No income after retirement ?

  • No income after retirement ?

    Posted by lipton on 8 January 2024 at 16:17

    Retirement means no income from work. What should I do if I want to remain worry-free financial-wise after retirement?

    Beto replied 5 months, 2 weeks ago 15 Members · 17 Replies
  • 17 Replies
  • LW8

    Member
    8 January 2024 at 16:20

    Retirement means no recurring income from work. So make sure you have sufficient recurring income to meet ongoing obligations

    • Francis

      Member
      8 January 2024 at 16:23

      An Excel cashflow sheets should help; but you must be honest to list down all your obligations and assets, whether income generating or not

    • SHk

      Member
      8 January 2024 at 16:25

      This is serious, as most of us can live until the nineties; and the potential medical bills could be enormous unless you go for public hospital care which can take months

  • Windy

    Member
    9 January 2024 at 11:00

    Also, create a buffer for contingency or unplanned expenditure; the more prudent the provision the better

  • Francis

    Member
    9 January 2024 at 11:09

    How can we plan if life is full of uncertianties? You do not know what to expect tomorrow most of the time; just enjoy and live in the “moment” to the full

    • Thomas

      Organizer
      9 January 2024 at 12:04

      Perfectly agree, 活在当下

    • L

      Member
      9 January 2024 at 14:01

      Haha, Carpe diem – latin way of saying the same

  • Yvonne

    Member
    9 January 2024 at 14:08

    can pick up new hobbies; volunteer in NGOs, and learn new skills or knowledge; most HK universities have curriculum of courses taught for retirees

  • Cheuk Hei

    Member
    9 January 2024 at 14:22

    Assuming you do have mortgage payments, the biggest unexpected outflow in your retirement will be medical costs; subsistence living should not cost much; the level of luxuries or higher standards of living depends on your means.

  • Koala

    Member
    10 January 2024 at 09:40

    I would suggest purchasing a medical cover policy to hedge your medical costs

  • Fredie

    Member
    10 January 2024 at 13:43

    need to be careful with the terms of coverage, including coverage locations in case you do not live in HK; some policies specifically exclude the US

  • Coffee

    Member
    10 January 2024 at 14:08

    strongly recommend establishing a portfolio of recurring income, making sure it does not comprise risky, volatile investment products; after retirement, prudence and risk-averse are two principal approaches toward investment

  • wwjoehk64

    Member
    10 January 2024 at 20:59

    yes, always beware of and be sensitive towards scams; they are everywhere, waiting to steal your hard-earned money from your pocket

  • Ivan

    Member
    11 January 2024 at 13:12

    Always wise to go for reputable investment institutions, like multinational banks or insurance companies.

    • Windy

      Member
      11 January 2024 at 16:57

      I bought investment funds from banks and insurance companies over the past 10 years, but it resulted in a decrease in the value of my money. Now, I simply put my cash into quarterly time deposits, as it seems much safer and requires less effort

  • lipton

    Member
    12 January 2024 at 02:53

    Thank you, much appreciated your advice.

  • Beto

    Member
    12 January 2024 at 16:18

    Yes, I agree, Should view retirement as a new Project or Initiatvie. You must set the objective, plan the actions, exceute them and enjoy the fruits of your efforts

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