Retirees mistakes

What went wrong causing the retiree loss the money

In our country, the pension age is 55 years old...

But when working, most people will need to save money in the pension fund (EPF)...

When come to age of 50, they can withdraw partial of the money...

Followed by full withdrawal when they are pensioned...

Most of the people will make the full withdrawal when they pension...

What they spend on then???

There are main few things they did with the money they had...

Some of the people only manage to have that big amount of money after years of hard work...

1.       Too much money in a blink, they don’t have a proper planning what to spend and simple spend the money, like buying a new car, too much travelling or holiday plan. So within 5 years, all gone.

2.       With the money, some of them plan to do some small business. Without a good planning, most of them failed and loss the money. Only the vital few manage to get through this.

3.       Invest in share market; some of them see people can easily earn money from this share market. As they are so free already, the want to make some fast money through this way. They thought with them monitoring it all day they can make some fast money. But normally they are wrong also.

4.       Lots of the people bought a house in their early 30s to late 30s. So when they pension, they still owing the banks on the house loans. With the money some of them think is better to pay of the debts, but they never plan for any emergency cases and end up with not enough money for the days to come.

5.       To optimistic about their own health. Due to hard work, lack of enough rest earlier, family health history and etc. , some people feel too optimistic about their own health conditions that they never plan for the worst to come. When the ages increase, more and more health problem occurs, all this need money to cure or get better. So still end up with nothing after spending the money in health care.

Above just few of the mistake examples. But still more than these. So we need to plan for our future. Make sure we had enough when our old days come.

Good luck!!!