Retirement
Funds
I remember some
peeps were bemused when I mentioned that I have started saving for my
retirement. Oh, the comments surrounding me are always related to being too
practical or too rational when I spoke from experience or the experience of
others I spoke to. Recently, due to the nature of my
work (healthcare), I could not emphasize enough how important it is to be
properly insured (One of my previous jobs required me to read and study
insurance policies. Due to the knowledge gained through it, I think it would be helpful to
get some friends to buy insurance (from their agent). I care for them so much
that I told them I could sit through the entire presentation with them to
ensure they buy what they need but not buy what the agents could earn. Hahaha.)
Sometimes seeing how people spend their money or handle their finances, I wish I
could tie some people up and force them to sit with me when I counsel those
patients to know the seriousness of not planning for YOUR retirement.
What I meant
by having a proper retirement is – being properly insured, having a savings
plan (even an amount of $100/month is good too – hey, if you could spend the
money on unnecessary stuffs, surely you could set some aside for these), and
having money in your bank (the ‘untouchable’ fund).
At this point, some peeps may think that I am cash-rich which I beg to differ. My targeted age to retire is not the national retirement age but 60. In order to do so especially where everything gets more expensive and inflation increases by each day, we need to start saving from young. Failure to do so will result in retiring at a later age as there is insufficient funds to survive without a job. If you do not think I make sense, then good luck to you while I retire at 60 and you continue to work till 70 (unless you are so damn lucky to receive inheritance from your family). The trick is to be disciplined and stick to your budget. Before you buy something that is not part of your routine, ask yourself if you need it or want it. If you want it, reconsider if it is worth buying. If you insist on buying all the wants, you would never be able to save a decent sum of money. I have to admit that I am one of the few rational shoppers/ spenders out there, hence it is difficult to convince me to buy anything unless I need it. Hahaha.
The bottom line is, yes, you have no clue what would happen tomorrow. But why wait till something happens before you could have done something about it? To encourage people to save, I wish I could give a speech (with enough supported evidence on the consequences of insufficient savings) on this, really. I know it sounds very, very silly but...you should talk to those patients who want to live longer yet they have financial difficulties that cause them to live in hell everyday. Every cent accumulates to a lump sum of money, one day.
To those
who still continue to think you could depend on your children for your
retirement, the chances are, you might be disappointed especially when they
have their own life too. I believe they would help you in their best ability.
My point is, if you could depend on yourself, you should do it instead of
putting pressure on them which strains relationships, isn't it?
