Sunday, November 27, 2022

Retirement Can Be Very Rewarding

The word retirement can be overwhelming for many, especially if you have lived life on the edge pay cheque to pay cheque. In fact, today, the way you retire has changed and is here to stay.

Here is a case study of Maya Das, who has worked all her adult life, followed the recommended saving schemes from her first salary. After forty years, at age sixty-five, she opened her retirement can. 

Case Study

Name: Maya Das

Age: 67 years

Status: single

Assets: Homeowner, 50 lakhs Public Provident Fund, 20 Lakhs Life Insurance redeemed, Long term Investments 1 crore, Cash 2 lakhs. 


How Maya Das achieved the savings; 

-Saving 10% of her net annual income from the day she began earning.

-Enrollment in the public provident fund scheme (mandatory from the Government)

– Medical insurance

– Enrollment in a Life insurance from her first year of full time work.

– Retirement fund investment through long-term investments in public funds, shares, saving schemes.

– Savings untouched till she retired from paid work.


At age sixty, Maya Das moved from full time employment to part time employment, it is at this time she took professional advice to put together a comprehensive retirement income plan.

Her financial advisor asked her to make a list of all her fixed monthly expenses such as; building maintenance charges, Electricity, Phone bill, gym membership, club membership, car –petrol maintenance, staff salaries, Beauty Salon, groceries, home supplies, personal effects.

Once this list was made, the interest from her capital was calculated and dispersed into a bank account specially opened for this purpose. To her great surprise Maya Das found that she had enough to spend on her expenses with an overflow of funds to holiday, dine and treat her grand children. Maya Das is one of the wise ones who followed a structure from the word go, hence she was able to retire comfortably.

Warren Buffet always said “Diversification is a protection against ignorance.”

For an individual who followed a structure and saved and invested from a tender age of fourteen, a lot is to be said about his success. The discipline was embedded in his character. Arguably the greatest investor of his generation with net worth of almost a hundred billion, the sixth richest man in the USA, definitely knew how not to put all his eggs in one basket- DIVERSIFY.

Today, retirement has a new avatar; it is a transition rather than a fixed date at age sixty or so. 

People are retiring from ‘full-time work’ to ‘part time work’, ‘in-person work’ to ‘work from home.’ (or the beach) Incoming income is slated till ‘death do us apart,’ and follows stages from full time to half time to part time thrice a week, this works as a two prong set up; a stimulant for the brain and cash flow, making the end to life secure, comfortable and grand.

Attitudes to retirement, peoples concerns, awareness of options, and preferences in managing their finances (choosing professionals versus self help) has made the transition less complicated. 

Retirement concerns;

Not being able to afford a desired lifestyle.

Health care costs.

Curb on spendings.

Longevity, people are living longer than ever before. 

Change in work ethics of no fixed full time job and no retirement age.

Converting savings into spendings.


Overcoming concerns;

Cite clear simple communication with transparency to your financial advisor.

Be Flexible to make changes in lifestyle.

Seek guidance on how much to safely spend.

Self- manage finances, receive advice and manage, fully delegate to a professional are the three options of handling your retirement finances.


With the work style changing of an increased number of people not working full time salaried jobs or the new concept of ‘work longer retire later’ helps keep savings intact for longer and shortens retirement years, precious retirement systems do need overhauling.

The two basic steps to put together a comprehensive retirement plan are 

First; Create a safety net to cover basic living costs for as long s you live.

Second; Have easy access to your money at any time, it liberates living.


As life may have taught you many lessons by now, on how quickly things can change unexpectedly; don’t let your brain blind spot you by letting you take on risky tasks at this stage of life. Instead have a positive outlook and opt for secure plans that guarantee you a monthly income; no matter how long you live or how the world economy pans out.

Are your concerns like above?

Have you made adjustment plans because of COVID?

Are you protecting the downside as you are getting older?

Are you tapping into diverse sources of retirement, being in the current situation of a pandemic, the world locked down, nose-diving economies, or share market fluctuation?

What lessons have you learnt?

Are you unskilled and unaware? 

Recognize your incompetence, act and react to enjoy RETIREMENT.

Vinita Alvares Fernandes
Vinita Alvares Fernandes is an Economics graduate, a writer and a Trinity College certified public speaker and communicator

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