Financial autonomy from pensions
Retired for nearly 15 years, the monthly pension not only ensures personal living needs but also helps Mr. Pham Van Chien (Tu Liem ward, Hanoi) be proactive in all social activities.
With a salary of about 7.8 million VND/month, I use this money to pay for daily living expenses, medicine and additional support for my children. In particular, I always have a separate contingency fund when I am sick so as not to depend on my children. In general, this income is basically enough to use, if there is an increase, it will only be a little shortage," Mr. Chien shared.
According to Mr. Chien, in today's life, finance is an essential means to maintain social activities. With the position of family owner, when having income from pensions, his spirit is comfortable and his rhythm of life is also more favorable.
Similarly, Mr. Bui Van Toong (Dong Ngac ward, Hanoi) also found peace of mind thanks to this periodic income. Mr. Toong said that most of his pension is prioritized for medicine and bone and joint care to maintain mobility. When his income is surplus, he also has additional gifts to support his children's studies.
Financial autonomy from pensions helps children and grandchildren reduce the worry for their parents when they get old. My consistent view is that eating must be planned to both avoid waste, protect the environment, and ensure financial safety, avoid falling into a shortage situation when encountering health incidents," Mr. Toong said.
Self-control mindset creates a foundation for health
From a psychological perspective, experts predict that when the elderly have their own life and economic self-reliance, their mindset will change positively, creating a solid foundation for mental health.
Ms. Nguyen Hoang Anh - Psychological Consultant, Voice of Therapist Psychological Office - believes that when a person can still decide their own life, they will no longer feel dependent or burdened, but instead confident and proactive.
In psychology, self-determination theory also shows that self-control is a very important factor in maintaining mental health. When older people maintain that, they will live more positively and have much more value," the expert said.
However, to fully enjoy old age, scientific spending management is an inevitable requirement. Small secrets in daily budget allocation will help retirement income become more effective and sustainable.
According to Mr. Nguyen Quang Huy - CEO of the Faculty of Finance - Banking (Nguyen Trai University), besides essential expenses and health care, the elderly currently tend to accumulate through safe investment channels.
The most common is to deposit savings to preserve and grow assets sustainably. In addition, the form of buying gold to hoard monthly and quarterly is still prioritized. This is both a source of accumulation for myself and savings for children and grandchildren," Mr. Huy shared.
Mr. Huy also noted that in the past, there have been many cases of elderly people falling into fraud traps related to holiday projects or high-profit investments (20 - 40%), leading to large losses in both finance and health.
When there is a stable source of income, the elderly should maintain the habit of recording spending and allocating investment portfolios with appropriate proportions. In particular, constantly updating knowledge about investment and economic-political fluctuations will help the elderly improve their ability to protect their assets from market risks," the expert emphasized.
