In Malaysia, The Social Security Organisation (SOCSO)’s plan to introduce pension schemes for its contributors and the self-employed has been applauded by older working adults and for those who should be enjoying the golden years instead of working. These people are forced to work because they are unable to make ends meet and they have to support their children for their higher education.
How do you look at work in relation to retirement?
Work and retirement
Nobody should retire. If you do you will be bored to death. You can’t be doing nothing to pass the time. You still can find something interesting to do and at the same time create an income stream to supplement your retirement fund. If you are still working, just carry on. If it is something that you are interested in it is even better because it is not work anymore. The most important thing is to fill your time with useful activities even if you are no longer working.
Financial review
It is also necessary to review your financial situation in order to adjust your spending pattern according to available funds. Consider sending your children to higher education locally instead of overseas. You can also sell the bigger house and live in a smaller one if your children have a family of their own and they no longer live with you. Save the extra cash for future living expenses. Trim your budget to stay financially independent
Pension fund
Invest or save pension money when it is materialized. You can also accumulate the pension fund for an annual holiday. It can also be used to supplement your monthly spending should your monthly budget be overstretched. The best thing is to treat the pension as a bonus when it comes.
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