How to plan for retirement in Singapore (3 Things you can’t do without)
How to plan for retirement in Singapore
What is your definition of retirement?
For me, is not about “stop working”.
It is about “to Stop Working for money”. This would allow us to choose whether we want to work or not, without worrying about money.
The whole idea is being financially free upon your retirement age hence able to lead the lifestyle you desire without being obligated to work for just money.
Below are 3 things you can’t do without in order to retire in Singapore, something to take note when doing your retirement planning.
#1. House
We need to have a roof over our head when we retire. That is like so basic. But I do not mean that we have to own multiple properties in order to retire. For post is not regarding property investment, more to a basic accommodation to stay for retirement. I have also talked about being “Asset rich, Cash Poor” during retirement. There is an increasing trend for this.
Nothing much to explain as it is self-explanatory.
#2. Hospital Coverage
I often joke with my clients that, in Singapore, “we can die but cannot fall sick. It is often so true that we heard plenty of stories about how scary hospital bills are these days.
Plus with the medical inflation in recent years, even the premium for the hospital coverage is increasing! So this is something must have in your pre-retirement checklist.
#3. Income.
The last thing in your pre-retirement checklist is income! Having income coming to you every month or every year is important and that key to retirement. “Cash is king” that is what I mean by Cashflow.
It is about having passive income coming to you every month when your active income ( when you dun work) stops.
I guess the question will be where and how the income is coming from? It can come from various forms. Like dividends, rental yield, savings, allowances from children or maturity sum from the endowment plan or from your CPF LIFE payout.
There is no best product or investment. It all depends on your needs and comfortability.
Find something that suits you and draft out a masterplan or what I called a retirement blueprint based on that. You would have much clarity on your retirement income.
Simply fill up the form below, so I can get in touch with you and finally work on that retirement blueprint together:
