subject: Don't Delay Your Retirement Planning, Start Now [print this page] Don't Delay Your Retirement Planning, Start Now
Retirement Planning Starts Now, Do notprocrastinate
"I am still young and just picking up on my career, retirement is still far from now", "I am just married and moving on to my next stage of life, still early to think of retirement" and "Huh, what is retirement planning?" are some of the most common replies you will get if you ask around your friends and relatives. But most importantly, what is your thought?
Supposing take for example, you are at the age of 30 years now and your intended desired retirement age is 60. Based onSingapore Statistics, life expectancy for male is 79 and female 83.7, it means that you would have about 30 years to accumulate wealth that can substance your living for the next 20 plus years without working, which also meansfinancial freedom. In additional, you must also take in account the type of lifestyle and hobbies you want to pursue during your retirement period. Use thisRetirement Estimator calculator to do your maths on how much you need to accumulate for your golden years.
If you think that 30 years is a long way, I can tell you, "You are wrong". 30 years is a rather short time and you can't afford to wait anymore, start now to enjoy a better golden year.
Nowadays, Singaporeans couple are mostly having an average of 1 or 2 children. Given that the standard of living is increasing, inflation taking place, it is going to be a hard time for our children to survive and take care of us when we turn old. Do you want to be a burden to them? If not, ponder over what you are going to do now.
Do you have any other savings besides your CPF? Are they adequate? It is also not sensible to depend on our government. A lot of Singaporean thought that CPF savings is enough to see them through retirement, including one of my family members. BUT "NO" The real fact is that CPF is not enough for your retirement expenditure. What is it may provide is maybe about 25% of the needs but it will be much lesser if you are using your CPF for housing loan and children education loan
So, take action now and start a good savings habit by investing regularly a fixed sum of money. You will be pleasantly surprised that a $200 savings per month at age 23 will fetch you about $0.5million when you turn 60 years old, assuming the rate of returns of 8% per annum.
Hence, the best way is to prepare now, so that we can enjoy our old age without worries.
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