We move out of our parents’ home after marriage to start our own. Along the way we realize that it’s our own parents who require attention from us especially when it comes to their retirement. Retirement can be scary for some people. It is the end of familiarity and the start of uncertainty. Seniors who are positive will take this opportunity to do the things they’ve always wanted to do but never had the time such as travelling or learning a new skill through the many lifelong learning programs offered in centers and universities around the country.
Others might enter retirement feeling scared and lonely, awaiting the day their time will come. As their son and daughter who they have loved and cherished all their lives, it’s time for you to help them transit into this stage just like they’ve helped you get through school, college and subsequently work. Sure they may have savings and EPF or a monthly contribution from you but money alone is not enough.
Here’s what you need to know about retirement so that you can help your parents prepare for theirs and for your own, someday:
The first few weeks of retirement may seem satisfying. There is no need to face the daily traffic, you get to eat healthier homecooked meals and paperwork, what paperwork? But after awhile people start to get restless and seek for something to make thier life more meaningful.
Sit down and have a proper conversation with your parents on their long term plans and financial management. Buying a sports car or a three storey kennel for the family dog may seem like brilliant idea at first but the excitement is only temporary. Reality doesn’t always allow us to live like it’s our last day on earth. For most of us, there’s always tomorrow.
Just because your parents are free now that they’ve retired it doesn’t mean you can now use them to run your household errands or as a substitute baby sitter. Expecting them to be at your beck and call is unfair as you’ll be denying them the benefits that they’ve worked so hard for. Some people may want to be heavily involved in their grandchildren’s lives, if that is so, work out a system that will have everyone happy.
Sadly, some old age diseases such as Alzheimer’s, Parkinsons and Osteoporosis are unavoidable but maintaining good mental and physical health even throughout your life can make a huge difference by being constantly engaged with activities throughout your life.
Encourage your parents to get involved in things that interest them whether its joining a committee or even a simple sport such as taichi to keep their minds constantly active no matter how old they are. After all, we’re never too old to keep learning.
At retirement, you should have paid off all your debts such as your house and car loans. When your income is no longer a function of your effort, the only way to have money is to save because there is no more incoming paychecks. Our needs grow less as we age yet we are burdened by the rising costs of healthcare and inflation. It’s important to have a safe amount of money before you retire because you never know when and how you may need the money.
Retirement can be depressing but what’s silly is to treat it like a waiting room because you’ll be wasting all that skill, talent and wisdom you’ve accumulated throughout your life. Help your parents retire well, talk about what they can do and make these avenues accessible to them.
If they want to learn photography, get them a camera, sign them up for workshops! If they want to learn oil painting, get them the tools, take them out to scenic places and simply, be there for them. All these will give them a sense of fulfillment and content helping them to live happier, healthier and much longer. What’s good for them, is also good for you.
