Has that been on your mind? I never actually think of retirement while I was in employment. However, when age catches up and demands of being in employment takes its toll on me, I started thinking. I begin to consider if that is the time to call it quits.
Nowadays, when I see the traffic jams or hear stories from friends regarding work, office politics and the like, I always whisper to myself, “Thank God, I’m retired.” I have had my days of rushing for buses, weaving through traffic jams in the city or even being caught in the web of office politics.
The day finally arrived and I officially retired from the workforce. My husband and I were very realistic. We were debt free and we were determined to keep a simple life-style. I love cooking and baking. So, we seldom eat out and that was a tremendous plus point. We plan domestic road trips to connect with friends or discover good food in our country. We also try to go overseas if possible. As we do not have any children, we were also prepared to be put in a nursing home should the need arises. So, for now, we just need to take good care of ourselves, physically and spiritually.
Recently, I came across an old newspaper write-up regarding wrong ideas on retirement. I reflected on it as I also read of the struggles of young adults who had just started working and the financial demands their family had imposed on them. One of it was the story of a 23-year old Malaysian. Another young man also shared about his struggles with his parents’ expectations.
When we decide on retirement, we have to bear in mind a few things very honestly and realistically. According to an article by KWSP (or Employees Provident Fund), the minimum estimated monthly expenses for retirees in the Klang Valley ranges from RM2690 for a single person and RM3390 for a couple. According to an economist, Malaysians need RM1.3 -RM1.5 million to retire comfortably.
So, it is good that we must bear in mind the following:
- Our life expectancy is higher these days. So, we need to plan for the years of retirement.
- The cost of living and inflation has been and will continue to rise. Inflation erodes the value of our money through the years.
- Medical cost is also on the rise.
- Some young adult children may still need financial support from their parents.
- Children used to be the economic fallback for many Asian parents when they are old. However, with the escalating cost of living and a more affluent lifestyle, children nowadays are often not in the position to support their parents in their retirement years. Relying totally on your children to take care of you during retirement actually creates stress and unfair burdens on them.
- Life is full of surprises and we must have a contingency plan to manage unforeseen events like medical emergencies, home repairs or economic downturn.
As you plan for your future and retirement, I wish you all the wisdom you need to make right choices so that you can enjoy your retirement in the ways that you have had in mind – leisure, hobbies, social connections or travels. As the saying goes, retirement is a time to enjoy all the things you never had time for. So, embrace it!
August 2026
Mei Wong (mwrejoice@gmail.com) is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
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