Life now begins at 60, and middle age stretches for almost a decade after that, according to new research. So don’t put off Retirement Planning!
Baby boomers approaching retirement have a similar outlook and an equivalent lifespan and upbeat prospects as 40-year-olds had in the 1930s. Today’s over-50s expect to experience major ‘life events’ normally associated with much younger people, ranging from divorce and dating to moving house, re-entering education or starting a new business.
The report, commissioned by Cigna Insurance Services, interviewed 2,000 adults and found that 50 to 64-year-olds are getting happier with age. It re-examined the premise of US psychologist Walter B Pitkin, who in 1932 coined the phrase ‘Life Begins at 40’. Over the eight decades since Pitkin’s book was published, life expectancy has extended by 20 years, prompting experts to say that now ‘life begins at 60’. Source: Dailymail.co.uk
When It Comes To Your Retirement Planning Are You On Track?
So no matter how old (or young!) you are, the best time to start retirement planning is right now. There is literally no time when it is too early to start planning because irrespective of how you plan to spend your retirement, you are going to need money to do so.
For most people, saving for your long term financial security refers to the idea of putting aside a certain percentage of your regular income into some form of regular investing plan. Not entirely surprisingly, the more you put aside every month, the more options you give yourself when you finally reach retirement. Saving as much as you can therefore makes a good deal of sense.
The Steps To Effective Retirement Planning
Identify and set pre-retirement and retirement goals
Estimate the length of your retirement
Determine your net worth
Estimate retirement expenses
Estimate retirement income
Balance expenses and income
Plan for the effects of inflation
Evaluate and revise your plan
Central Provident Fund
The CPF is a compulsory comprehensive social security savings plan which aims to provide working Singaporeans with a sense of security and confidence in their old age. It is administered by the Central Provident Fund Board, a statutory board under the Ministry of Manpower.
Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts:
Ordinary Account – for housing, pay for insurance, investment and education.
Special Account – for investment in retirement-related financial products.
Medisave Account– for hospitalisation and approved medical insurance.
If you need expert assistance managing your CPF investments or help assessing your existing retirement planning, the best decision you can make is to request a free financial planning consultation and get all your financial affairs in order.
