After decades of hard work, many of us imagine retirement like a well-deserved holiday.
A survey published by Etiqa and Takaful last month showed that 88% of Malaysians want to spend more time with family, 75% want to travel, and 55% dream about taking up a new hobby.
However, as 46% of Malaysians don’t plan their retirement, only 23% believe they can retire comfortably.
For years, studies have warned of the retirement crisis. The pandemic didn’t help, pushing many of us to tap precious savings. However, studies also suggest some useful rethinking that can help boost your golden years.
Quality of life centres on feeling good in your body, being happy in your relationships, and taking part in activities you enjoy. Financial stability is an important ingredient for all of these.
A study of 210 Malaysian retirees in 2021 led by Professor Nor Azilah Husin at Universiti Selangor found that financial resources, followed by healthcare, influence retirees’ quality of life most. Thankfully, a whopping 73.3% reported feeling healthy.
In 2015, a study of 768 Malaysians in Kuala Lumpur and Selangor led by Dr Ainoriza Mohd Aini at Universiti Malaya found that seniors see property as an investment rather than a home for their comfort.
While more than half believed that their bedrooms, kitchens, stairs, and other facilities needed renovating, a whopping 66% referred to age in place. Just 22% were willing to move as part of their retirement and only 5% were interested in considering a US-style retirement village with purpose-built retirement properties serviced by bespoke medical, cleaning and other support services.
Finally, dozens of studies in various communities have shown that many grandparents feel pressured into giving up their retirement and resent being pushed into rearing their grandchildren full-time.
As Dr Qing Lin and Dr Jingyu Mao, researchers at the University of Edinburgh, observed in their 2022 study of 120 families in China, this is a complex issue that involves changing perceptions of generational duty and care. Unless addressed fairly and directly, it creates tension and struggles within the family.
Putting this together, several points come to mind.
As you’ve been in the habit of thinking of your spending in terms of a work week, step one is to reassess your finances.
Take notes of everything you spend for two months. Don’t change what you’re doing; just note everything down. This will give you clear insight into spending.
We don’t like change and tend to move only if absolutely necessary. However, as a home is a major cost, whether you rent or own, it’s sensible to think like a banker.
If you are concerned about money running out, downsizing or moving a few miles can result in extra cash to top up your investments.
Either way, also look at your home in terms of health needs. Do you have slip-proof tiles? If (God forbid) you fall and break a bone, can you access your shower, move from room to room, and reach your bedroom easily with a cane or a wheelchair?
Similarly, cars are money sinks but they are vital for a commute. When you’re retired, assess and rethink your transport.
We love our 24/7 takeout but there are two downsides. Commercially prepared dishes are typically high in sugar, fat and processed ingredients. Also, as the seller needs to make a profit, they’re expensive.
In working life, takeout is efficient and we close one eye to the health implications. In retirement, staying fit and flexible is key to staying independent.
Preparing your own meals is cheaper, will pay off in better physical health and it’s creative.
Aside from being an excellent hobby, cooking brings the family together. There’s nothing better than eating grandpa’s home-made chicken curry Kapitan and grandma’s popiah.
Mind-reading isn’t a human skill, so it’s best to be clear about your retirement intentions, worries and needs. To avoid misunderstandings, work out what you want from your retirement now and when you are older. Share these plans with the family.
It may not be easy, especially if your needs don’t align. However, you can negotiate with each other. Then hold regular discussions so you all support each other fairly and with love.
Ellen Whyte is a British-registered counsellor and psychotherapist who has a soft spot for cats. She founded an online practice in 2016, and works with clients in 20+ countries.
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