22-09-2015
Personalise your Retirement Plans (The Star Online – Business News)
Imagine… The magic date has come. It is now time to retire and enjoy your ‘Golden Years’. As you retire from active work life with time on your hands, the idiom definitely conjures up images of great escapades to different corners of the world, fun in the sun, spending quality time with loved ones, enjoying hobbies and doing all things that you never got to do when you were tied down to your constantly demanding nine-to-five job. You have toiled hard to get here so you definitely want to make the best of it.
While we would like our ‘Golden Years’ to shine, it is important to note that retirement can take up a good 30 to 35 years of our lives as Malaysians live longer. As such, planning for your retirement and being able to anticipate different retirement events and financial needs will enable you to face retirement more boldly and enjoy the journey. As they say, “retirement is a journey, not a destination.”
Retirement is not a stagnant phase. In fact, retirement in your 50s and 60s is likely to be different than your life in 70s and 80s and it is logical to assume the costs of retirement will vary among phases as well. Generally, an average retiree can expect three phases of retirement: the Go-Go phase, Slow-Go phase and No-Go phase.