20 years of life after retirement is a scary thought
By scheng1
@scheng1 (24650)
Singapore
May 5, 2016 9:10am CST
Most of us working adults look forward to retirement.
Retirement means the end of working in a job that we hate. Retirement means that we can sleep late while the rest of the world gets stuck in the traffic jam.
However, retirement also means no more income.
It is a scary thought of 20 years of life after retirement.
That means 20 years of money flowing out of our bank, and no more income to support our lifestyle.
It is good if we have more than enough money to live till the end of our days.
The problem is that most of us cannot maintain the same standard of living in retirement.
We may have to move to a cheaper land, or sell our big house and move into a small house.
For those whose children earn big bucks, they can rely on their children for their living expenses.
I guess many parents do not think that their children can earn enough to support them for 20 years of life after retirement.
18 people like this
17 responses
@antonbunot (11091)
• Calgary, Alberta
5 May 16
Our 4 children, all finished college degrees, are doing good; but I will never ask financial assistance from them when I retire. That is why I am saving some of my earnings so that when I retire, I can have something to spend for the remaining years of my life which most of those years will be spent in the Philippines.
3 people like this
@antonbunot (11091)
• Calgary, Alberta
6 May 16
@ridingbet 7 more long years if I am not mistaken!
1 person likes this
@ridingbet (66857)
• Philippines
6 May 16
what? you will come back here in the Philippines? wait, i have to contact the Philharmonic Orchestra to play your favorite song. but that will be far later pa, right, kabsat?
1 person likes this
@youless (112113)
• Guangzhou, China
5 May 16
Yes, this can be a problem if the saving is not enough to spend in the rest life. This is why sometimes we hope the government can do a good job in this aspect. However, at present it seems we have better to count on ourselves. So I try to work hard when I am young. And keeps the saving growing and it means we shall invest something. This will be a better plan.
2 people like this
@scheng1 (24650)
• Singapore
6 May 16
The problem is the inflation rate.
I think China has a high inflation rate too.
If you are working, and your salary increases every year, you will not feel the impact of inflation rate.
Once a person stops working, the inflation will eat away at the value of the money.
1 person likes this
@scheng1 (24650)
• Singapore
6 May 16
I do not know about the investment scheme in your country.
I only know that we are best to manage our own investment.
I invest in shares for income, and I have done relatively well over the past few years. I have no doubt that this knowledge will help me grow my money.
1 person likes this
@blitzfrick (2890)
• United States
5 May 16
I was laid off when I was 60, two years too early to collect Social Security. I lived hand-to-mouth for the two intervening years, but I made it. I certainly have changed my lifestyle, but not much because I've never lived very high off the hog. Do you have a Social Security safety net?—I'm not sure where you live. Some people just keep on working, too, or go back to work after "retirement". If I'd not had an income from Social Security, I'm not sure what I'd have done, though. You're right, it would've been very very scary.
1 person likes this
@scheng1 (24650)
• Singapore
7 May 16
@blitzfrick If they can save up to get the money for the downpayment of a house, that is good enough.
In fact, that is very good.
They have to spend on rental, and still have to save up for 20% of the housing price.
Retirement saving will come later.
1 person likes this
@scheng1 (24650)
• Singapore
6 May 16
That must be a very scary two years for you, and you are already so near to the payment.
I pity those who are laid off when they are 57 or 58, they will have a hard time getting another job, and they still have to wait for ages to get the money.
Our scheme here is individual pension scheme.
If we put in more money when we are employed, we will have more for retirement.
If not, we will have a very miserable retirement.
1 person likes this
@blitzfrick (2890)
• United States
6 May 16
@scheng1 I (strongly) encourage my younger relatives to set aside money for their retirement, but it's really hard to do that when you're young.
1 person likes this
@sunrisefan (28524)
• Philippines
5 May 16
It's difficult to live 20 years after retirement. Either you die because of sickness or you die because of hunger - because retirement pension would even be barely enough for your basic necessities.
2 people like this
@scheng1 (24650)
• Singapore
5 May 16
Over here, we have one of the longest life expectancy in the world.
The average life expectancy for women is more than 83 years.
That means half the women living now will live beyond 83 years old.
That is why the government keeps on increasing the re-hiring age. Now the re-hiring age is 65, and sooner or later it will reach 67.
1 person likes this
@sunrisefan (28524)
• Philippines
5 May 16
@scheng1 The longer life expectancy could mean your people are healthy and not into vices.
1 person likes this
@scheng1 (24650)
• Singapore
5 May 16
@sunrisefan No, it is a matter of good and affordable medical care.
There are more and more hospitals being built, and the government has put into law a compulsory medical insurance scheme.
1 person likes this
@annierose (18936)
• Philippines
8 May 16
While we are still young, it is good that we are already working hard for our future. Putting money in investment is one good way. I do not have any plan to have my own children and if ever I will have in the future, I loathe the idea of depending on them for my expenses.
1 person likes this
@scheng1 (24650)
• Singapore
8 May 16
I think the scary thing is that many young adults are still depending on their parents to give them money though they have graduated from college.
The jobs now are not stable in nature.
A large foreign company can hire thousands, and all of a sudden, move operation out of the country, and leave thousands jobless.
@allknowing (130066)
• India
6 May 16
In India it is different. We have investment options as also some companaies provide medical facilities to their retired staff and then there is the pension scheme. Last but not the least as one ages so many things become irrelevant for a lifestyle.
1 person likes this
@scheng1 (24650)
• Singapore
6 May 16
Many companies in the west had such good medical benefits, until their balance sheet is full of liabilities because the ex-employees are living longer, and getting sicker.
That is why no company in the developed world dare to promise medical facilities after retirement.
Sooner or later India is going to face the same issue.
@changjiangzhibin89 (16534)
• China
6 May 16
Don't you have the pension insurance there? As far as I am concerned, the medical insurance is a key problem for the retired people,because their health is declining,as they are up in years.
1 person likes this
@scheng1 (24650)
• Singapore
6 May 16
We have a national medical insurance program. It is a compulsory program that pays for hospitalization.
Most of us get better coverage than that.
We also have individual pension scheme but the government has said that is not enough for many people.
It is meant for lower middle class and the poor.
1 person likes this
@scheng1 (24650)
• Singapore
7 May 16
@changjiangzhibin89 No, we are definitely not welfare state.
It will never become a welfare state, and all of us are worried about retirement.
if you read all the surveys, you can see that out of so many countries in Asia, we are the top in worrying about retirement.
But then, we have one of the longest life expectancy in the world.
Live longer means needs more money.
1 person likes this
@changjiangzhibin89 (16534)
• China
7 May 16
@scheng1 I see.Singapore comes across as a welfare state.You don't worry about your retirement.
1 person likes this
@scheng1 (24650)
• Singapore
6 May 16
Who contributes to the pension plan?
If a woman stays at home and looks after the family all her life, I wonder who will contribute to the pension plan.
Over here, we have a compulsory individual pension scheme, but that is for those who are employees only.
Freelancers just need to contribute to medical funds.
2 people like this
@LadyDuck (458097)
• Switzerland
6 May 16
@scheng1 If y woman stays at home and looks after the family, she surely has a husband who works. If only one member of the family works, they have tax deduction for each child and for the wife, in order to allow to finance the pension plan. BTW even a non working woman MUST pay the health insurance, this is mandatory in this country.
2 people like this
@Marilynda1225 (79731)
• United States
5 May 16
I retired a few years ago and it's a scary thought knowing (or at least hoping) I have many, many good years ahead of me and I worry about having the finances to see me through retirement.
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
5 May 16
I'm with ya on the money part @scheng1 . If only I hadn't made a lot of money that was paid 'under the table' when I was younger, I would have a heck of a lot more social security money today because the taxes that 'would' have been paid for all that money would be showing up now.
1 person likes this
@ridingbet (66857)
• Philippines
6 May 16
i pay my premiums in a semi-government agency and i expect my retirement to be paid by them. my son will have a family of his own, but i still want him to be near me.
1 person likes this
@allknowing (130066)
• India
6 May 16
In India it is slightly different. We have our own earnings through shares, debentures and bank deposits. Also many companies give out pension and medical facilities.
And as for lowering standards of living as one grows older there will be so many things that may not fit that age.
@Macarrosel (7498)
• Philippines
5 May 16
I am a retired banker and its just fine now. No worries to wake up early in order not to be late at work. It seems I'm enjoying my life now. Financially, I have no worries for my husband is a good provider and now my daughter has a successful online business.
