6 Quick Tips For Your Retirement Planning

The 6-tip checklist that will guide your retirement planning

When you became a parent, your to-do list suddenly went from 100 things to 1,001. With so many things and an additional little one vying for your attention, it’s all too easy to let retirement planning take a backseat. We hear you. So here’s our 6-tip retirement planning checklist that will help you stay on top of everything.


How much retirement nest egg would you need?

  • Ask yourself what is the standard of living you expect upon retirement.
  • A simple lifestyle would require fewer funds than a more extravagant one.
  • When you retire also matters. The more years you have till retirement, the longer your savings can work for you.

How will your daily expenses change?

  • What expenses do you expect to see increase or decrease upon retirement?
  • Rent, mortgage, debts, taxes, healthcare and insurance will affect your retirement income.


Have you set aside a buffer for unexpected challenges?

  • Sudden illnesses or accidents may impact your retirement plans.
  • If you have children, will you be able to concurrently support them through graduation and save for your own retirement?
  • Will your current insurance plan be enough to protect you?


Have you drawn up your will and decided who your beneficiaries are?

  • Ensure that your will is updated and decide who gets power of attorney.
  • If you should pass on unexpectedly, who will receive the remaining balance in your retirement account?
  • And how do you want to be treated should you fall terminally ill or be rendered unconscious?
  • Be sure that your instructions are clear, and your documents are accessible in case of emergency.

Do you know how much you need to start saving or investing regularly?

  • Start looking at other income sources and thinking of contingency plans, should certain sources fail to materialise.
  • But also think about what you plan to do with your investments when you retire. As people are living longer, your nest egg needs to continue working for you to earn returns that you can live on, even in your retirement years.

Do you have a plan to cash out on your investments and other monies?

  • Upon retirement, would you rather draw a fixed amount regularly or receive a large sum at the start of retirement and be left to manage it on your own?
  • Think also about what to do with your CPF and SRS monies. Do you intend to withdrawal it at one go, or do you have an optimised withdrawal strategy?


 

Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.

Disclaimer for Investment and Life Insurance Products

Ready to start?

Speak to the Wealth Planning Manager today for a financial health check and how you can better plan your finances.

Let's Meet

Alternatively, check out NAV Planner to analyse your real-time financial health. The best part is, it’s fuss-free – we automatically work out your money flows and provide money tips.

Log in Now

Thank you. Your feedback will help us serve you better.

Was this information useful?

That's great to hear. Anything you'd like to add?
We're sorry to hear that. How can we do better?
Enter only letters, numbers or @!$-(),.