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Inflation. Inflation is a measure of the rate at which the overall price level of goods and services in an economy is rising. It is typically measured using a basket of commonly purchased items, such as food, housing, and energy, and is represented as a percentage change over a period of time, usually a year. … Continue reading Retirement Series -Meet The Number One Enemy
An emergency fund is a savings account set aside specifically for unexpected expenses or emergencies such as a job loss, medical emergency, or unexpected home or car repairs. It is generally recommended to have enough money in an emergency fund to cover three to six months' worth of living expenses. This is to help ensure … Continue reading Emergency Fund – A Crucial Element in Your Personal Finance
Saving money is an important aspect of personal finance and financial planning. Some of the key benefits of saving money include: Building an emergency fund: Having a savings account specifically for emergency expenses can help protect you from financial hardship in case of unexpected events such as job loss, medical expenses, or car repairs. Achieving … Continue reading The Importance of Saving and Why Many Are Not Doing It.
As we age, our bodies go through a number of changes. After the age of 60, some of the changes that may occur include: Muscles may shrink and become weaker, making it harder to move around and perform everyday tasks. Bones may become more brittle, increasing the risk of fractures. Joints may become stiffer and … Continue reading Retirement Series – What Happens After 60 (to most)
There can be a number of reasons why retirees may have difficulty maintaining relationships and connections with family and friends. One reason is that retirees may have moved away from their support networks, either to a different city or state, or to a retirement community. This can make it harder to maintain close relationships with … Continue reading Retirement Series – Relationships and Living Arrangements
Difficulty Managing and Budgeting Finances Difficulty managing and budgeting finances during retirement can be caused by several factors. One reason is that retirees may have a fixed income from sources such as, pensions, savings mandated by the government as in Employees Provident Fund (EPF) in Malaysia, or personal savings, which may not be enough to … Continue reading Retirement Series – Budgeting, Finances and Decisions
Staying mentally and physically active during retirement can be challenging for several reasons. One reason is that retirees may experience a loss of purpose and social connections after leaving the workforce. Without the structure and routine of a job, retirees may find it harder to stay engaged and motivated to participate in activities that promote … Continue reading Retirement Series – The Challenges of Staying Mentally and Physically Active.
Besides financial and health challenges, retirees go through other changes in their once they stop active employment. We look two of those here, namely change of lifestyle and social isolation. Difficulty adjusting to a change in lifestyle or schedule For many people, work provides structure and purpose in their lives, and retirement can leave a … Continue reading Retirement Series – The Challenges of Changes in Lifestyle, Loneliness and Isolation
Let us look at some numbers. Table 1 below shows the figures that you will need at the age of 60in your retirement savings. AgeAt 60 Amount needed-25 YearsPresent Retirement FundAnnual Contribution ( 6%)Monthly50155,3743,089,0671,000,000294,35224,53140 254,7175,031,834500.000166,95213,91330 414,9078,196,32580,000108,4769,040Table 1 The first column of the first row, shows the age. If you are 50 years of age this … Continue reading Retirement Series – The Numbers
Why do we procrastinate planning our retirement? Most of us in a paid job will retire. Mandatory retirement differs between countries, most being in the bracket of 60 to 70 years of age. Unless we have a job that allows us to be employed until the day we die, very few of us can expect … Continue reading Retirement Series -Why We Are Not Planning Our Retirement?
