How to Plan for Retirement Singapore?

If you are at the peak of your career and in the pink of health, then chances are, retiring from the workforce is the last thing on your mind. This should not be the case because it is never too late to plan for the said action and in the process, seek retirement planning advice in Singapore. 

Also, planning early makes it easier for you to secure the funds that you need to comfortably live the remaining years of your life. Simply put, retirement planning in SG is actually easier than you think, given of course, that you are guided by an expert. 

The process often requires answering certain questions. Some of the most notable ones are elaborated below.

What kind of lifestyle do you want to live post retirement?

Per a 2019 study, a single man or woman who is aged 65 will require about SGD 1,379.00 per month to enjoy a lifestyle that is based on the most basic standards of living. On the other hand, if they are a couple, they will require SGD 2,351 for the two of them. Bear in mind that most basic standards of living do not include a car, air-conditioning system, healthcare costs, and so on. 

So when planning retirement, ask yourself if you yearn for the lifestyle of a simple person with simple perks or of an extravagant individual with a carefree lifestyle. A retirement planning advice in Singapore expert can give tips and points on how you can obtain the funds for the said lifestyle. 

Will you support anyone else?

Do you have dependents like a non-working spouse or child with special needs? If you have, then it is best to include them in your retirement plans. Determine a benchmark for the said figure by studying how much you will spend not only for your living expenses but also for the living expenses of your dependents. It is also best to add some buffer funds for good measure.

Will you have any fixed expenses?

Do you have debt that will not be paid off by the time of your retirement? Do you plan on having a helper? Do you have insurance policies or investments that need to be continually paid? These are some of the questions that you need to consider and coordinate with your retirement planning advice in Singapore expert.

How’s your state of health?

Do you have hypertension, pulmonary disease, and diabetes, among others? If you do, then you should consider health care insurance. During your employment years, your employer likely settled your healthcare premiums. But this will not be the case when you retire since you are going to be responsible for them. 

It is important to note also that healthcare costs become more complicated when you get older, especially if you go beyond the age of 65. Potential long-term medical costs cannot be easily predicted, and you need the assistance of a retirement planning advice in Singapore expert to properly address them. 

Summing up

These are only some of the questions that you need to answer during retirement planning. To make sure that everything is covered, it is best to hire the services of a retirement planning advice in Singapore expert. He or she can help you pinpoint factors that you may have overlooked.