Retirement Readiness: Are You Prepared for Life After 60?

Retirement Readiness: Are You Prepared for Life After 60?

What are your thoughts about age? Specifically, after 60?

60 years old – stop working

Travel for 10 years – move a lot, walk a lot, spend a lot and learn a lot

70 years old – can still travel, exercise to stay healthy, reduce expenses and still be happy

80 years old – we are still alive and enjoying life!

Is this how we think our life would be after 60?

Well, there are many countries where they live way past 80

A long time ago, 70 seems like not an easy goal to reach. These days, Malaysians, even for men usually live past 70. Well, it’s no longer a tough thing to achieve; 70 years old. For many countries, it’s over 80 even for the average. In fact, just a few more years and I think the life expectancy for some of these countries listed by visualcapitalist.com could well reach 90! Please do take a look at below and you may notice that these countries are usually listed as a wealthy nation.

Take a look below:

Thus, the medical care is possible as the people have the money to spend for them. On the other end of the scale would be countries where there are wars, where the poverty level is still very high and countries where the government has not been that amazing in leading the country and perhaps better at enriching themselves instead of pulling up its people to escape poverty.

We need to do this if we are to live longer

Be healthier. Eat right. Exercise regularly. Do not just watch the television or browse the social media every minute of the day. That is unlikely to make us healthy. More importantly, Earn ENOUGH MONEY so that we do not have to worry every day which will stress us and definitely will not help in making us live longer. Perhaps if we have to worry about this and that every day, living longer is not that attractive.

Statistics say we may not be ready for retirement

It’s not just Malaysia yeah. Let’s just look at the two countries Malaysians love to compare us most. Australia and Singapore. Are all their people ready for retirement?

“Reports consistently indicate that many Singaporeans are not adequately prepared for retirement, despite the country’s comprehensive Central Provident Fund (CPF) system. Key factors contributing to this trend include rising costs, insufficient voluntary savings, financial literacy gaps, and evolving retirement expectations.” Source: insuranceasia.com

“New research has revealed that one third of Australian pre-retirees and retirees over the age of 50 are financially unprepared for retirement, facing a savings shortfall of at least a decade. Fidelity International’s latest research, in partnership with the National Innovation Centre for Ageing (NICA), The Longevity Revolution: Preparing for a New Reality, draws on global research across 13 markets with 11,800 participants over the age of 50..” Source: financial standard.com.au

This is precisely why we must not fall into the average or below

Once we understand that the main reason people are not prepared is because of insufficient retirement funds, we need to seek to boost this pool or perhaps to work longer and thus we could continue to earn income versus earning none and having to spend it daily. Maybe it’s true that we should find a job we love so that even when we are working, we are happily working and not complaining about it daily. What are your thoughts? At what age do you think we should enjoy some travel and stop worrying about work? I told my wife, it’s 60. We shall see if this happens.

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