Question to All Retirees in MyLot

Oh dear! I am telling a lot of you and how you are enjoying your "retired life". I am asking him, how they can afford to have a month of vacation out of their home? haha! We are 32 now and it feels that we are running out of time to save and invest for more.

@wiLLmaH 32 is no age at all !!

We had done the same thing ... we lost all when from 1998 to 2003 ... we both had cancer. We lost everything ... and at the same time my husband's company sold out ... everything he had built up for our 'older age' ... was lost, also. We never could completely recover ... we lost all in a house fire, then my husband was in a tractor-trailer wreck ... and on and on. We don't complain ... we have gotten up many times to begin all over again. At this time in our 'older' life ... we are beginning all over again. This time is hardest but, we'll manage to get to an even keel yet. :) I'm always happy when I see others plan their lives, all goes as planned. Not everyone plans ... and all goes as planned. I'm so happy for you, and I hope nothing ever changes.

@vandana7 - @Daljinder - Here goes our advisor with all her arrows in her armoury to guide you on financial matters and matters concerning your post retirement. She (Vandana) is an expert on these issues.

Mediclaim is there in the US. In India, we can only buy medical insurances. Suppose a person is 25 years old, an immediately provision of 10 lakhs is fair. But it needs to be increased periodically to 6 to 8 times that or may be even 10 times by the time he or she reaches 80 plus depending upon the ailments in the family. For every 10 lakhs he needs to provide 2 lakhs as copayment, which is easier to provide for than making a provision of 1 crore. There are super top ups now, which are excellent products. Basic health plus super top ups are the way to go about it. As to home...I already told you, you would need one place to live, and one place from which to earn rent since that is the only way inflation can be combated comfortably.

@vandana7 Thanks for answering that... Stocks and investments completely pass by me. Have no idea about them. Insurances are a good idea. and medical coverage Like mediclaim??

@cacay1 Thank you .

@cacay1 She's graduating this May .

@SIMPLYD as they always tell, there is no such thing as too late or too early in investment po. You can go to your bank and ask for UITF, they can help you to choose what is the right investment for you. Congrats on your soon doctor :)

Hi Valerie, sad to say, because we are not a permanent residents nor a citizen here in Singapore we cannot avail their CPF (just like 401K of America). The Social Security System (retirement system of Philippines) have a news last week that it is nearly broke. Any words for readying ourselves emotionally?

@wiLLmaH That is very sad. Just put a percentage of your paycheck into savings every check, preferably one that will draw interest. Do it religiously and you should do well when you get ready to retire.

Thanks dear @just4him!

@Daljinder Banking shares are good everywhere - you have SBI, HDFC, etc. They have to operate under strict norms and profit is almost assured and they pay regular dividends too with bonus shares the icing on the cake - siva

@Shiva49 Ah!! That is a sound advise.... Thank you very much for answering that. Made note of the banking shares. I will be looking into that in my region.

@Daljinder Thank you for the suggestion Daljinder, appreciated - siva

@Daljinder - To my mind you need not worry about post retirement life. There is a long way to go. Hopefully, when you reach cross the barrier of 40 years, then you could think and plan about it.

Hey! Why have you linked me to this discussion? I am not a retiree. Far from it. I am still just a young chap. OK, young-ish.

There is lot of wisdom with the retirees. They experienced and saw a lot of things already and that is why I am asking for their good advice! :) Hope many more will participate in this discussion :)

@Daljinder - You could go for a long term plan. Insurance is a kind of savings coupled with our life being insured. You could opt for any plan as per your needs and availability of funds. One must pay the instalements in time to avail the benefits. Life Insurance Corporation's plans are the safest instead of going for insurance plans of any private company.

Husband and I got insurances way before we married but then realized that Php 350,000 lump sum would not be enough for our retirement. haha! So, we bought another insurance for Php 2M.

@dpk262006 Thanks for answering the question... You are right about insurances. They are too many to invest in. But it becomes tough to select the best one to suit our needs...

@wiLLmaH 1.5 million is not that much so he should have handled it wisely. Sorry for him.

@salonga We all feel sorry for him. It boils down not hoe much money you have but how you handles it :)

You know what? My unlce received around Php 1.5M when he retired in PLDT and not even 2 years it is all gone. Good for you handled the money that can suffice your daily needs.

@Daljinder The Men in Uniform are very different and some of those whom I know, too have a very similar attitude towards life. They simply cannot stand being idle. Probably it has to do with the years of training that they undergo and the hardships they survive. I wish I could go on for ever - working. Life without doing anything quantifiable does not give meaning to my life.

@thesids lol That is how my grandfather is. He is ex-army, a Captain. Then he got a job at a chemical factory and got promoted to Manager over several years. He just turned eighty and is still refusing to slow down. It's not like he is hurting for money. He can sit back and just live comfortably with his pension alone. But no... he needs to work...any way he can. I am not that rich either to invest but it's good to know the options for future reference...

@thesids It is possible. They are punctual too. My grandfather has a routine fixed from his Army days. Waking up at 4 a.m. tea at 5 a.m. sharp, bathed and ready by 6 a.m. Out the door 7:30 a.m. sharp and back to bed at night no later than 9 p.m. At 80 he is still following it... I don't want to work 9 to 5 jobs my whole life. I want to do some travel too...

what are the things you have done on your planning :)

We have already 12 apartments now and we are building another set of 12 more in these year. I liuke to see if having a farm will suit me po, because I do not have patience to plants unlike my husband. I am looking in growing cocoa or coffee..

I think so too, my dear @cacay1 . Now, they answer to our dinner, lunch & get-together, anytime. They say, aside from the 20% disc they now enjoy as they pay bills (as Senior Citizens), they have (they say, modesty aside) the means to pay. Yehey!

@wiLLmaH 12 apartments already & you are still having another 12? Wowowie!

Pensions in Philippines is.. sad to say is corrupt! Good for you that US can back up the pensions. You look young for a retiree Dianne

@DianneN You look just somewhere in late 30s. That is painful truth in Philippines.

@wiLLmaH That is awful that your pensions are overseen by corrupt people. What a shame no one helps people who have worked hard in their old age. Thank you, by the way. I look a bit younger than I am.

Thanks :)

I am from Philippines. We are looking into farming too.. :)

@wiLLmaH to generate it, pick a trending topic.

Hi Shane. husband and I already have a "review" blog but not generating income that much. :(

That is what my mom and dad telling me, do no trust the pension plans of our government. Last week, the country hit with a news that our Social Security System is going broke. Your right there, what is good before is not capable to give pensions today.

@LadyDuck the inflation rate is higher than interest rate of the banks. Gosh!

@wiLLmaH Many years ago the investment generated a good income, they paid high interests, now how can you make money when they interests are close to zero?

Thanks dear :)

We need this as SSS news last week hurts a lot of people now.