Coping with Retirement

Coping with Retirement Many of us who have passed our retirement age, will be wondering what went wrong. Your monthly pay packet has ceased. If you are a pensioner provided a pension by your employer, the government or Socso for being an invalid, life may not be that difficult depending on how you have planned for the day when you have left the workplace. At least you have a monthly income that may not be enough for your needs, but some money that will prevent you from starving. The vast majority of us who have no pensions but only the EPF savings find that the retirement fund is not sufficient to last even five years. One group of my friends who retired still continue to service housing loans. These are guys who bought houses late in their careers. While on full salary the monthly instalments were manageable; however, it is a nightmare to handle the monthly instalment with the little savings we have in our EPF or savings. Even Government pensioners who draw half their monthly salaries as a pension will find it difficult to make ends meet. On the other hand we have many who had been wise to have taken out loans while still young. They lead fulfilling lives as not only do they not have loans to service but have bought a few properties that provide them with rental income. The executive or a tradesman who retires will be able to find jobs after retirement as they have skills which are in demand, but for the vast majority opportunities are hard to come by and they may have to take whatever is on offer. So we find a large number of retirees working as drivers and security guards and of late e-hailing drivers often for a minimum wage and a 12 hour daily routine. There are others who venture into real estate as agents or insurance agents. To start a career at this age requires tremendous effort as the job is totally unrelated to the experience you may have. But if they put in efforts and are prepared to learn they may yet have a second career option. There are a fair number of retirees who have messed up their lives so badly that they are at the mercy of their children. One friend, who was employed in the plantations, used up his substantial EPF savings to send his three sons overseas for medical courses. As the money was not enough for the high fees he sold his house and moved to rented premises hoping that when the children return they would provide for him and his wife. The children were smart and have come back with not only medical degrees but also spouses from there and have moved into their own homes. To show their love for their parents the sons, their spouses and their children will spend the weekends in the parents rented house. The retiree’s wife will be kept busy cooking and caring for the grandchildren. This went on for a few months. One day the retiree called up his sons and told them of his financial difficulties – paying rental and maintaining himself and his wife with whatever was left over from the sale of his house. He requested each of the sons to provide a monthly allowance for him to meet household expenses. He told them he had used up all his savings and the proceeds from the sale of the house to educate the three of them. He explained that it was now their duty to help him out as they are doing well.The retiree learnt quite late in life that the children cannot be his retirement fund. Spending money on children's education is expected of parents but it has to come from his wages. If he cannot afford it he shoud look for other options like putting them in local universities or cheaper courses that are within reach or get the chikdren to work and study. Leaving financial management aside retirees will also have too much time on their hands. When working they would spend between 10 – 12 hours at work and in travelling. They would wish how nice it would be if they had more time. Once retired they have 24 hours at their disposal and it could be a problem if they remain couch potatoes. Go for a walk in the neighbourhood.It would do wonders for your health. Look up old friends and acquaintences, visit the library or do some voluntary work in the community. If you have space for a garden in or around your home get involved in gardening. Besides giving you your daily supply of greens annd fruits it wil keep you occupied and healthy. If there is insuffiicient land or you are cooped up in a small flat get involved with community gardens around your place. If there is none you can start one with neighbors and friends in your neighbourhood. In the past the problem for retirees was not too bad. There were joint families and it was easy to find some activity around the house. Today the family has become nuclear with a husband wife and children. A tragic decision for a retiree is to give in to pressures from their children to look after grandchildren while their parents are busy at work or doing their own thing. Besides being a tiring job it is a thankless job as the children may not appreciate the parenting style of their parents.However once the children reach school going age and the question of a nanny is not pressing the aged parents lives become unbearable as the children look at them as a burden. They are shuttled around to the homes of other siblings who in most cases accept them grudgingly. In a short term the aged parents are left behind in their homes at best and at worst sent to a welfare home. .. My advice to those nearing retirement is to follow the following advice I copied from the Internet. Unfortunately I cannot remember the name of the author to give him credit. Wise words for the Seniors. 1. Live in your own place to enjoy independence and privacy. 2. Hold on to your bank deposits and assets with yourself. 3. Don't depend only on your children's promise to care for you when you grow old as their priorities change with time. 4. Expand your circle of friends to include those who will outlive you. 5. Do not compare and expect nothing from others. 6. Do not meddle in the life of your children. Let them live THEIR life not yours. 7. Do not use old age as your shield and justification to demand care, respect and attention. 8. Listen to what others say but think and act independently. 9. Pray, but do not beg, even from God. If at all, ask for his forgiveness. 10. Take good care of your own health. Apart from Medical Attention, eat Best Food in the Best Way (you can afford) Try to Do your own Work ... 11. Do not retire from Life.