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Food for thought: What's in your retirement bowl?

  • Retirement is like a delicious bowl of laksa, which contains a medley of ingredients and garnishes that come together to make a fragrant and flavourful dish. Just as there are various types of laksa, there are also different retirement goals that would determine the approach to preparation. However, the process is similar, starting with a base, followed by the necessary accompaniments, and adding the final touches to make your retirement plan unique to you.
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  • Depending on the choices you make today, your golden years could be as simple or as luxurious as you imagine. As the way we live evolves, the modern habits we adopt now are more likely to remain a part of our lives once we retire. With a little bit of forethought and planning today, you can retire debt-free and still enjoy the same pre-retirement standard of living tomorrow.
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  • Whichever stage of life you’re at, these tips would help you shape your plan and ‘Be A-Z ready for tomorrow’. Let’s get started on making the laksa of your dreams. 
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  • 1.    Create your broth. 
  • The base of your retirement plan begins with your financing. Just like how a laksa broth is key to the whole dish, from the paste to the ratio of water, the basics of retirement planning are the same whether you’re planning at 20 or 40 years old – having a budget and understanding your income stream. 
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  • Besides your assets and income, retirement planning also takes into account your future expenses, liabilities, life expectancy, and aspirations. 
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  • Once you’ve set a monthly base, it’s time to choose the right accompaniments to go into your retirement plan. Essentially, your plan should have a timeline of when you want to start saving, when to retire, and not forgetting to include your biggest passions for a more fulfilling retirement and life. Your hobbies could also venture into a passive income to help you plan for a bigger retirement budget.
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  • 2.    Prioritise your accompaniments.
  • ‘Mihun’ or ‘kuetiau’? Let’s face it, laksa without noodles is just plain spicy broth on its own – good, but not quite enough. When it comes to enjoying your retirement to the fullest, you should plan for a wholesome life by taking care of your physical and mental health, having adequate protection, and surrounding yourself with good company. However, like how spaghetti is the type of noodle used in a Laksa Johor, there are more aspects of the retired lifestyle that we should look into as we are planning for retirement, longevity, and our legacy. 
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  • Besides the mandatory employment savings plan, it’s important to understand and consider plans that will protect your golden years against the rising costs of living, such as medical and insurance plans for you and your family, or health and wellness benefits that can reduce day-to-day expenses while still allowing you to enjoy life.
 
  • 3.    Add on your sides and hobbies. 
    Fancy some fried onions to top your laksa? Go ahead, add a personal touch to your plan. Make your laksa unique to you by investing in your passions during your retirement. This is a great time to learn a new skill, spend time on your hobbies, or pursue a lifelong interest. 
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  • Let your passion drive your future plans – like a trip to Mars or a PlayStation 7. No dream is too big with a bit of planning, plus a little motivation goes a long way. Factor in the things you love and interests you’re passionate about to live a happy and well-rounded life. 
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  • 4.    Be ready for the spicier parts of life.
  • Like how sambal gives laksa an extra kick, life is bound to have its share of spicy twists. Make sure you keep your financial, medical, protection, housing, and legacy plans updated to give you and your loved ones’ peace of mind. 
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  • Planning for your retirement can be enjoyable and full of flavour. By personalising your retirement planning and investing in your health and interests, you can have a retirement that’s as satisfying as a bowl of spicy laksa. So, let’s get started and prepare for your retirement with confidence!
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  • Stay tuned for our next article to help you Be A-Z Ready for Tomorrow. For more information and tips, please reach out to an authorised Allianz agent to get started on your retirement planning.
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  • Watch the recap video here:

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