A Personal Finance Blog for Malaysian: Retirement Planning for Gen X (1960s ~ 1970s)

Sunday, October 13, 2013

Retirement Planning for Gen X (1960s ~ 1970s)

Gen X are define as those born after the baby boomer, between early 1960s to late 1970s. (Wikepedia)

Those in early Gen X (1960s) already entering the zone of retirement while the late-Gen X (1970s) like me probably still not ready or just starting to plan retirement. Gen Y (after 1980s) probably and unlikely want to think about retirement, wrong but true.

What exactly is Retirement?

Retirement is about independence, not simply age, and money is critical to independence. ~ Paul Bradforth

Well, if age is not a real concern, why mention about it when we discuss retirement planning? I think it it true that most people's money is co-related to age, to a certain degree.

The older you are, the longer you work, the more money you have accumulated along the way, right?

Gen X likely have their careers built and assets (property and investment in share market) and therefore the retirement is quite secure. However, Gen X should watch out for the risk, as below.
  1. Retiring with too much debt
  2. Not properly managing your risk
  3. Not getting professional advice
  4. Fumbling your distribution strategy
Pre-retirement, building / accumulating asset are your primary concern.
Post-retirement, building a steady stream of income is important, to ensure your money last longer than you.