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Financial Planning for Retirement

 

As you grow older, it’s a good idea to match your spending to your current needs. Focus on what really matters, and cut down on things you don’t need.

 

Create a clear budget. Include your pension, monthly expenses, and healthcare costs. A solid budget helps you stay in control and avoid overspending.

 

If your home feels too big or costs too much to maintain, think about moving to a smaller, more affordable place.

 

Know what your pension offers and when you can access it. Use it wisely so the money lasts through your retirement years.

 

You don’t have to stop working completely. If you feel up to it, try part-time work or take up a new hobby. Some hobbies can even bring in extra income.

The Story of Syafiq and Tan

Insufficient Retirement Savings

 

Syafiq doesn’t have enough savings for retirement. His money is running out, and he’s getting more worried as healthcare and caregiving costs increase.

No Retirement Savings

 

Tan depends on monthly government aid. He has to withdraw it from the bank just to get by. Because of this, he struggles with planning his will and sorting out his estate.



Key Lessons for Managing Money in Retirement

 

  • Start saving as early as you can — try to save 15–20% of your income for retirement.
  • Plan long-term and only take out money when you really need it.
  • Review and update your will. Make sure the people you name as beneficiaries are still around and trustworthy.
  • Make your retirement meaningful. Set personal goals and keep yourself mentally active to avoid feeling bored or burnt out.
  • Check your financial plan often and adjust it based on your health, lifestyle, and financial needs.

 

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