Find out how much you need to retire with our Retirement Calculator!

You may have been diligently slathering your night creams, spritzing on Hyaluronic Acid, all preventive measures to make sure that your skin continues to be in tip-top shape as you age. The question is, is your planning for your retirement going as well as your skin care regimen? Today, Singaporeans are enjoying life with longer average lifespans. Here are some tips that can help you overcome age-specific roadblocks when making your retirement plans.

In your 20s

The decisions you make in your 20s can make a huge difference in your standard of living once you retire. Ask yourself when you wish to retire, and how you want to live once you retire. From these questions, you can start deducing how much you will need to save. A financial planner can also help you understand the CPF scheme and other retirement plans available in the country. Read more.

The availability of many financial instruments today has made it quite easy to start designing your own retirement plan as soon as you get your first pay cheque. For a quick overview of how much you need to set aside for your retirement, you can use the Central Provident Fund or CPF retirement estimator here.

In your 30s

Many Singaporeans are faced with big decisions in their 30s. These may involve changing your career, setting up a business, purchasing a home, and having children. It is crucial to reevaluate your financial and retirement goals so that you do not go off track.

Aside from consistently contributing to your retirement plan, start setting up an emergency fund of at least three months of expenses. This can keep you from raiding your retirement plan during a rainy day.

In your 40s

Much like in your 30s, big decisions may continue to arise in your 40s. During this time, you may be handling both your retirement fund and the college fund for your teenage children.

You need to constantly check whether or not you are hitting your financial benchmarks or goals. You may also need to tune up your portfolio to make it less risky. This means that if your asset allocation is still aggressive towards stocks or mutual funds, then you may want to setup some hedge in the form of cash and bonds.

In your 50s

One of the most important things to have in your 50s is peace of mind even in the face of any financial setback. Look over your retirement plans and other accounts. Find out what and where your assets are.

Continue saving 10% to 20% of your income for your retirement. Take advantage of the last 10 to 15 years before your retirement, and catch up on your savings.

If you think you need to save even more in order to prepare for any financial shock that may come to you and your family, you can also downsize. This can include moving into a smaller home. By doing so, you can save some money on monthly mortgage or rent payments, taxes, and utility bills such as water and electricity.  You can also sell one of your cars, and save on maintenance costs. The extra money that you can get by downsizing can be funnelled into your retirement plan.

Find out how much you need to retire with our Retirement Calculator!

Recommend0 recommendationsPublished in Retirement
SHARE
Previous article10 Companies Muppies Love. Yes, Millennials Yuppies.
Next article10 Steps to Develop a Healthy Relationship with Money
C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).