My Group CEO said he was watching the news the night before and got to know that the retirement age for the Britain would most probably be increased to 68. Okay, it’s not such a big deal because the current retirement age for the UK is 67 anyway. The year that this will be implemented is also not immediate. It’s due only in 2037. That’s still 20 years away. This was however widely reported and debated upon because it was supposed to have been implemented only from 2044 onwards.
There are many articles but here’s one: standard.co.uk The UK’s Secretary of State for Work and Pensions David Gauke told the MPs: As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations.” (In brief, the pension money needs to be stretched to support ever more people who will be receiving it. It’s certainly not easy when the country becomes an ageing nation. As at 2015, the UK population 65 years and above is already close to 18 percent. Here’s a reference. ons.gov.uk
Would I want to work until 68? Working longer as an alternative? I hope not,if possible I only hope I can stay very healthy till then. My parents are both retired and I think they enjoy their current lifestyle. I seriously believe children should do more for their parents because it is because of them that we become who we are today. By the way, this is an earlier article about what’s happening to Malaysia’s population. Yes, we are becoming an ageing one too. 2050: 24% of Malaysians are 65 and above (including me) By the way, the median age for many ASEAN nations are still okay. We should be ‘safe’ as long as our economies continue to grow. Yes, with support from the new superpower from ASIA.
A friend once told me that the people should continue to work as long as they are healthy. I do agree but perhaps the type of work I have in mind may be more of interest related instead of a manual one. When I am 65, my daughter would be 29 and my son 27. I am SURE they would take care of me. Haha. Let’s revisit this article in 25 years time shall we.
I have asked my daughter many times if she would take care of me when she has a husband. She does not even understand what I am asking but she said Yes. Haha. Oh yeah, Malaysians are actually pretty confident with their retirement. An earlier survey here: 40% ready for retirement and 80% have strategies This is of course disputed by some statistics. For example this one shows that many Malaysians do not have enough savings when they stop working. Malaysia: 42 percent senior citizens have zero savings Happy saving or working.
written on 20 July 2017
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0 Responses
Whilst I believe your gut feel that your children will look after you during your retirement, it also depends on what is your context or definition of ‘look after’.
Does it mean, giving you a monthly allowance to the extent of their affordability? Meaning, if they can afford RM500 after deducting their expenses and some savings, they will give RM500. I know of people who give RM3000 to their parents, some give RM2000 and some give RM500 and some give nothing except for a token sum during CNY or birthdays. Everyone has different affordability and challenges.
What is your context?
Is it more along the lines that every 7 years, they will get you a new Japanese car; annual overseas holiday within the Asia region, pay for all your expenses including all the little luxuries…basically, they treat you like how you treated them when they were kids -giving the best you could afford to them?
The reason why I said all that was because, as the country progressed, the people wants and needs also progressed. Why do I say that? When my grandparents retired, their daily needs are pretty basic, they live in a single storey house in Ipoh, no trips to the shopping malls, no franchise food, no designer coffee, no overseas holiday except to China a couple of times to see the village, no branded attire, no smart phone, no cable TV, no internet, no tablet, no computer, and they could comfortably live by with the monthly money contribution from their kids. The needs and wants are pretty standard and basic.
My parents are of course more attuned to a higher level of comfort, wants and needs – the whole worls. Of course, as a son, I do not think they should scale down. Thankfully, they could maintain the same standard of living because they have savings and investments. But am I taking care of them sufficiently in addition to my own challenges and responsibilities? It depends on which context.
In the first scenario (my grandparents’ definition), I would say yes. In the second scenario, I would say no.
HH, like your real life assessment. In my own context, i will prepare the $ part myself.
I hope they always welcome me to stay with them occasionally.
Then you are good… I have some friends whose parents have higher expectations and it caused unnecessary stress and unhappiness.
Yea, i personally know of a few too. Sometimes, circumstances may force changes.