Do you know how much it costs to retire in your country?

In the Asian context, it is considered a blessing to lead a long life. Elsewhere in the states, in Europe and Africa, longer lifespans should in theory be a blessing. 


They can however be a nightmare if we outlive our savings as we enter retirement.

Interestingly, retirement is usually, it is something you do not really think about when are you are just out starting to work in your 20s. Most people give it a fleeting thought by the time they are in their 30s and by their 40s and 50s, many then start worrying or planning about it. 

By then though, it may be already too late to start accumulating enough for a comfortable retirement.

In a recent article in The Straits Times from Singapore, it was reported that Singaporeans will need 1.4 million (singapore) dollars if they want to retire comfortably. Factoring life expectancy,and the average retirement age in Singapore and inflation, a person living in Singapore will need about 2000 sing dollars a month (based on current cost) to continue to live a comfortable life by the time they retire.

Figures elsewhere may not be much better as well.


According to an infographic from Flowing Data, people in USA spend an average of 16 years in retirement while in many european nations, people spend between 20-26 years in retirement. That is quite a long time you spend without income and it will take quite some effort to save up for a comfortable retirement life.









Another set of figures released by HSBC bank based on a global survey of 16,000 people in 16 countries revealed that one in every 8 workers around the world expect that they will never be able to retire fully. And if they are widowed or living alone, they expect that they will never ever retire!

14% of the respondents also said the think they will need to go back to work to make up the financial shortfall. In fact, almost half (46%) of the respondents believe they will be unable to realize their lives for retirement as there will be a financial shortfall.



But this survey highlights what people think about retirement only. In actual fact, the cost of living during retirement could be much higher than most people believe.

In a survey conducted in 2013 by Wellness For Life, they found that 7 out of 10 people think that the only 10% of their retirement budget will be spent on health costs. Experts though, advised that the real figure is actually 3 times more at 30%!

While almost half the respondents believe that they have a plan and will be prepared... only a mere 27% has enough in their plans to cover the unexpected.



So how can we plan for a comfortable retirement?

It seems the best way is to start saving up for it as early as possible. However with rising cost of living all over the world as wages staying somewhat stagnant, it seems most people have few options.

So what options do you have...

You could plan for your retirement by:

1. Eating less, living a more frugal lifestyle now. But even that may not be enough for a comfortable future. Besides, what joy will there be in life if you had to look at the price tag everytime you wanted to eat in some place fancy or travel to somewhere you wish to?
2. You could live healthy and eat healthy so that you will need less money for medical expenses. But that would mean you will need more money for a more fulfilling and longer life.
3. Changing jobs and earning a higher income. But that may not be an option in an economy where high paying jobs are scarce and specific skill-sets are needed for better paying jobs.
4. You could hold two jobs and sacrifice living life and spending time with your friends and your familly so that you can live better in your later years..

OR...

1. You could build a an online business with the potential to turn from an extra bit of monthly income into a passive stream of extra income whether or not you choose to work or retire early.
2. You could get involved with this business, which promotes energetic wellness to bring good health, youthfulness and vitality to the rest of the world.
3. You could benefit yourself from this business and become younger, healthier and have the freedom to enjoy life anyway you want.
4. You could run a business that will teach you skills that are applicable to life and any other things you  might want to do and become successful at them because of these skills.
5. You could build a business that does all of the above... You could become a part of MyAmWellness.com. 

To find out how to do that, visit our site at http://www.MyAmWellness.com or contact us at wecare@myamwellness.com.