Tracey Woon planned her retirement for ten years; I took half as long, just five years.
The actual planning we need to do for retirement is exciting. It is enjoyable. And it is more than how “retirement planning” is defined by the industry:
“Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to gauge whether the retirement income goal will be achieved.” Investopedia
A google search for “retirement planning” will turned up heaps of articles related to financial planning (nothing much else). Yes, we need to pay attention to our financial health; we also need to pay attention to our overall well-being – how we spend our future unstructured time.
I started my retirement planning in earnest four days after I celebrated my 60th birthday. I can remember the exact moment when I made the decision. The plane was just about to touch down in Hong Kong. It was my second trip to Hong Kong as a visiting professor.
Memories of a departed Hong Kong radiologist friend revisited me as wheels of the airplane scrubbed the runway. He passed away suddenly at a relatively young age of 60 years old. On that very day, I started to prepare consciously for retirement. I was glad I had more years to fulfill my aspirations.
Retirement planning is a journey of discovery and rediscovery. We have the freedom to choose what we want to do and what we do not want to do.
Start planning your retirement early.
Vince
Dr Vincent Chong is a retired Professor of Radiology at Yong Loo Lin School of Medicine, National University of Singapore.
