SENIORSALOUD'S RAISON D'ETRE

Every now and then we get asked about how SeniorsAloud came about. How did a humble little blog that started in May 2008 grow to be the country's best-known go-to source for news and issues concerning older adults? Since 2010, US-based Seniors Homes has nominated SeniorsAloud for the annual Best Senior Living Awards in the category of Best Blogs by Organizations. It is an honor that we have kept silent about... till now.

SeniorsAloud has come a long way since its first media coverage in The Malay Mail in 2008 (see below). Much of what was written in the full-page article still holds true today. However, SeniorsAloud has expanded so much in the intervening years that an update is necessary at this point.

SeniorsAloud's first media interview in The Malay Mail published in Aug 2008. Click here to read the full article.

With countries worldwide expressing concern over the rise in their ageing population and the problems associated with it, SeniorsAloud saw a need to raise public awareness of the challenges faced by the older generation in the hope that the government would step in and help this often-neglected segment of the population.

(Left) This blog post written in 2008 was later published in the Asian Beacon. Click here to read. (Right) The Heat newsweekly carried the above interview with SeniorsAloud in 2013. You can read more here.

SeniorsAloud's raison de'etre is to help senior citizens be better prepared for their retirement years so that they can enjoy quality of life in their old age. We have to take charge of our own future, and not rely solely on the government or our adult children to provide for us in our old age. We see lifelong learning and social networking as two of the best ways to achieve this objective.

On radio: Presenting our views on the proposal to introduce the Maintenance of Parents Act

To this end, we regularly organize talks and workshops and invite well-known professionals and specialists to share their expertise on how to plan effectively for a happy retirement. Click here for a list of some past events we have organized. We place special focus on information technology for seniors so that they will not be left behind as the rest of the world advances. Indeed, the ability to use online resources is vital to keeping seniors mentally engaged and socially connected.

We work closely with U3A (KL & Selangor) to help promote livelong learning to older adults.

To date we have worked with academic institutions such as the Institute of Gerontology, UPM Serdang and with Universiti Malaya in their MElor Project. We have also been invited to participate in PEMANDU's Seniors Living / Aged Care Lab, and to conduct a session at the Nursing Workshop on Geriatric Care organized by KPJ.

SeniorsAloud founder speaking at the opening of PEMANDU's Senior Living /Aged Care Lab

Conducting a session at the nursing update workshop on geriatric care at KPJ Tawakkal Specialist Hospital

As staunch supporters of volunteerism, we believe firmly that as seniors, we have a duty to help other seniors in whatever way we can. If we can't donate money, we can contribute our time and energy to help raise funds for them. Within our SeniorsAloud community, we have members with vast working experience and skills that we can draw upon to train other seniors looking to set up a home-based business or learn about social media. We also have a wealth of life experiences that we can share with others going through similar experiences. Our credo is 'Seniors helping seniors to succeed'.

We have volunteered with various NGOs to support their cause, among them U3A (University of the Third Age), AUTORR, Kechara Soup Kitchen and ADFM (Alzheimer's Disease Foundation Malaysia). We encourage you to take up volunteerism too. You will be surprised at the health benefits of volunteerism. If you would like to know more about these NGOs, drop us a line at info@seniorsaloud.com

We have often spoken out on issues that affect older adults here in Malaysia, for example, the lack of well-run nursing homes and retirement homes for the elderly, the escalating cost of healthcare and medical treatment, and the need for better public transport facilities for senior citizens. SeniorsAloud was invited to participate in the National Forum on Public Transportation, and met with SPAD officers to present our views on behalf of the seniors community.

SeniorsAloud team - photo taken at the recent "Celebrating the 60s" dinner and dance on 31 May, 2014, to raise funds for the homeless elderly.

SeniorsAloud owes its rapid growth to strong support from the seniors community, and also to a small team of dedicated volunteers without whom none of our events would have seen the light of day. We are grateful too to the many kind seniors out there who have taken the trouble to send us articles, jokes, and videos to share on our blog.

We have started a monthly newsletter for members only, to keep them informed about upcoming activities. Membership remains free and is open to anyone aged 50 and above. To register, go to our members registration page. For daily updates, visit our SeniorsAloud Facebook page. 'LIKE' the page to receive the latest news and announcements directly.

SeniorsAloud will continue to speak out aloud on issues that affect older adults. The louder our voice, the better our chances of being heard by the relevant authorities, and for them to implement measures to improve the quality of life for all senior citizens in the country.

'LIKE' us on Facebook to receive our daily postings. To view our FB page, click here.

HOW PREPARED ARE WE FOR RETIREMENT?

Retirement planning encompasses much more than just ensuring we have enough set aside to sustain our retirement. For retirees and soon-to-be retirees, it is the bread-and-butter issues that concern us most. Given the longer life span (84 for men, 89 for women),  and our relatively early retirement age of 60 (in Malaysia), our retirement savings will likely run out before we expire!

The past, the present, and the future are all inextricably linked. We should do well to bear this in mind when planning for our retirement. One of the biggest mistakes we can make is to think that now is too soon to plan for our retirement. Another mistake is to live just for the present, as if the future would magically take care of itself.

Depending on where we retire to, and the lifestyle we want to live, we need between one to five million ringgit in order to retire comfortably. It takes time to accumulate such a large sum of money. The earlier we get started, the more likely we can reach the target. This is good advice to share with our adult children who are more concerned about planning for their children's higher education than for their future old age.

Civil servants can count on their lifelong pensions. But with inflation pushing up the cost of living, relying on pensions alone may not be enough. The government has to step in and raise pensions every few years. This may not be sustainable over time as the large civil service (1.4 million and growing by tens of thousands each year) places a huge strain on public funds.

The same goes for salaried workers who may have only their EPF funds to draw from when they retire. As for the self-employed, unless their business is doing well, they have the most cause for concern. The government recently introduced the 1Malaysia Retirement Savings Scheme as a source of funds for the self-employed, but the take-up has been slow.

How can we prepare for our retirement?

1. Decide on your retirement lifestyle
Start by asking yourself what kind of lifestyle you expect to enjoy when you retire. Make adjustments to your lifestyle if necessary. How much would you need to support that lifestyle? If you haven’t a clue, there are financial planners who can draw up a comprehensive retirement plan for you, for a fee, of course.

2. Adopt sensible spending habits
Prioritize your needs. You don't have to live frugally, but be sensible in your spending. If you can't afford to take the family on a vacation abroad every school holiday, opt for a local destination or for a biennial holiday trip. You’ll be surprised how cutting out small expenses here and there can mean more money saved each month. It can add up to a sizable amount in your retirement savings over time.

3. Know what to allocate for
Otherwise you can use retirement calculators that are available online to help you estimate the amount you will need to enjoy a comfortable retirement. Remember to allocate for your parents and grandparents. With longer life expectancy, you may end up having to support them and footing their medical bills. With the trend towards smaller families, you may not have many siblings to split the cost of parental maintenance with you.

4. Identify your sources of income.
Do a check-list on your sources of income. If you are already retired, you will have your pension or EPF to draw from. There’s also your personal savings, dividends from your shares and interests from your fixed deposits. If you start building your retirement egg early, you will have little to worry about when you stop working.

If you want to grow your retirement egg, channel some of your savings into fixed deposits, bonds and mutual funds. Or invest in shares. But do the research before you venture into the stock market. Know the risks you are exposed to. The higher the promised returns, the greater the risk of losing your investment. Learn about all the different types of financial products that you can invest in. Be an informed investor. Also be a long-term investor rather than a short-term speculator. You can’t be too careful when it comes to protecting your assets, monetary or otherwise.

5. Own the title deeds to your home.
Make sure you have a residential property that is in your name. That should be your first real estate investment. You may choose to live in it or rent it out but when you retire, you must have a roof over your head. Don’t assume your adult children will want you to move in with them. Even if they do, you have an option if you have your own property.

6. Pay attention to your health
Financial security isn’t the only key ingredient for a successful retirement. Some people would argue that good health is even more important. You can’t enjoy your retirement if you are constantly in poor health and in pain. Rising healthcare costs can swallow up a huge chunk of your savings and wreck your carefully laid-out plans for retirement. Health supplements are costly, so are prescription drugs. Many of these have to be taken long-term to manage cardiovascular diseases, diabetes, high blood pressure, osteoporosis and dementia – the bane of old age.

Senior citizens doing early morning exercises in the park

7. Make active ageing your mantra
Prevention is anytime cheaper than cure, so lay a strong foundation for good health by adopting clean living and an active lifestyle. Clean living means no addiction of any kind, be it drug-taking, drinking or smoking. An active lifestyle requires that you incorporate exercise into your daily routine. If running is not your cup of tea, brisk walking is an excellent alternative. Get a pedometer to make sure you walk at least 10,000 steps a day.

8. Acquire new knowledge
To stay mentally fit, challenge yourself by learning new skills. If you are 50plus, consider signing up for non-academic courses at the University of the Third Age. (U3A) Malaysia. It is a program under the "Lifelong Learning for Older Malaysians" project initiated by the Institute of Gerontology, Universiti Putra Malaysia, and jointly supported by the government and the United Nations Population Fund. Classes are conducted weekly at UPM.

9. Take up a hobby or two
If you don’t fancy attending classes, take up a hobby or two – one that you can indulge in on your own, like painting, and the other that you can enjoy with friends, like ballroom dancing. It is important to stay connected with friends to ward off loneliness and depression during your retirement.

10. Find your passion
Most importantly, have a purpose for living. If life has no meaning, you will end up with nothing to look forward to when you wake up each morning. Find your passion. It could be volunteering for an NGO, doing your bit for a worthy cause, or just being the best parent, friend or employee that you can be. Add value to your life, and to those around you.

Kechara volunteers helping to pack and distribute food packages and blankets to the homeless 

Some final thoughts: Women face a tougher time than men in preparing for their retirement. Not only do they earn less, they also retire earlier and live longer. If they are single, they have no spouse or adult children to support them through their retirement. For them, it can never be too early to start preparing for their retirement.

SUSTAINABLE RETIREMENT - A CHALLENGE FOR MANY

From today's papers. Can't read the small print? Read at Star Online.

If you are a retiree from the lower or middle income group, the biggest fear you probably have is not having enough funds to see you through your retirement. What compounds the fear is the knowledge that your retirement can last as long as 20 years! Throw in healthcare expenses and you feel like throwing in the towel on life itself.

For retirees who are single or without children, old age is viewed with more than just dread. When they can no longer fend for themselves financially and physically, who is there to offer support? Who can they depend on?

Boredom may be at the bottom of the list, but it can lead to depression and that can lead to health complications and higher healthcare costs. A vicious cycle that is difficult to get out of.

For those with children, don't be so sure your adult children will care for you. They may not have the financial means to do so, or they may not even be around, having migrated to greener pastures overseas. With filial piety on the wane, cases of adult children abandoning their elderly parents in hospitals and old folks home are on the rise.

To calculate how much you need for your retirement, click here.

Longevity is a bonus only when retirees have saved enough and prepared adequately for their sunset years.

Despite all these concerns, there is hope, and there are solutions. To quote the last paragraph of the letter above:

"The magic formula is to stay healthy, maintaining social support, keeping spiritual life and finances in order, and developing a daily routine that can help prevent stress after retirement."