Retiring rich and having a comfortable retirement remain just dreams for many but you can “take charge and start early” and make it a realitySpecific Planning / Retirement
Looking forward to retirement is not enough. You need to plan ahead what you want to be and what you want to do; where you want to live and what kind of lifestyle. And you need to ensure that you have sufficient financial resources to be able to enjoy your retirement years.
The governments’ advice is “Take charge and start early”. This is because ours is not a welfare state with social security, and it takes time to save the large sum required for retirement.
Our longer life span today and declining birth rate, combine together to create a rapidly ageing population and a potential retirement problem described by some as a time bomb.
The general warning is that CPF amount for retirement is not enough for the majority of people because much of it goes into home loan repayments i.e. some will be asset rich but cash poor. The startling statistics is that the majority of people will not even have the “minimum sum” set by CPF for one’s retirement.
Earlier generations depended on their children to support them. With smaller families today and higher costs, can parents look to their children to see them through thirty years of retirement, even with the Parents Maintenance Law?
Retirement is supposed to be a time of rest from work but turns out to be the most difficult years for many.
- How can I prepare for retirement?
- What is enough for my retirement?
How to determine what is enough depends on several factors like your desired retirement lifestyle, your expected life span and investment and inflation rate.
It comes as a shock to many that one million dollars may not be sufficient to support their desired retirement lifestyle. Migrating to a country where your retirement savings can go further because of your stronger currency must be considered carefully against you being further from your homeland and possibly family as well.
- How can you save for your retirement?
- How can you invest what you have now and what extra you can set aside each year to accumulate the funds for your retirement?
These are questions we help you to answer considering your objectives, your risk tolerance and your financial resources.
For those who are about to retire or have retired and have funds to invest, we help you identify product investments for your hard earned savings whether it be pension, gratuity or CPF. We all know too well stories of how hard-earned money can be wasted or lost in ill-chosen business or investments.
The great financial fortunes of the 20th century were built on the 19th century fear of dying too soon.
The great financial fortunes of the future will be built on the 21st century fear of not dying soon enough.
Take charge and start early.
Contact us if you need to know about any of the following:
- How to compute your retirement needs?
- Supplementary Retirement Scheme
- CPF Minimum Sum Scheme and withdrawal at age 55
- Insurance products for retirement
- Investment products for retirement
- Reverse mortgage