Chapter 1: Unraveling Different Views on Retirement

What occurs when we detach age and financial status from the retirement discussion?

Recently, I had an unexpected encounter with my former management accounting professor, Prof. Huang. While seeking a refreshing drink near my old university, I unexpectedly ran into him, and we had a rich conversation that sparked many insights.

Moreover, just yesterday, while on my way to a client meeting, I serendipitously crossed paths with an ex-colleague, Kunda. It felt almost fated, as his new office was conveniently located just around the corner from where I was headed. Our last interaction was five years ago, and it was refreshing to reconnect.

Kunda wasted no time in diving into the subject of retirement. We skipped the usual pleasantries, and he immediately expressed his concerns about retiring at 55—the legal retirement age in Singapore—and the years he felt he was stuck in the corporate grind. His words were intense, almost overwhelming, and it became clear that he was seeking an escape from the daily grind.

He shared, "In eight years, I’ll be free. I expect to receive $3,000 monthly from my investments, plus CPF payouts will start."

This sentiment is something I’ve encountered frequently in conversations. However, it starkly contrasted with what Prof. Huang had recently discussed.

This led me to two realizations: First, retirement perspectives vary greatly among those who are financially secure. Second, not all individuals in their late 40s share the same outlook on retirement.

I posed a straightforward question to Kunda: "With eight years left, what are your plans in the meantime?" The response was unexpected, as he fell silent for several moments, clearly taken aback.

It was an awkward pause, yet I recognized it as a moment of reflection. Kunda finally replied, "I guess I’ll just keep my head down at work and avoid any risk of being laid off."

As he spoke, I felt a wave of sadness. Kunda, who has a net worth of over a million, seemed to be merely enduring rather than living. I wondered, "What aspirations do you have for life after retirement?"

His response was less than inspiring: "I’m focused on hitting my retirement financial targets for the next eight years, after which I’ll live freely until I’m 90."

It became apparent that Kunda was entrenched in a singular goal without a broader vision for his life. This realization was disheartening, especially for someone who should ideally have a clearer sense of direction.

In contrast, Prof. Huang exuded clarity regarding his goals, balancing family, career transitions, and financial stability while still nurturing his investments and ensuring his children's education.

Kunda, however, appeared to be fixated solely on escaping his current situation without a defined destination in mind.

This serves as a cautionary tale—for both him and for us all. While retirement is often seen as the ultimate achievement, it should not be an empty pursuit. We need meaningful activities that enrich our lives during retirement.

I asked Kunda about his vision for an ideal life post-retirement. He replied, "A life without work, free from bosses and threats of layoffs, supported by multiple income streams, and the freedom to travel."

But one must wonder: Does Kunda's perspective on retirement carry any real significance? The answer lies in personal reflection.

In the first video, "I'm 47 and Afraid I Won't Have Enough To Retire!", the speaker delves into the anxieties surrounding financial security in retirement, addressing fears and strategies for planning effectively.

The second video, “We have $2M…Why can't we retire?” examines the paradox of substantial savings yet lingering doubts about retirement readiness, prompting viewers to reevaluate their retirement strategies and aspirations.