How to enjoy your golden years in comfort
Retirement may seem a long way off right now but it’s never too early to start planning for it.
Here are three retirement planning tips to help you optimise your savings so that you can enjoy your golden years in comfort:
1. Choosing a suitable retirement plan
Flexibility is an important consideration in retirement planning. The savings or endowment plan you choose should offer flexibility in allowing you to choose your preferred premium payment terms, desired retirement age (for when the annuity payments will begin), and duration of monthly retirement income payouts.
Another key factor is ensuring that there will be sufficient funds in your retirement account to allow you to maintain the lifestyle you would like after you retire. Determine the amount you will need each month to support your retirement lifestyle and from there, you can work out how much your monthly premiums need to be. If you get your financial planning right, you will have peace of mind knowing that your lifestyle does not have to be compromised after you stop working, as a certain level of income will be guaranteed in your retirement years.
2. Start early
Have a plan for every chapter in life. Although retirement planning may seem far off in the future, do not be misled by this illusion. Start your retirement and savings plan soon, as the earlier you start funding a retirement account, the more time you will have to accumulate savings for your dream retirement lifestyle.
3. Watch your expenses
While lavish dinners at fancy restaurants and exotic holidays once in awhile is alright, leading an extravagant lifestyle may not be in your best financial planning interests, especially if you want to enjoy a comfortable retirement in Singapore. Be mindful of your spending now, to ensure that you have sufficient resources to support you in your later years.
Retirement in Singapore is not a bed of roses due to the rising cost of living and inflation rate. If you want to retire comfortably, you’ll need to do some financial planning right now. Seek professional advice from Income’s qualified financial planners and they will be able to recommend a suitable solution to meet your needs.
Start building your retirement nest egg today and look forward to a happy and relaxed retirement!