and plan our financial requirement in a more orderly and structured manner, ultimately we need financial plan.

By having good financing planning, we can work out our objectives, policies, procedures, program and budget our financial activities,  at the same time to ensure we have an effective and adequate financial measures.

The importance can be outlined as-

1. It enables us to have adequate funds.
2. We have a balanced inflow and outflow of funds and as a result have a stable cash flow.
3. Helps us in ensuring we have growth of funds and in the long run we can have better survival in any financial crisis.
4. It ensures that the surplus of funds are easily invested in instruments which generate good returns.
5. Eliminates any uncertainties with regard to changing market trends which can be faced easily through enough funds.
6. Reduce the uncertainties which can be a hindrance to any ventures we want to embark in.
7. Financial planning plays an important role in our daily life and we need to pay serious attention to it.
8. Financial planning will help us in a long run, especially in time of crisis.

What are the main components of Financial Planning?

1. Debt management
2. Risk management
3. Investment planning
4. Tax planning
5. Retirement planning
6. Estate planning

All things considered,  if we follow the above six points to work out our financial planning, generally speaking, we do not even need to consult financial planner to devise a plan for us.

Benefits of Good Financial Planning

1. We can become more discipline, set our priority and work diligently towards the goals we set.
2. A good financial planning especially in this COVID-19 pandemic time can help to give protection to us for unexpected illness and loss of income.
3. We can enjoy financial freedom when we retired and do not have to worry about money.

Conclusion

In short, we only live once, so we need to make full use of our live now and enjoy ourselves by having a good financial plan.

In our life, we only live once and it is important that we live it right, thus, we need to make sure we live once but live it right.

Since we were born, we learned a lot of things from baby until we graduated and started working life and family life..

It is important that we get it right, especially when we reach the retirement age, and there are bills and commitment to be met.

There are people who are still hesitant of what to do, and what need to be done, in order to have a financial worry free retirement life.

A. Why do people put off their decision?

Just share one of my experience of encountering one person who keeps asking me what to do, as he is getting on his life and worry about his life for the next decade when he is in retirement.

I told him to try out online business, and if he can get on with it, he does not have to worry about his retirement life.

The last I heard from him was he was still thinking about it, and I told him "we only live once and we need to get it right."

His excuse was - there were so many people who had tried that and did not seem to be successful.

My answer to him was he needed to find out how many times these so called many people had put in, and how many hours of their efforts to really work on the online business.

It appeared that majority of people were looking for get-rich-quick type of scheme, and have the impression that online business is a get-rich-quick scheme with instant success without putting in much effort.

Why do people put off their decision?

Because they were not certain whether they could be successful, and most importantly was they were not willing to put in their effort.

B. What do we do when we need to take a decisive step in life.

We tend to be hesitant when we face with some decisions to make, a lot of people put off making the decision to a later date and let the opportunity passed by.

You know you only live once, hence it is important you live it right, and grab the opportunity, since hardly there is a second chance.

Therefore, if there is an opportunity to move forward and make your life better, why don't you grab it and live it the fullest?

A lot of people regret that they did not take the chance offered when they were offered the opportunity to better their life, we should remember no risk no gain, after assessing the opportunity on hand, take it and move on.

We will not be an expert if we do not fail to achieve our goal.

Some people are great and appear successful, but

• we never know how much and how hard they had tried, in order to reach what they are now,
• how often have they failed,
• and how difficult their situation was before they become great.

C. You Only Live Once, So How Do You Intend To Have A Financial Worry Free Retirement Life?

To be financial worry free during retirement life, we need to ensure we are independent, and decisive in making decision, when we have to decide how to live our retirement life happy and free of financial worry.

One of the way to make it is to do some online business ,and none better than using Wealthy Affiliate

We can use Wealthy Affiliate to learn and make money at the same time.

Even when you are in Old Folk Home living out your remaining life, you still have the ability to earn some money and live a good life there

So for those who are serious in making it online, and ensuring having a good retirement life, do the right thing and make the right decision.

Benefit Of Doing It Our Own Way To Achieve Financial Freedom

You do not have to depend on your offspring for support in your retirement life, if you are able to make some income from online business.

Do realize that having some handsome online business income will be good to finance your lifestyle in retirement, and can even bring you money even when you are on holiday enjoying your retirement.

Just imagine the best of the world when you are holidaying and your bank account still shows money keep coming in? This is the dream quite a lot of people like to have.

For those who work full time on employment, they only have their monthly wages to look forward to when on holiday, whereas if you are self reliance in internet business, you do not have to worry about your money, as it still earns you handsome income when you are sleeping.

Then you can really brag about You Only Live Once but Live Right.

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

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.

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.

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.

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.

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.

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

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.

INTRODUCTION

In my previous post on whether you are prepared for retirement, I mentioned a bit on the schemes readily available in the country I am currently residing, that is Singapore.

I will not go into details of the various schemes, rather, I will summarize the various schemes available, and if any readers who wish to learn in more details, they can go to the website in the link I have provided in this article, and try to find out more about the scheme and how it operates.

The main objective of writing this is

• to provide some ideas and
• information of the availability of the schemes for retirement,
• create some awareness on how and where people can look for and
• take some action if they are looking for some retirement scheme
• to help them to live a sustainable retirement life.

Currently, I noticed quite a lot of people are not aware of what are the schemes the Singapore government have in place, to help its citizens and residents to ease their retirement worry, and to a certain extent , to have a reasonable and affordable retirement living.

SCHEMES AVAILABLE

The various schemes available in Singapore where retirees can consider and plan their retirement are as below:

1. Central Provident Fund

     2.  Supplementary Retirement Scheme.

     3.  Insurance Retirement Plan

I will briefly elaborate on the various schemes.

1. The Central Provident Fund (CPF)

This is the fund set up by the Singapore Government, primarily to cater for the retirement of the workers.

As explained in CPF website, the main objective of the Fund is :

What is CPF?

Central Provident Fund (CPF) is a comprehensive social security system that
enables working Singapore Citizens and Permanent Residents to set aside funds
for retirement.

It also addresses healthcare, home ownership, family protection
and asset enhancement.

In its website, they also provided information about their Retirement Plan, you can access it via this CPF

For Retirement,

The CPF Board has outlined in its website the following:

CPF LIFE

CPF has created a program to provide CPF members with a monthly pay-out for life, when they reach their pay-out eligibility age.

Retirement Sum Scheme (RSS)

This is another program devised by CPF to provide CPF members with a monthly pay-out, when they reach their payout eligibility age.

Retirement Sum Topping-Up Scheme

The Retirement Sum Topping-Up Scheme is to help CPF Members to build up their retirement savings, by topping up their own or their loved ones' CPF Accounts.

Withdrawals of CPF savings from 55

CPF allows its members to withdraw their CPF savings upon reaching retirement age of 55, after

• setting aside the Full Retirement Sum or
• Basic Retirement Sum with sufficient CPF property charge/pledge in their Retirement Account.

However, please note that CPF members do not choose between CPF LIFE and Retirement Sum Scheme.

CPF members will automatically be included in CPF LIFE to enjoy lifelong payouts:

• if they are a Singapore Citizen or Permanent Resident
• born in 1958 or after; and
• have at least SGD $ 60,000 in their Retirement Account
• six months before they reach their payout eligibility age (PEA),
• while Retirement Sum Scheme (RSS) is for CPF members who do not need to be on CPF LIFE.

2. Supplementary Retirement Scheme (SRS)

This is one of the schemes by the Singapore government to address the financial needs of its greying population, by helping the fellow Singaporeans to save more for their golden years.

The scheme was started in 2001 and is operated by private sector.

This scheme is not to replace the Central Provident Fund (CPF), rather it complimented the CPF.

CPF savings are meant

• to provide for housing and medical requirements, and
• for basic daily needs of the contributors after their retirement.

The main different between CPF and SRS is that

• CPF is mandatory for working people
• Participation in SRS is voluntary.

The people can contribute to SRS in varying amount (subject to a cap) at their own discretion,.

The contribution may be used to purchase various investment instruments.

For more detail about this scheme, you may want to visit this link in Singapore’s Ministry of Finance

In that, the MOF actually outlined the benefits and how Singaporeans can contribute to the Scheme.

3. Insurance Retirement Plan

The major insurance companies in Singapore also provide insurance retirement plan of their own.

They usually have their

• Retirement Saving Plan,
• Endowment Plan,
• Protection Plan,
• Income Guaranteed Plan,

However, this will be discussed in more details in another article in the future.

Besides the retirement schemes available, CPF Singapore also has various schemes to take care of the ever-increasing medical and health care cost, this again can be viewed in detail in the CPF website.

With the various schemes available, the retirees in Singapore actually are able to enjoy quite a good and comfortable retirement life style.

They can plan their retirement properly, bearing in mind of their savings in CPF and the schemes available.

At the same time, I would suggest anyone who are able to enjoy these Schemes to study this thoroughly.

They can engage a professional to advise them properly, however they should be wary of the advice on taking out the whole CPF savings, and do the investment themselves.

If anyone suggests you take all your CPF Savings and do the investment yourself, you need to consider the following:

• Are you really good at investing and
• Can you beat the returns CPF Board is giving to its members.
• Whether that professional has a good track records in investment.

Therefore, It will be more advisable for the members to hold discussion with CPF Board officials, to understand in more details of various schemes and how it helps the CPF Members.

Please also be reminded that “The views, thoughts and opinions expressed in this
article belong solely to the author, and do not represent nor necessarily
reflect the official policy or position of the CPF Board.”

Conclusion

If any one wants to learn more, you can look at the links I have provided in this article.

Alternatively, in the comment and feedback section below, you may put in your comments and feedback.

On the other hand, If you have any questions or suggestion.

Please feel free to leave your comments and suggestion below.

I will be more than happy to answer and help out whatever way I can.

Every one has to reach this stage of the life -- RETIREMENT.

How do we prepare for retirement means a lot and will definitely play a very important part in deciding, whether we have a healthy and happy retirement.

If you want to have a good and healthy retirement, you have to ensure you prepare well for it.

What Do We Have In Term Of Retirement?

1. You may have a good and healthy retirement,
2. Have one good but not so healthy retirement,
3. A healthy but not so good retirement.

A happy and healthy retirement is one :

• You can do whatever you want to do
• Have the freedom to do it,
• It is not just about sitting down enjoying your food or game that you like
• And no worry about work and money.

If we are not well-prepared for a healthy life, then we may not have a happy and healthy retirement, as we may be bogged down by sickness or restriction in movement, due to old age or injury.

Assuming we want to retire from working life, and looking forward to have a happy retirement lifestyle, which we have been looking forward to, and to experience a new phase of our life.

How Do We Go About It?

How to have a happy and healthy retirement?

Here are some steps which may help you to achieve what you are looking for in retirement.

1. Draw a detail plan of what you want to do in retirement.

After the daily grind of working life and planning for the family, it is time to plan for retirement, and enjoy the rest of our life.

Hence, it is important that we plan our retirement, and have a detail planning mapped out and stick to the plan during our retirement.

2. Taking care of our health is our priority during retirement.

Without a healthy body, it will be quite difficult to enjoy a good and happy retirement life, and enjoy the lifestyle we are going to appreciate for the rest of our life.

Our body will tend to stop working, the muscle will not work as we wanted if we do not do basic exercise daily, at least we need to ensure we are walking for certain numbers of minutes every day, just to keep our muscles working instead of deteriorating and sooner will lose its motor senses.

I enjoy brisk walking,  it helps to keep me healthy and make my body metabolism working.

I am not a doctor, so I will just share here as a layman, what I do to keep myself healthy.

Brisk walking for at least 30 minutes a day, swinging your arms as you walk, this is to ensure you do the bare minimum of exercise to keep your muscles in good shape

As I learned and share the Words of Wisdom below.

3. Having a stable income for retirement.

By now, we should have worked out on how much is required for our retirement, and what is the bare minimum.

If you still have not set up a continuous stream of income for retirement, it is better to start now and work on it.

As I mentioned in my earlier article, one of the method is to sign up with Wealthy Affiliate ,and start blogging and sharing your life experience, at the same time generate some passive income for your retirement needs.

Engaging in blogging every day in WA, this will also help you to keep your mind and mental working, and keeping your mind from regressing and becoming senile.

Hence, this may work out to be a very good retirement plan,

• blogging and
• Putting it in writing your sweet memory in your website,
• Generating good traffic and income,
• At the same time can help to keep the mind fresh and active during old age.

4. Search a good place for retirement and do it with your partner.

Yes, if we can retire to a place with the scenery as shown in the picture above, that will be like living in paradise, with fresh air and away from all the pollution and hassle.

Retirement does not mean you have to stay in your current place, you may want to downsize, and move to a more secluded place, away from the traffic and over populated area, and make sure you can have a place to do your daily walk and exercise.

By staying in a smaller house may help you to free up some free money, and help you financially in the golden years ahead.

Well, you have to do all these with your partner, and decide on any retirement decision together, as you want your partner to stay with you together in the golden age years.

It will be better that decisions are made together, if not, you may not have a happy and peaceful time, since you may be seemed to force it on your partner to accept your choice, which may not be to her/his liking.

5. Be realistic about what retirement mean to your lifestyle.

A lot of people enjoy the first few months of their retirement, and then reality sinks in, they find that they need to change their routine now that they are in retirement.

Fighting boredom is one of the main task a retiree needs to tackle, hence, if we are planning and looking forward to retirement, it is important to have continuous planning in place.

Perhaps, you may want to catch up with reading all those books which you wanted to read, but did not really have the time to do so, now that you are retired, it is time to catch up with, and what better way than to go to Amazon. And find out what are the books you can read now that you are retired.

These are the first 5 steps to achieve happy and healthy retirement in our golden years, if you like the article and gain some insight of it, do share this article with your friends.

And do drop your comments below if you have good ideas on what makes a happy and healthy retirement.