Save for a secure future, pensioner’s advice
RAVINDRA Lal, a pensioner with the Fiji National Provident Fund, says everyone wants to have an enjoyable life after they retire but they must save for a secure future and a comfortable life.
The retired schoolteacher says in order to have that financial position means making plans well ahead of retirement while people are still in employment.
“It may be too late to make your retirement plan after retirement,” he said.
In his interview in the FNPF Newsletter, Mr Lal said: “You will need to redefine needs versus wants. If you have a good comfortable working plan, you'll enjoy your retirement, whether you need to participate in an active lifestyle or you want to remain idle.
“If you want to be active, there are a lot of things you can do — travelling, gardening or sports. And it will be very pleasant and rewarding to keep connected with your children and more so, your grandchildren,” he said.
According to the newsletter, Mr Lal and his wife were both teachers and had agreed early on that they would only use one salary to foot their living expenses.
“So it was my salary that ran the house – all expenses, goods, everything.
“My wife's salary went to the bank and it remained there for 17 years because we didn't need that amount of money.”
He said back then he was earning £240 a year which converted to $480 and because they were paid monthly, he would receive $38 a month.
“It wasn't easy but we were able to manage,” he said.
They maintained that savings habit throughout their working life, only dipping into it to help with their children's education expenses.
“When we retired, we didn't take the whole lump sum. We left half for pension and we took half – both of us.”
He said the pension reform in 2012 impacted them because they were used to a certain amount of income and expenses.
“So suddenly when your income is reduced, every plan is upset.
“But we managed nevertheless.”
He said they tried their best not to withdraw from their savings, even though there were many times they wanted to do just that.