Forum: Start retirement planning early and go beyond finances

I refer to Mr Frederick Lim’s commentary “The unexpected restlessness of retirement” (May 14).

In Singapore, retirement planning is often discussed in purely financial terms, namely, how much money we need to live out our remaining years comfortably.

Yet, as Mr Lim’s commentary has clearly shown, the reality for many like him is that retirement planning needs to encompass so much more.

There needs to be forethought and preparation to use the time one previously spent at work for other life pursuits when we retire. Pursuits that involve the relational, emotional, recreational, and/or spiritual. In short, the inescapable complexities of human existence.

The quest to establish one’s sense of meaning and purpose outside of a job title and career also needs to begin way beforehand.

It should not start only after all the farewell lunches are done and digested. Or when we’ve cleared out our corporate desk for the last time only to feel suddenly the inevitable void that was once our work and proof of self-worth to the rest of society.

In another year, I would turn 55, approximately a decade away from official retirement.

Over the past seven years, I’ve pivoted away from full-time work and career to focus more on family and self, taking up short-term paid gig work along the way to supplement my family income as we learn to live more simply and within our means.

Although the pivot began for personal and family reasons, I’ve learnt since that the ability to find meaning and purpose beyond a job title takes a lot of intentionality, plus a healthy dose of trial and error, to find new opportunities and interests that will stick for the long haul.

All these pursuits and discoveries don’t happen overnight. They need time to explore and uncover. To find what works and what doesn’t.

So the notion of starting to plan beyond finances, years before official retirement, needs to be how everyone should approach their next season of life. We shouldn’t wait and think that we need to “cross that bridge only when we get to it”.

Otherwise, just like the writer, retirement may come as a shock rather than a relief.

Kelvin Seah Lee Nguon