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Mountbatten Square, Singapore 398007

hello@highlife.sg

© 2016 by Highlife Advisory

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Retirement is the start of a new adventure

Realization

It is never too early to plan your retirement. Most asian families refuse to talk about this because it is associated with "not being of worth" to the family and, hence, a burden. Ironically, by not addressing the matter as early as possible, the more of a burden it will be. Emotion gets the better of us when it comes to retirement planning. One also needs to realise that we do not live in a welfare state and what we do with it is an entirely up to us. 

Future

The only way you can plan for the future is being conscious of the present. Our ability to realign current spending habits to save and invest more is a tough balancing act. Some people work two jobs, and some people actually change jobs, but it needs to end at some point. When do you want to retire? How much are you willing to sacrifice now so you can achieve your retirement goals? 

Having a clear plan with an acceptable retirement age is important, but we should also plan for unplanned retirements. What if we cannot work and we have dependants, can we address that risk? Yes we can. How? By looking at your entire retirement planning and personal risk management objectively. 

Planning

Planning for your retirement usually starts when you realise the need, mostly, in your mid-40s - with about 20 or more years to work. There are alot of retirement-related products in the market. However, like most one-size-fits-all products there will be some instruments that will work for you and some that will not.

 

There are also insurance policies that provide security if you lose your job due to medical or physical reasons, but it essentially starts with you. To find out what fits for you, it is wise to speak to a financial professional. 

Getting the Right Help

There is no one plan that fixes it all for everyone, we need to plan our retirement for the sake of our family's well-being and we usually will not have enough in the provident fund. Speaking to an adviser that lets you grow and develop your own plan together makes you understand the need to work these plans out effectively even with the possibility of shocks to it. 

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"Planning for your retirement and the mistakes we make."