Work out your retirement plan

“Don’t simply retire from something; have something to retire to.”

LAST week, I was invited to cover the grand opening ceremony of the Red’s Hotel – the first digital hotel in Bintulu.

I had the pleasure of speaking to the hotel’s director and owner, Bong Jat Chung, who shared about how he started his business in the hospitality industry.

After two years of retirement, Bong decided that he wanted to do something to keep himself occupied.
The idea of getting involved in the hospitality industry was mooted by his son who is working in Bintulu.

After some persuasion from his son and when opportunity presented itself, Bong was convinced by Bintulu’s blooming economic prospects and the Red’s Hotel became a reality in 2016.

I found his story inspiring, and it got me thinking, ‘what are my plans for my retirement?’
Despite being only 26, I have uttered the words ‘I cannot wait for my retirement days’ more often than I would like to admit – especially when I bite more than I can chew in my work.

I remember interviewing Family Medicine and Community Geriatrics Specialist Dr Sally Suriani Ahip who is running The Geriatric Community (GeKo) in Kota Samarahan Health Clinic last year.

She highlighted how people who are looking forward to their retirement days must have plans on what they are going to do to keep themselves occupied.

“When you decide to just rest and do nothing, everything in your body will be affected –your brain will shrink if you do not stimulate it, same goes with your muscles if you are not moving around.

“The moment you do not do mental or physical workouts, you will start to become weak,” she explained.
Not many young people may give this much thought but the importance of having well-thought-out plans to keep oneself occupied during retirement cannot be overstated.

Retirement is not merely a cessation of work as it’s a transition to a new phase of life that requires careful consideration and planning.

As pointed out by Dr Sally, the benefits of staying active and engaged post-retirement are multifaceted – ranging from physical and mental health to overall life satisfaction.

One of the primary reasons for having plans during retirement is the positive impact on mental well-being.

Dr. Sally also said engaging in activities that challenge the mind, such as learning new skills, pursuing hobbies, or volunteering, can contribute to cognitive vitality and prevent the onset of mental decline.
Similarly, staying physically active is crucial for maintaining health during retirement.

A sedentary lifestyle can lead to a range of health issues, including muscular atrophy and reduced cardiovascular health.

Activities like regular exercise, walking, or participating in sports not only keep the body in good shape but also contribute to a sense of well-being and increased energy levels.

Moreover, having plans for retirement provides a sense of purpose and structure to daily life.
This is because work often provides a routine, and suddenly being without it can lead to feelings of emptiness and boredom.

As such, I think pursuing interests whether artistic, educational, or philanthropic would give retirees a reason to get out of bed each day with enthusiasm and a sense of fulfillment.

Social connection is another crucial aspect that retirement plans should address.
Workplaces often serve as a social hub, and the absence of daily interactions with colleagues can lead to feelings of isolation.

Planning activities that involve socialising, such as joining clubs, participating in community events, or volunteering, helps retirees build and maintain a supportive social network.

Financial planning is an integral part of ensuring a comfortable retirement.

While financial stability alone does not guarantee happiness, it provides the foundation for pursuing one’s interests and maintaining a certain quality of life.

Starting to save and invest early, creating a diversified portfolio, and seeking professional financial advice are essential steps in securing a comfortable financial future.

At the same time, healthcare considerations also play a vital role in retirement planning.

As individuals age, medical expenses may increase thus having adequate health insurance coverage and planning for potential healthcare needs are crucial aspects of a comprehensive retirement plan.

Before this, I did not pay much attention to how retirement planning is a holistic endeavour that encompasses physical, mental, social, financial, and logistical considerations.

By having well-crafted plans, retirees can navigate this significant life transition with purpose, ensuring not only a comfortable lifestyle but also a fulfilling and enriching post-work phase.

Whether it’s pursuing hobbies, staying active, maintaining social connections, or securing financial stability, thoughtful planning lays the foundation for a retirement that will be both enjoyable and meaningful.