TCL. How confident are you that you will have enough money for a 100 year life? 

Kris Ma.  Predicting how much money I’ll need to live until I’m 100 is challenging. With inflation and various personal and global factors, the future is too unpredictable to be certain. Growing up in an Asian culture, we were influenced by our parents and our society that we must make some saving to take care of our old lives, although if truth be told I only began saving seriously once I started a family!  

Compared to global standards, Taiwan’s cost of living is relatively moderate. I believe whether there is enough money in your lifetime is related to where you live. Both my wife and I earn slightly above Taiwan’s average income, and I’m fortunate not to have any mortgage or debts. From my perspective, if even we, with a comfortable income in Taiwan, feel uncertain about our savings, many others might need to work throughout their lives. Taiwan boasts a good healthcare system and offers subsidies for senior citizens so I think my financial situation should allow me to live to 100 years in Taiwan, if I really do live to 100! 

TCL. Do you see yourself needing to work well into your 70s, 80s, or beyond just to make ends meet as you get older? Do you think that younger generations will have to work longer?  

Kris Ma. As a family with one child, my wife and I placed importance on saving from an early age, including buying extra medical and savings insurance to shape our long-term financial plans. I feel I have planned well, and my financial arrangements have enabled me to stick to my retirement goals in my 60s. With age, I’ve noticed a decrease in my cost of living. Surprisingly, my post-retirement spending is lower than expected; many activities I enjoy, such as hiking, walks in parks, and spending time with friends, come with minimal expenses. I also now have the freedom of time to pay for things in a much more cost-effective way unlike when I was employed and confined to holiday seasons for travel. 

After I had retired for two years, I decided to start a little business of my own driven more by a desire to keep on learning rather than to make an income. During the COVID pandemic, while I was still working, I used my additional time at home to explore new skills preemptively ensuring I wouldn’t be bored when I did retire. I wanted to try something different in my life. I stumbled upon handmade soap classes online and found them relatively easy to learn. By the end of 2023, I had established my own online handmade soap company, Luckysoap.shop, marking a new chapter in my life. 

The future working model will be quite different from our generation. I think whether younger generations need to work longer or not will depend on market demand and how business evolves. The younger generation places a greater emphasis on the purpose of life, valuing the integration of work and life balance at work more than we did. Yet, the future remains uncertain, making it challenging to offer a definitive answer regarding their future work patterns. 

When I was young, my worries revolved around whether I’d have enough money to live the life I wanted as I got older as I believed I had many years ahead of me. However,on reaching retirement age, I began to realise that perhaps I had been overthinking things. Through careful financial planning, I find myself being able to live comfortably within my means. A significant factor contributing to this peace of mind is the absence of any mortgages or debts to repay, coupled with the knowledge that my son, currently in university, will soon start on his own work journey soon. 

TCL. Some people say that older generations/ people had financial advantages, leaving their children and the next generation facing greater challenges? Do you agree?  

Kris Ma. In a sense, yes, the economy was more favorable for my generation. We benefited from a strong economy with good infrastructure and numerous opportunities for the future. In those days, we knew that if you worked hard, you could make a good income, especially when coupled with sound financial planning. For the next generation, however, they may encounter greater uncertainties and a more unpredictable economic future. They’ll need to prepare more conscientiously to navigate these unpredictable conditions. Nevertheless, they may also find themselves presented with more opportunities for growth and innovation. 

TCL. Given a 100 year life has never been lived before for so many, do our financial models need to radically change?  if so, how?  

Kris Ma. I understand 100 year life will increase but the percentage is still very low in the general population. Instead of planning or worry about such low percentage of chance to live for 100, I prefer to just focus to live well everyday.   

Absolutely, I understand where you’re coming from. While the idea of reaching 100 years old is gaining attention, it’s still quite rare for most people. Instead of fixating on the slim chance of reaching such an age, I prefer to focus on living each day to the fullest. Life shouldn’t revolve solely around financial planning for a distant future; it’s crucial to allocate time to enjoy our lives and pursue our dreams and aspirations. Personally, I find more significance in fulfilling my life goals and finding joy in everyday experiences rather than worrying about adapting to a new financial model for a potential 100-year lifespan.