When you read a lot of material on retirement planning, financial independence,personal finance, etc- You actually end up being scared ( At times, Your fear is used to sell unnecessary products to you),
Not deviating from the topic , the intention of the post is not to say whether you have to do your retirement planning or not!. But to present some real life cases of retired people that I have seen in my circle..( No inferences or lessons learnt at the end..:-) )
1. Mr. R
Mr. R was working in a industrial estate in late 90s. He had migrated to metro city for a living. His salary was low and was only enough for a hand to mouth existence. So, there was no question of making any investment.
During the recession of late 90's , he lost his job ( around 50 years of age). There was no real "financial settlement" from the company when he was laid off.
His son was around 18 years of age at that time and managed to get government job which coincided with Mr. R's job loss. Mr R has been doing some odd jobs from then on. But his Son continues to do well and supports his father.
Mrs & Mr. R continue to live with their son.
2. Mr. S
Mr. S is 96 years old now. He retired almost 4 decades earlier. Didn't have any real savings at the time of retirement ( No house, No financial asset). But he is well supported and taken care of by his children ( who are actually senior citizens now!),
Mr. S depends on his children and grandchildren for his small indulgences.
Mr. S continues to live with his son.
3. Mr .L
Mr. L worked in private sector. He got an house constructed during the fag end of his career. The retirement settlement that he got was only enough to pay for the home loan and pay off wedding loans (daughter).
Mr.L continues to live in the house built by him. His children continue to pay a token pension for Mrs & Mr L month on month.
4 .Mr. N
Mr. N worked for the government and had built an house in a suburban area during his mid age. His investments were primarily in FDs and in Post office instruments.His retirement benefits also went into Post office instruments.
Mr. N gets an inflation indexed pension from the government. Mrs. & Mr . N live using the pension (Manage to save some portion of it) and they are not really dependent on their children for their basic needs.
5. Mr . P
Mr. P worked in a senior position in a private sector. Had purchased a few plots and some blue chip shares ( they were not blue chips when he bought them) apart from his primary residence with the savings. ( Mrs. P was also employed). With the Equity/real estate boom of 2002-2008, his net worth shot up and was able to make some decent profit .
Mrs & Mr.P comfortably live in a suburban villa. Mr. P continues to hold some of the investment he made during the mid 90s.