How you can maximise your retirement funds.
It is never too early or too late to start planning for your retirement. The best is to start early because you have more time to accumulate your wealth and the amount you save on a monthly basis is lower. Figure out how much money you need for your retirement by thinking of the lifestyle that you desire during your retirement days and work towards achieving it.
Get an insurance policy that covers your retirement.
CPF Life may be enough to cover your basic retirement needs, but is it really enough to maintain your current lifestyle? An average Singaporean with the full retirement sum will receive pay outs of $1,270 to $1,410. By investing in a good insurance policy, it does not just cover the part of growing wealth, it also provides coverage for instances of death and possible health issues.
If you have surplus of funds, you can purchase a second property and rent it out to earn extra rental income. If not, you can wait for the resale value to go up before selling to make a profit.
Talk to your financial planner
If you are really unsure on how to start planning for your retirement, your financial planner will be more than happy to advise you.
If you don’t start planning for your retirement, nobody will plan for you. Start planning today to maximise your retirement funds and enjoy your retirement!
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