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Financing the 100-Year Life: Insights from Kris, 62,Taiwan

May 2024 – Interview by Lynn Li

Theme: Money

Financing the 100-Year Life:
Insights from Kris, 62, Taiwan

Planning for retirement in our 60s can be daunting enough, but what about considering the possibility of funding a 100-year life becoming the new norm? We sit down with Kris from Taiwan as part of our series of conversations with people from around the world and explore how the prospect of living longer will impact their financial planning. Join us as we get curious and find out Kris’s unique perspective on financing a longer and more fulfilling life. 

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!  

 

If even we, with a comfortable income in Taiwan, feel uncertain about our savings, many others might need to work throughout their lives.

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! 

Kris when in his 20s on a rock by a river with his friends

Kris (second from left) with friends at University.

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. 

The future working model will be quite different from our generation.

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. 

 

Kris with his wife and son hiking

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. 

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.

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. 

More Information

About Kris Ma

Kris is 62-year-old. He retired at the age of 59. He is married with one son. He is working for his own company (only one person!) called Luckysoap Shop. With a background as a qualified CIA (Certificate Internal Auditor) and CCSA (Certificate In Control Self-Assessment), Kris brings a wealth of professional experience from his time as an internal auditor across various industries, including the Taiwan shoe sector, European automotive trade, and major construction firms in Taiwan. He was a marathon runner for over 25 years and enjoys outdoor activities. He has recently started to learn yoga to improve his body balance.   

 

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