Retirement Planning 101
The term “retirement” invokes, among other mental images, a life of no or less financial worries. This can be argued to be true particularly for an individual living in a bustling and competitive metropolitan environment such as ours.
“Retirement is a blank sheet of paper. It is a chance to redesign your life into something new and different.”
– Patrick Foley, Author and Certified Financial Planner
Yet, most people, at times, are too focused on saving up for retirement such that when the day finally arrives, they lack the ability to deservedly reap what they had with much effort, sow. It’s also important to understand that retirement planning doesn’t start when you’re midway or at the last leg of your working life.
The starting block
“When do I start planning for retirement?” is perhaps one of the most asked questions and as the case may be, one that seems to be lacking in practice. There are probably as many retirement plan options as they are questions and it can get very confusing.
An important consideration to be given when planning for your retirement is to understand your future needs. Granted this may and will change over time but an aspect such as health, must be a staple feature in your plans. Also recommended is an income or investment plan where, to put it simply, money generates money. Know and get your needs right, and act on them now.
When is “now”?
Ideally, plans for retirement should start early. Imagining living out your retirement sipping on your favourite beverage, lazing on a hammock on your private island may be a motivator but do start with something more tangible; as mentioned earlier, needs such as health.
Government social security initiatives such as the CPF and related MediSave scheme, while do provide the basic and necessary coverage, should not however be a sole reliance.
Signing up for talks, seminars and reading up on subjects relating to retirement planning will serve you well. Speak to a qualified person who is able to give better and appropriate advice based on your specific needs. There’s no better time to do this then now because tomorrow is always approaching and if you don’t do seize opportunities, you’ll be left with unfulfilled yesterdays.
The “don’ts”
You will come across a buffet (aptly so as they will be tempting) of retirement plan options provided by an equally significant number of financial institutions and the like. Remember to have self-discipline and not sign up for any and every just because they sound appetising!
Recognise also that any investment you’re making for your future requires contributions from your current assets. Be mindful of what you have so you won’t end up over committing only to lose everything in the end.
Everyone should have a retirement plan, one that can be relied upon to deliver when the day arrives. Be ambitious but be smart. Keep your options open and keep your goals rooted to reality.
Retirement Planning in Singapore Workshop
Retirement planning can be confusing, but it doesn’t have to be. Your tomorrow starts today. Sign up for our “Retirement Planning in Singapore – A Beginner guide for the confused ones” workshop and get insightful knowledge on how to best prepare for and enjoy your retirement days.
The workshop will address questions that are of topmost concern among Singaporeans such as:
- What’s the retirement age in Singapore?
- Retirement in Singapore – what’s the cost of living like?
- Can’t I just withdraw money from my CPF Retirement Account?
- How do the CPF Retirement Scheme, CPF Life and Medishield Life work?
- Will I have enough money for my CPF Retirement Sum?
- How else can I plan for retirement in Singapore?
A solid foundation is essential for any retirement plan, so don’t miss out on this beneficial opportunity. Here’s to the future and your deserved retirement!
