Retire later. It’s better for money and health too

Retire later. It’s better for money and health too.

I think it’s good news for Malaysians because we live longer nowadays. Take a look at the ever higher number below: Stats from Department of Statistics Malaysia. Link is here: dosm.gov.my We generally live to 75 years old. Ladies would live longer and guys, please take care of yourself better so that we do not leave so many years earlier than our partner.

On the other hand, when we live longer, we also need to be financially sufficient too. Else, we will not be enjoying the extra years and may be suffering from a lower quality of life when we found out that our retirement fund is not enough and we will need to stretch it forcefully.

I say forcefully because we could have typical rice with three dishes or we could reduce the expenses with just rice and two dishes or even lower with rice and one dish and in the worst case scenario, just rice and lots of gravy… We are still fortunate because we still have this choice in Malaysia, if truly needed. In some countries, even if we want to stretch, there may not be such an opportunity to do so.

Coming back to a suggestion on why one should think about working longer.

Article in nst.com.my According to studies in various countries, employment in later years has been linked to a reduced risk of dementia and lower mortality rates from strokes and heart disease caused by social isolation.

In 2021, a study published in a top health journal by the University of St Andrews scholars found delaying retirement until the age of 67 or older can reduce cognitive decline by up to 34 per cent, compared with those who retired earlier, highlighting the importance of extended workforce participation in promoting healthy ageing.

With advancements in healthcare and a culture of lifelong learning, it is now recognised that individuals can maintain productivity and contribute to society well into their later years.

Therefore, middle-aged and older adults approaching retirement or who already retired may consider exploring opportunities for continued engagement and fulfilment in the later stages of life. The article is long and has many good details too. Read it here: Article in nst.com.my

Better Financially and Better for our Health

Ikigai is a Japanese concept referring to something that gives a person a sense of purpose, a reason for living.

Actually, when we are retired and we no longer keep ourself active, very soon we will lose the sense and purpose of living because there’s nothing to drive us tomorrow, the next day and perhaps even for months and years to come. Keep ourselves active by joining community activities, maybe even playing sports. These days, pickleball is so popular and it’s considered a less intense sports which is suitable for most people to play.

If we continue to work, we could also continue to receive financial rewards for our effort. Even if this is no longer like the days when we work full time, this is an additional ‘bonus’ which we could spend on things we love or even to that nice destination we wanted to go which is not expensive. We also feel better when we know we have money to spend versus worrying over the ever lower bank balance month after month.

I am 47 this year. I think I should at least keep full-time employment until after my children has graduated. Then, I can do into part-time mode and go travelling more with my wife. A week in KL, a week in Sandakan, a week in Kota Kinabalu and then a week in Kuching and so on…. If we have time flexibility, we could choose the days when the flight tickets are cheapest too. Haha. Enjoy our work everyone.

Thank you for reading! Please do share if you believe others could benefit too. Thank you.

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