As life expectancy rises and lifestyles become increasingly sophisticated in a changing world, the concept of retirement and what it entails will need to be redefined as we prepare for the 'third age'.
# currently, one in eight Malaysians are aged 50 and above, but by 2020, the figure
will be one in six.
# Malaysian are aging at a greater speed than people in other counteries.
# the global life expectancy is 68.9 years, up from 50.2 years in 1960.
# improvement in the quality of and accessibility to healthcare, better education and
awareness, improvement in sanitation and hygiene standards, a rise in food safety
and quality standards, as well as rise in environmental standards.
# people who are richer and more educated tend to live longer because they can afford
to eat better food and have better access to medical advances.
# the 'thief of buying power' is one of the biggest risks to savings.
# inflation will affect retirees badly since they will be living on their savings.
# the 'third age' has been referred to as a time in which you can seek fulfilment
and self-actualisation, going from achieving what others required of you to
doing what you want to do. The best is yet to be.
# the second half of life can be richer, more vibrant and meaningful but if we
hold on to old principles and assumptions, we will lose that opportunity, says
Sadler in his book - The Third Age : Principles of Growth and Renewal after
Forty.
# How we will face this third age depends on our ability and preparedness as
individuals and as a nation.
Source - Tho Li Ming / Personal Money
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