Are You Ready for Retirement? [Part 1 of 3]

By: PanzerGrenadier

Part 1: What is Retirement?

Retirement means many things to many people. If you make reference to Wikipedia, they describe “retirement” as:

Retirement is the point where a person stops employment completely. A person may also semi-retire and keep some sort of retirement job, out of choice rather than necessity. This usually happens upon reaching a determined age, when physical conditions don’t allow the person to work any more (by illness or accident), or even for personal choice (usually in the presence of an adequate pension or personal savings)…

Some see retirement as an age. “When I reach 55, 65, 67…”

Some see retirement as a place. “When I reach retirement…”

Some see retirement as an amount. “When I make enough to retire…”

So what, really, is retirement about? You can see from the above examples that retirement means many things to many people and is dependent on the circumstances that varies from person to person. Those who are on government pensions see retirement as an age when they qualify. If you are on the Central Provident Fund (CPF) system where your employer contributes along with deductions from your salary into your retirement account, then it is an amount as well as age as these two determines when and how much you can draw when you stop working. Those who are able to self-fund their retirement from personal savings and investment and who are truly financially free can retire when they hit their targets for having sufficient passive income purely from investments.

This is important because retirement is NOT THE SAME for everyone. Your subsequent decisions on how you are going to fund your retirement would vary based on what is your situation. Read more…

Comments

  1. Panzer says

    Hi Derek

    Thanks for featuring my post! More to come in parts 2 and 3…hahahh…

    Be well and prosper.

  2. says

    Hi Panzer,

    No problem. Your part 2 will be up soon too ya.

    Btw, I’m thinking of compiling a E-book base on your articles, MW and from other authors in my site. Of course I will require your permission first. Any other inputs from you or the rest of the readers?

    Cheers!
    Derek

  3. Panzer says

    Hi Derek

    I think that’s a good idea. I think thefinance.sg has done a good job of aggregating Singaporean personal finance bloggers together to present different facets of personal finance, i.e. savings, investments, insurance, etc.

    An ebook would be useful, you can front it and within the articles can link prominently back to respective bloggers’ blogs and a section for us to give a para or two on our take towards certain subjects.

    I was thinking we should have a blogging carnival, i.e. come up with a theme to cross-promote it. e.g. come with with a Singapore Personal Finance bloggers moneyweek or something where we post our takes on broad topics e.g. what does savings mean to you? why do you think the rich are getting richer in Singapore etc…

    Saw this is some of the Canadian/US blogs I monitor i.e. Million Dollar Journey, interesting concept.

  4. says

    Hi Panzer,

    My dateline for the E-book will be before the year end, I hope to finish my logo and template within the next few weeks.

    Ah.. a Blogging Carnival, do you mean having once every month to consolidate all the best posts together or for authors to submit their articles?

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