Near Retirement Age?

I was talking to my friends in 50's who were both wrapped with retirement scare. In the past when the market was good and they were young, they did all their best to help their families. "All for families, nothing left for self," they said.

It is only now that they are in the insurance business that they have realized the importance of having a retirement fund.

I can feel them 100%, as I must admit that I thought I was Wonder Woman in my younger years, I gave it all to my family and I left nothing for myself. All I thought of was I could handle it all and in case bad things happen, I could manage. But things, sometimes, get out of control as we have limited time and only one body. We need the right support system and we cannot handle all alone by ourselves.

What could I save when what I could earn was not even enough to meet the needs of my sickly parents, jobless husband (first 4 years of marriage), three (3) young children and a household helper?

Fast forward, I am now in the Middle East. Somehow in my first few years, I was able to send my children to school, help my ailing parents until my father died, renovated our house and provided for basic needs, sometimes medical emergencies. My mindset?  "Let tomorrow worry for itself as even today I can hardly deal with. One at a time, baby. Just live in the moment, here, now."

Saving was not an option as I could not do other extra jobs then. I was overloaded with work but without overtime pay.

When the recession hit the country in 2008, my staff and I were not able to receive salaries for some months and also gratuity. The owner left us but because in the past he was good to us so we just considered not to lodge a complaint,  just move on, and find new opportunities for us. It was a hard battle to keep afloat.

The important thing when you are in a foreign land is to find a roof over your head, so you end up always in a shared space. The cheapest would be shared with five (5) people in a room, six for three (3) two-decker bunkbeds, partitioned for two (2), with a bed and cupboard only if you are lucky, or if not it is just a plain space with nothing at all. To save on meals, many expatriates eat once or twice a day only. If there are gatherings or seminars with free foods, that will help.

The Generation X is labelled as 'sandwich generation'.  Very true. We helped provide for parents, siblings, spouses and children. That's 'automatic' if we have the resources, even if they do not tell us to do so. We do not feel 'entitled'; we feel we are morally obliged to do so.

What will you do to meet post-retirement challenges if you are in your 50's? How much time is left to prepare for that -- considering that you have your own struggles and you are also thinking of your children and grandchildren?

There are many financial literacy campaigns nowadays. The mind shift is always focused on saving. It is good, yes. Both employers and employee must think of forced savings from the employee's earnings. For one, there is the so-called DEWS or DIFC Employees Workplace Savings Plan for those employed at DIFC, according to Gulf News.

How do you compute what you will need when you retire considering the inflation rate, and for how many years will you live after you retire? What are the post-retirement challenges? What will you do to raise funds needed for retirement to live as per an adequate standard of living if you are already in your 50's and you have no long-term savings? (Financial gurus/wealth advisors, please comment below. Thank you!)

A person who gets a gratuity/end-of-service benefits for 30 years of service will be OK for at least 2-3 years after retirement, but after that, how will a retiree manage to survive considering that there will be some illnesses due to old age? (How to compute UAE gratuity -- check here.)

This means that we must not focus only on saving but more on earning and passive income generation thru investment. What can be saved when the salary is not enough for fixed expenses?

My friend told me, "I want to work even after retirement so I can pay my health and life insurance because I am not sure if my children will take care of me when I grow old."

In the Philippines, more elderly people are getting employed, according to Philippine Star, which also reported --

"Sen. Lito Lapid is pushing a measure that would give those who are 60 years old or older a passport with lifetime validity.

"In filing Senate Bill 1197, the lawmaker wanted to give the senior citizens ease and comfort, aside from sparing them from the rigorous process and long lines often associated with passport application and renewal. 

"Lapid added that the measure would benefit senior citizens who live far away from city centers where the Department of Foreign Affairs (DFA) consular offices are usually situated."

I do also want to work and be useful in my retirement years. I hope that Senate Bill 1197 will be approved. 

Working when you are old, if you do not have long-term savings, will also help ease the load of children who also are starting to raise their families. I experienced how tough it was to provide for the needs of a growing family, alone. I had other dreams but I shelved all as I prioritized the survival needs of the family when I was young. I was blessed that I had my parents to help me take care of my children when I was working like there was no tomorrow.

The post-retirement challenge here? What if the mind is willing to work, and the body is not? You know what I mean.

So while we still have time and not yet there, with willing and able mind and body to work, what can we do to earn, save and invest for retirement years?

Where is the right place to work that allows retirees to be of service at a high level that will compensate them the best for their time of services and talents?

What are the business ideas that will help us generate passive income?

We need to search more, find more, be on the persistent lookout for opportunities that best match what we can give to the world considering what we've got, and courageously, fearlessly, do whatever it takes to prepare for grey hair years.

Sooner or later, we will be retirees, so by now, we must passionately make up for whatever we failed to do to have the right retirement fund.

May the leaders of all countries come up with more laws and program initiatives that will make elderly people/retirees' lives safe and happy by having financial security and independence.

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Photo credits:  Pixabay