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Retirement planning means preparing for a steady stream of money after retirement. It entails setting aside funds and investing specifically with that goal in mind.
Your retirement strategy will depend on your final goal, income, and your age. The purpose of having a retirement plan is to ensure financial stability in your later years without depending on others.
For retirement in Singapore, there is a national longevity insurance annuity scheme called the CPF Lifelong Income For The Elderly (CPF LIFE) that insures you against running out of your retirement savings, by providing you with a monthly payout no matter how long you live.
To retire comfortably, there are also many alternative ways for us to complement CPF Life. One of the ways is a Private Annuity Plan that can generate income payout just like our CPF Life.
Who needs Retirement Planning?
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Working Adults with a stable job
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Adults reaching 55
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Adults above 55 before starting their CPF Life payouts.
Why we need Retirement Planning?
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Depending on individual spending habits, CPF Life monthly payout may not be sufficient.
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We want to be financially independent when we retire.
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We need to prepare for the raising inflation which may affect our standard of living when we retire
How to start Retirement Planning?
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Plan as early as possible. You can save lesser to achieve your retirement goals if you start early.
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Define your Retirement Goals
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Assess your current situation
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Identify your retirement gaps
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Plan to reduce the gaps.