The 5 W’s I Wish My Parents Knew Before They Retire

Chinkee Tan Retirement 5 W's
Chinkee Tan shares tips on preparing for retirement. Credits to Chinkee Tan.

My parents retired at the age of 60. My mom is now 80 and my dad is 78. I witnessed how we rose from having nothing to something. Living in an apartment with only one electric fan, to one aircon, and until we had our own aircon in our rooms.

They worked so hard and saved money for their retirement. My parents thought that the money they saved was enough for the golden years of retirement.

Unfortunately, one thing they never planned happened. My dad had kidney failure and is going through dialysis three 3 a week for over 9 years and still counting. So all of their retirement funds was depleted. We are now helping in supporting the medication needs of my father. It was a good thing that God has provided for us to be able to help my parents. What if I do not have the capacity to help, this will be a different story.

I do not want this to happen to anyone of you. So allow me to share with you what I hope my parents knew before they retired. If I can really turn back the hands of time. These are the 5 W’s I Wish My Parents Knew Before They Retire:


Who are the people in your life that you consider the most important? While retirement is about the things that you want, you also need to consider the future financial needs of your loved ones as well as the roles they play in the financial goals that you have set for yourself. For instance, in considering life insurance, which loved ones should benefit from it?

The who’s in our life will help us decide what steps to take and what actions to implement when we enter the season of retirement.


When do you plan to retire? At what age would you consider ideal to stop working? Identifying the when will help you set a target range in terms of ensuring you get the savings that you aim for when you retire. Then when also provides the time frame that you set for accomplishing certain financial goals.

For instance: you look forward at retiring by age 55; you would want to have your retirement fund and investments mature by that time so you can fully enjoy you retirement years with no financial stress.


What is the amount that you need in order for you to live the lifestyle that you want? What investments, properties, and assets have you acquired over your working years? What other potential sources of income can be helpful in the future? E.g. pensions, inheritance or government funds.

Identifying what will give you an idea of the tools and the strategies that you can use to keep and grow your money when you retire. This is similarly very helpful in planning your next move when you retire – will you be needing other sources of income? Will you be needing more investment options?


Where are you going to source the funds that you need? Where do you want to spend your retirement? Do you want to retire in a provincial setting or in an urban location? Are you considering moving to another location or country, perhaps?

Answering the where will subsequently identify the other aspects of your retirement such as the amount of money you will need, the type of lifestyle you will adapt or the cost of living your retirement will require.


This is the most probing question among all the W’s. Why do you want to retire at this age? Why do you want to make sure you’ve saved enough for retirement? Why do you even prepare for retirement?

The why is the moving motivation for your actions. It is important to answer this question so you will know the purpose and the very reason for all the preparations and planning you are doing.

Retirement can be gratifying, but planning for it is a serious business; it totally deserves our utmost attention. After all, it is our future we are talking about.


Why is it important to answer the 5 W’s of retirement?
How can preparation and planning ensure an enjoyable retirement season?
List down the answers to your 5 W’s of retirement.

WANT TO KNOW HOW TO RETIRE YOUNG AND RICH? To know more, please join me at my online course at

CHECK OUT Chinkee Tan’s 6 Questions to Ask Yourself Before You Retire

TELL US in the comments below your questions and tips about stress-free retirement!

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Chinkee Tan
Chinkee Tan is a top Filipino motivational speaker, wealth and life coach whose goal is to inform, educate, motivate, and disturb. His vision is to help people become financially-literate and debt-free. For more info about Chinkee Tan, please visit his fan page at FB, Twitter and Instagram. Also follow VIBER PUBLIC CHAT GROUP search chinkee tan, and VISIONCHINKEE on You Tube for more news and encouragements.