Key Highlights
- A fixed pension may lose value over time, so it's essential to account for rising living costs and longer life expectancy.
- Medical costs tend to increase with age, making it crucial to have additional savings or insurance beyond your pension.
- Create an emergency fund and diversify your investments with assets like bonds and REITs to ensure long-term financial stability.
re you worried your fixed pension won’t be enough to sustain your lifestyle during retirement? You’re not alone—many face this unsettling reality that rising costs, inflation, and changing financial needs can make it difficult for a fixed income to go far. Living well in retirement is about more than just covering basic expenses. It’s about maintaining the quality of life you’ve worked hard for—whether that includes dining out, traveling, supporting your family, or simply enjoying your hobbies without constant financial stress. Unfortunately, relying solely on a pension can leave you vulnerable to what some call the ‘pension trap,’ where your income stays the same, but the cost of living doesn’t. In our recent webinar, “The Pension Trap: Why Your Fixed Pension May Not Be Enough,” hosted by Franklin Templeton and GetSetUp, Guest Speaker Sunil G, a financial expert, shared practical solutions and actionable strategies to build a secure financial future, overcoming the pension trap and ensuring a comfortable retirement.
Guest Speaker Sunil brings 44+ years of banking and financial services expertise, specializing in operations, product marketing, and regulatory compliance. With 15+ years of corporate training experience, he has worked with top institutions like Canara Bank and ICICI Bank, focusing on customer service, conflict management, and wealth management. He has also led major organizational transitions, including branch mergers and digital transformation in banking.
Key Highlights from the Webinar:
💰 Inflation & Longevity: The cost of living rises while your fixed pension remains stagnant, and you may need to plan for a longer life than expected.
🩺 Healthcare Costs: Medical expenses, including routine check-ups, chronic condition management, and unforeseen treatments, can quickly add up. Since healthcare costs tend to rise with age, relying solely on a fixed pension may leave you underfunded. Having
💼 Supplementing Your Income: Retirement doesn’t have to mean the end of earning potential. Use your skills to take on consulting roles, freelance projects, or part-time work. Diversifying income through mutual funds or stock market investments can also help combat inflation and grow your wealth.
📈 Financial Independence: Building financial independence ensures you aren’t solely dependent on your pension. Consider setting up an emergency fund for unexpected expenses and explore diversified investments, including bonds, REITs, and other assets, to grow and protect your savings.
🏠 Reverse Mortgage: If you own property, a reverse mortgage allows you to unlock the equity in your home, providing a steady income stream without monthly repayments. This strategy offers financial flexibility while enabling you to continue living in your home.
Whether you’re in the early stages of planning or already retired, there are steps you can take to ensure your income supports the lifestyle you envision. After all, retirement is a time to thrive, not just survive. The key is to stay informed, adaptable, and intentional with your financial choices—ensuring that your retirement years are secure and full of opportunities for growth, enjoyment, and peace of mind.
