LETTERS: Retirement is a big milestone in one's life.
But many people, after having worked for 35 to 40 years, are not emotionally or financially prepared to retire, The mandatory retirement age for civil servants is 60.
Retirement brings a host of mixed emotions. The retiree is fearful of how he or she is going to manage after retirement because of the loss of a fixed monthly income.
Is the retiree financially sound? Is the retiree receiving a pension? Has the retiree settled the housing loan and the car loan? Is the retiree healthy?
Are the children still studying and dependent on the retiree? If they are working and married that would be a bonus to them. These are the questions that retirees often face when they retire.
Those who still have housing and car loans to settle, fees for their children studying in higher institutes will have to find alternative jobs.
Civil servants are blessed because they have a monthly pension to help them in their expenses. The lowest pension for a civil servant in Malaysia is RM1,100 per month.
The over 652,000 civil service pensioners receive their pension on the 21st of every month, and are given a two per cent increase every year.
Retired civil servants are given a gratuity — a sum of money for their service — on the day of their retirement. Apart from the pension and gratuity, civil servants are also reimbursed for purchases of medicine and medical equipment, such as wheel chairs.
Finally, the civil service pensioner enjoys discounts on Komuter, express bus services and other senior citizens privileges.
These privileges are in the Pension Ordinance that protects the civil servant from financial constraints in retirement
Pensioners have to be wise in their finances. There have been instances where pensioners have lost their gratuity through foolish wealth schemes, poor investments or getting scammed.
There have also been cases of pensions being stopped for pensioners who were declared as bankrupts, sentenced to jail or those who have acquired foreign citizenship.
Retirement is not the end of one's life. It is a new beginning away from the hustle and bustle of working life and back to themselves and their families.
An appropriate quote on this phase is, "Retirement is goodbye to tension and hello to pension".
Relax and take life easy. Travel, see people and places, and do the things that you love and tick off that bucket list.
Take care of your health and live longer.
SAMUEL YESUIAH
Seremban, Negri Sembilan
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times