But when I was in Uni, before we graduated, we had some events where we could attend and chat with people in the industry.
So that we can get a sense of the job and industry before we started work.
And I suppose that's the best way to learn right?
If you want to be a musician, it's probably good to talk to someone who's struggled with this path.
If you want to be an auditor, you'd want to discuss the career prospects and growth and options with an auditor. You'd want to be informed that the working hours are insane so that you're mentally prepared.
And so... when it comes to being a retiree, we should talk to a financial adviser right?
HUH? What?
Come again?
Who told you that?
Is the financial adviser retired? No? Then why are you taking advice from someone who hasn't walked that path?
If you want to be a lawyer, you don't ask a doctor right?
A financial adviser is at best a calculator. And probably a lousy one.
A fresh finance fresh grad can probably provide better financial calculations than any financial adviser.
Most of financial advisers don't know much about how insurance works, investments, savings and expense. Most, not all.
Despite what people may believe, financial advisers don't get much training.
They are trained to sell. Not trained to help plan for retirement. Many don't even know how to do use a financial calculator.
But, the math is just one small part of retirement.
If you want to know more about being a doctor. You won't only ask a mentor ... "so does being a doctor pay well?"
No right?
When you talk to an experienced doctor or whatever job, you will ask about the lifestyle, the money, the work, the career progression, etc. There's more to being a doctor than just the money. Albeit money is an important factor as well.
Retirement is multi faceted.
There's a lot of roads to it, and a lot of roads from it.
Meaning, there's a lot of ways to attain retirement. And after retirement, there's a lot of paths from there.
And I think almost nobody talks about that.
Of course the best person to get retirement advice from is from someone who's already retired.
But yet, it's not so easy.
Cos...
Different people attained retirement differently.
Some worked in higher pay jobs, some worked for longer, some retired young, some old, some have kids, some don't, some invested, some saved, some got lucky, etc...
And even after that, different people proceed with retirement differently.
Some play mahjong and play golf a lot, others take care of grandkids, some just idle at home and watch TV, some go and find a mistress in Batam or JB, some learn a new skill, some start a new career, others may get involved in social causes, etc...
Someone who retired younger would have a different lifestyle from someone who retired later.
And I think it's important to talk to a larger group of people/retirees about their lives and how they got there.
Maybe you want to life a luxurious lifestyle before and after retirement.
So I'm sure you won't want to read my blog.
Or maybe you want to retire young and wonder how life is like, and you're naturally frugal.
Then maybe this blog could be more useful for such a person.
Maybe someone enjoys work and wants to work longer and retire later... It would also do them good to talk to someone about retirement cos... retirement isn't easy.
Most people spend the bulk of their lives, from 25 to 60 years old, working. That's 35 years.
Transitioning from a working to a retirement lifestyle will require planning and advice, from someone who's been there before.
To retire young is even harder. Cos there's much more planning required before retirement and there's a lot of free time after retirement which needs to be addressed. Many many years.
Both of which needs to be discussed.
Most people just stop at the first phase. Asset accumulation, they think that once they got the money, the answers will come.
That's not true.
At least for my own experience, my retirement lifestyle is different from what I envisioned it to be.
Getting free stuff and hanging with friends never crossed my mind. But yet that's the lifestyle I'll likely return to when I return to SG.
Maybe you'd be interested to join some social causes, it's going to be the same as "work". There's going to be politics and people management. If you work with the less fortunate, you'll also realize that there are poor people who are ungrateful, not appreciative, fussy over the stuff they get. Even though they are supposed to be "less fortunate".
And it's good to talk to someone from the industry before you embark on it. Even if you want to just go in as a volunteer, things aren't as rosy and fun and "feel good" all the time.
The lifestyle that you "dream" about having, after retirement, will likely be different from the real lifestyle which you have after retiring. Especially if you retire young.
And I think it's imperative to talk and discuss with different people along your path of retirement.
For example, talk to someone who retired young, so that you can get an idea of the finances required. Talk to someone who's in the industry of what you want to pursue, maybe you want to get into music, or charity, then talk to someone who's in that line.
It's probably good to talk to someone who's old and retired to get an understanding of how it's like retiring and a slower lifestyle.
Just like any "career path", retirement also needs exploration and information from other people who are in this "industry". If you want to join the "retirement industry", it's probably good to talk to people from that "industry". And you'll also need to talk to people of the same vocation within the "industry".
Like doctors don't ask nurses about the medical industry. Even though they might be in the same industry.
Similarly, in the "retirement industry" you'll need to find someone who's "job" is close to what you envision and consult them and learn more about the "career path".
Don't ask a rich retiree about retirement when you're planning a frugal early retirement. The story and advice given will be very different.
Is a financial adviser important?
Maybe... I think they provide a service for many other people who don't actively save and plan their finances. Cos... well I suppose if a FA hard sells an endowment plan to someone who doesn't save naturally, it's still good for the client.
But as to whether they can help you with the retirement "career path", I doubt they will be able to provide much advice.
They probably just want your money to buy their financial products. They have all the incentive to overestimate what you require in retirement so that you buy more products from them.
I feel FAs are important cos they can introduce products. Which are important. Cos well... insurance products ARE important. It's good to know what's in the market so to make informed decisions on what to buy.
But besides that...
So where to get retirement advice?
From someone who's already retired la! Duhz
And also from people who are in the next area of interest which you wish to pursue after retiring.
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