COMMENT | Financial independence after retirement

COMMENT | Back in the 1960s, my dad joined Penang General Hospital as a hospital assistant. He was just 19 years of age, earning almost $300 a month.

Contributing one-third of his income to his father, he learned to manage his finances, picking up a lesson or two on savings and investments.

A few years down the road, he settled down and became a family man. Realising he was not earning enough, he decided to look for new opportunities.

In the early 1970s, he joined a steel factory as a clinic assistant, earning $500.

With this income, my parents managed their household, providing for three young children. They even took the responsibility to care for two young relatives whose parents were financially struggling.

By the beginning of 1980, my dad had eight mouths to feed and six young souls to nurture under his roof.

Dad learned earlier on that he had no other financial support system but himself. So, he did what any rational person would do – he was meticulous with his money and saved extensively.

We seldom ate out. All our clothes and fabrics around the house were sewn by mom. And dad built most of our furniture with his two hands – cabinets, bed frames, reading desks, chairs, etc.

Though he was quite calculative with his finances, dad was very...