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An annual Future of Retirement study from HSBC has found that an alarming 91% of Singaporeans do not have any idea what their retirement income would be, and only 9% are prepared for this phase of life. In addition, while 39% feel that they understand their short-term finances very well, only 23% can say the same about their long-term finances.
So, what have you done? Are you the type who just work and work everyday and hope that when you retire at X yrs old, there is sufficient money to fund your retirement years? Or is there a backup plan, like... depending on your children? Work for longer years (provided your young boss still needs you...)? Or work part-time at fast food restaurant? Seriously, I am quite sure most of us do not expect such scenario to happen to us.
But why HOPE for it to happen, when you can PLAN for it to happen? Yr retirement nestegg is also an important big ticket item, along with yr house, your car, that needs time and gd instrument to build up.
According to the article, to improve your prospects of a comfortable retirement, you cannot afford to delay reviewing your retirement nest egg. Here are some considerations:
i) Your retirement age. 55? 60? 65?
ii) Number of years of retirement. 20yrs? 30yrs?
iii) Retirement lifesyle. Simple? Moderate? Lavish?
iv) Inflation
v) Financial commitment. Children? House? Car? Insurance Premiums?
vi) Medical expenses. Is your H&S plan in place?
vii) Leaving a Legacy?
viii) Existing assets & Post-retirement income
My role as a professional IFA is to help you analyze your current financial situation, and work alongside you to work towards your goals and dreams in a realistic way. I had made my move, have you? Medically, a doctor is there to cure you. Financially, an IFA is there to assist you, a.k.a. a financial doctor. Has your existing financial consultant done enough to make sure you are on the right track?
If you want to make an easy job seem mighty hard, just keep putting off doing it. ~Olin Miller
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