The Golden Years – Part Two

Accumulating Wealth 20

Adam and Aida have finally retired and here are some suggestions to get the most out of your retirement funds to overcome any obstacles to a better retirement lifestyle.

Re-evaluating Goals

At times, we have to be realistic about our goals. If the projection shows that funds will not be sufficient to support a certain lifestyle after retirement, necessary adjustments have to be made against the originally planned ideas. It is really a matter of expectations and being contented with what we have.

Re-sizing the Home

In some cases, it may be a good option to downsize your home to generate additional cash for retirement support. If you and your spouse are the only persons living in the house, which is now too big, it may be sold and replaced with a smaller one. The surplus generated from the sale of the old house, after repurchasing a smaller home, may be added to your retirement fund. Alternatively, you may even decide to relocate to a less costly neigbourhood or to another town/ state altogether to generate extra cash. This will also lower your daily expenses should you move to a place with a lower cost of living.

Engage in Post-Retirement Employment/ Business

Here is a choice of wanting or forced to work! Sometimes, we may have little option but to continue working. By engaging in a post-retirement employment or venturing into your own business, it basically helps in two ways: Firstly, you could have a longer accumulation retirement fund and secondly, there would be shorter retirement years. Anyway, you’re too young to retire at 55!

Optimise on Senior Citizen Privileges

As a caring society, our country offers senior citizens many privileges and discounts for selected goods and services which include airlines travel, train & LRT rides, movies, hotel accommodations and various shopping offers in the malls. More enterprises are offering incentives to tap into the senior market segment, both as a social obligation as well as tapping lucrative target market for their businesses.

The idea is to spend wisely, but not to unnecessarily reduce the joy of life by being too conservative in the approach. In the early years of retirement, be a little cautious and have a balanced lifestyle.

While money is necessary in today’s world, it is certainly not everything (neither is it the only thing!) Do not make it the sole reason for what you do in your life. Health, family and spiritual wellbeing are equally important elements that contribute towards a more fulfilling life. We should also make regular donations and contributions, in terms of time and money to the less fortunate. It is very important to create a balance in your life in order to make it a meaningful one.

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