Procurement News Notice |
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| PNN | 6374 |
| Work Detail | MANY disturbing findings highlighted in the media indicate that most Malaysians need to act fast to increase their retirement funds to avoid a miserable retirement. In fact, many relatives and neighbours in their 60s toil for meagre wages to make ends meet as they have failed to save enough for their twilight years. As I have retired happily for more than four years and shall be celebrating my 60th birthday soon, I would like to share simple ways to plan for a happy retirement. To retire happily, one needs to be healthy physically and financially. Unfortunately, many retirees suffer from diabetes and high-blood pressure, though some may have built a seven-figure nest egg to support their retirement. Leading a simple life from young will allow you to cultivate a healthy lifestyle for the long-term. For more than four decades, I spent at least 30 minutes a day exercising at home to maintain an optimum level of physical and emotional wellbeing, which promotes good health. I spend evenings at home with my family and enjoy a home-cooked dinner while watching a movie or the news. If you aren’t tempted to spend your evenings in a pub or go shopping, you will enjoy a simple lifestyle that promotes good health, such as reading or exercising at home. A simple lifestyle will encourage you to dine at home with your family. This will allow you save at least RM400 per month on entertainment and unnecessary purchases. I stayed in a fully furnished apartment with air-conditioning provided by my employer before I retired in 2011. I only needed a fan to keep my room cool every night. Apart from saving a substantial sum in electricity cost for my employer over 20 years, I also developed the ability to adapt to fluctuations in temperatures. It took me only a day to adapt to a scourging temperature of 45°C when I was on a working visit to Oman 10 years ago. Many of my neighbours pay over RM200 per month on electricity while my average monthly bill for electricity hovers around RM30. I need only a ceiling and ventilation fan to keep my room cool at night. To lower my body temperature to a more comfortable level and ensure a good sleep, I take a cold shower before I go to bed. This way, I have saved at least RM170 each month on electricity. Nicotine is one of the most harmful substances taken by millions of people. One of my neighbours succumbed to first stage lung cancer at the age of 60 recently. He was supposed to undergo 25 doses of radiotherapy, but on the day of his death, he had been administered only the 15th dose. The poor guy toiled for a low pay until he was diagnosed with cancer four months ago. Assuming he wasn’t addicted to cigarettes, he could have saved RM400 per month. He would also have enjoyed a healthier life and earned more as he was a daily wage labourer. I believe many Malaysians don’t realise that they too can enjoy a happy retirement if they are willing to lead a simple lifestyle. Assuming you possess the discipline to accomplish this rewarding task, you will then be rewarded with long-term savings derived from three sources (as highlighted above) over 30 years upon your retirement. The total annual savings is RM11,640 (RM970 x 12 months) and the accumulated final savings is RM652,829, based on a four per cent yield. However, if you are a savvy investor, you can accumulate RM1 million at the end of the 30th year. Time waits for no man. Plan your retirement as early as possible, preferably upon receiving your first cheque. Spend within your means and lead a healthy lifestyle. You will then be on track to accomplish your goal to enjoy a happy retirement. The amazing savings highlighted above are an extra nest egg to be added to your Employees Provident Fund contributions. |
| Country | Malaysia , South Eastern Asia |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://www.nst.com.my/news/2016/09/171131/saving-electricity-funded-my-nest-egg |
