Many of us have yet to start our retirement planning. However, it pays to start early. Read on to find out how you can be better prepared for future spending needs and retire comfortably.
Mr Goh just got a new promotion at work. At 39 (age next birthday), he is a homeowner with 2 kids and a car. He is finally at a point where he is able to put aside a decent amount of savings.
His wife Mrs Goh had taken a break to look after the children but has recently returned to her old job. Now, the financial situation has improved to a point where Mr and Mrs Goh can think of putting money aside for their retirements.
Unknown to the couple, Mr and Mrs Goh’s story is one that has been told many times before and is unfolding all over Singapore. Tell us if this sounds familiar:
They got married in their late twenties and purchased their first HDB flat. They waited till their first child was born and purchased a car. One more child followed, and Mr and Mrs Goh got each of the children an educational investment plan. Many Singaporeans start putting money aside as soon as the first child is born.
With their current status, Mr and Mrs Goh have some more money to put aside. Does it go to travel and luxuries? Do they invest it? Do they save it for a rainy day?
You would be surprised to know that a good retirement plan will let you do all these and more.
A bit about retirement
In a survey published by Channel news Asia, 70% of people working in Singapore above the age of 45 indicated that they would like to retire early. Here are the top reasons for wanting to do just that.
Retirement may be the furthest thing from your mind when you are at a very good point in your career in family life; but with a little research, you will realise that the optimal time to start retirement financial planning is NOW.
Mr and Mrs Goh have opened their retirement savings accounts with Etiqa – the insurance arm of Maybank. Here’s what went into their decision
Read on to know what should drive your retirement planning decisions