I shared previously that I have started planning and thinking about retirement. @ralph11ph commented shared his reason why he is not thinking retirement - what to do with too much idle time. I can't help but agree. Retirement is premised on the assumption that we do not like what we are currently doing. It is not always the case. I know people who love their jobs and love doing it until their physical body will no longer allow them to do it.
Perfect example is my mom. She works in a bank. Some six years ago in her 60th birthday, she had a grand birthday celebration.
Growing up poor, it was the most lavish and extravagant birthday she had in her entire life. (Yeah, the party is not really that extravagant in rich people's point of view but her family, friends and coworkers were there. It was a fun party celebrated with people close to her. What else can you ask for?)
So she had that party and I clearly remember her saying "I will be retiring so let's have some fun while I still earn."
And that's it. I thought she will retire. She later on clarified that she is not retiring yet. She will wait for the mandatory retirement age of 65. (That is the legal retirement age here in the Philippines.)
Last year, she turned 65 and had a birthday celebration again. It was a smaller party compared to her 60th birthday but one thing is the same. She said, "I will soon retire so let's enjoy the party while I still have resources to share."
Fast forward one year and a half, do you think she's finally retired. Hell, no! She is now consultant for the bank and still loves her work like a new recruit!
Amazing isn't it? And I don't mind if she does not want to retire. Actually, we had talks in the past about her plans of opening a pawnshop just so she will be busy after she retires. I am just glad that her employer still let her be part of the company.
One, it is a great gift if we reach that point where we are of retirement age and we made sure we do not depend on our kids.
It is very common for us Filipinos to put all our money to our kids' education without leaving a portion of it for our retirement.
While some kids do support their parents, wouldn't it be nice if you will not be a financial burden to them? So do yourself and your kids a favor, save a portion of your monthly income for retirement. Pay yourself first.
Second, my parents supported us in our education. Again, in our culture, education is a big thing and that's the reason my parents have these blue things hanged outside our house.
The point here is that after you have set aside some money for retirement, the next logical step is to start a college savings fund.
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Perfect example is my mom. She works in a bank. Some six years ago in her 60th birthday, she had a grand birthday celebration.
Growing up poor, it was the most lavish and extravagant birthday she had in her entire life. (Yeah, the party is not really that extravagant in rich people's point of view but her family, friends and coworkers were there. It was a fun party celebrated with people close to her. What else can you ask for?)
So she had that party and I clearly remember her saying "I will be retiring so let's have some fun while I still earn."
And that's it. I thought she will retire. She later on clarified that she is not retiring yet. She will wait for the mandatory retirement age of 65. (That is the legal retirement age here in the Philippines.)
Last year, she turned 65 and had a birthday celebration again. It was a smaller party compared to her 60th birthday but one thing is the same. She said, "I will soon retire so let's enjoy the party while I still have resources to share."
Fast forward one year and a half, do you think she's finally retired. Hell, no! She is now consultant for the bank and still loves her work like a new recruit!
Amazing isn't it? And I don't mind if she does not want to retire. Actually, we had talks in the past about her plans of opening a pawnshop just so she will be busy after she retires. I am just glad that her employer still let her be part of the company.
Learnings
So what's the point in this story? I have yet to ask her if she planned all of this but there are two truths I wanted to share.One, it is a great gift if we reach that point where we are of retirement age and we made sure we do not depend on our kids.
It is very common for us Filipinos to put all our money to our kids' education without leaving a portion of it for our retirement.
While some kids do support their parents, wouldn't it be nice if you will not be a financial burden to them? So do yourself and your kids a favor, save a portion of your monthly income for retirement. Pay yourself first.
Second, my parents supported us in our education. Again, in our culture, education is a big thing and that's the reason my parents have these blue things hanged outside our house.
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| blurred my siblings name - i don't have their permission to post their names |
The point here is that after you have set aside some money for retirement, the next logical step is to start a college savings fund.
Take-aways
- Retirement does not mean that we hate what we currently do. If you do hate what you are currently do, then reassess. Your time is your life and how you spend it ends up being your life.
- Pay yourself first. Save for retirement. It can be the greatest gift you will give to your kids.
- Start a college savings fund.
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