A recent study carried out by the Lee Kuan Yew School of Public Policy* has once again raised this pressing issue: Are Singapore’s seniors prepared for retirement?
The answer may not be as optimistic as hoped, but fear not; the solution lies in the 3Ps of retirement planning:
Purposeful planning:
Take action and start early; this way, you will have more time to grow your nest egg. Work out how much money you need for your retirement by imagining the lifestyle that you wish to lead.
Singaporeans are now leading the world in terms of life expectancy, but research findings also indicate that we are living proportionately more years in ill health and with disability. This means you will realistically need to factor in the costs of healthcare and medical treatments in your retirement income.
Progressive planning:
Do you wish to maintain your current lifestyle even as you grow old? The study found that a single senior household will require at least S$1,379* a month to sustain basic needs; relying solely on CPF payouts may not suffice.
The answer can be found in a forward-thinking Life Plan with clear measures to grow and protect your wealth. By investing in a good retirement plan, you can enjoy a consistent stream of income starting from your preferred retirement age. Your retirement goals are as unique as you are; do ensure that the retirement plan you choose is a perfect fit for you.
Professional planning:
If you are uncertain on how to start planning for your retirement, you need to connect with a professional consultant as soon as possible! Customise your Life Plan and maximise your retirement funds for your golden years.
Sources:
https://www.todayonline.com/singapore/singapore-seniors-each-need-least-s1380-monthly-meet-basic-needs-researchers
*https://lkyspp.nus.edu.sg/gia/article/research-spotlight-series-how-much-does-a-singapore-household-need-for-a-basic-standard-of-living
