Thursday, 1 April 2021

Preparing for retirement

A few close colleagues are nearing retirement age, our recent conversation revolving savings and money matters leaves me wondering if I have prepared myself adequately for my own retirement when it comes knocking on the door...


It's never too late to start reading up and planning for the day when one stop receiving an active income. 

Introduction to planning for retirement

"Introduction to planning for retirement", on MoneySense website, is a good article to start with. MoneySense, was started in 2003 as Singapore’s national financial education programme. It's aim is to help Singaporeans to manage their money well, and make sound financial decisions on their own.

From the article, find out:
  • what planning for retirement means
  • When should I start planning
  • Why it pays to start early
  • The effects of inflation
  • The steps to building a retirement plan


"Introduction to planning for retirement" is part of the starter pack "Planning for retirement"​​. Spend about 15 minutes to read trough the 5 lessons in this mini series.
 








There are other information available on MoneySense:

“Approaching Your Retirement Years” is a booklet targeted at Singapore citizens (aged 40 and above) who may be starting to plan for retirement or in the process of planning for retirement.
Retirement Booklet_Chinese
Retirement Booklet_Malay
Retirement Booklet_Tamil




Topics Available on MoneySense with useful articles:

Investments 
Savings 
Insurance 
Retirement
Estate Planning
Property







CPF Retirement Estimator

This e-service provided by the Central Providend Fund Board. It provides a simple way to compute the lump sum savings you may need for your retirement.

There are other useful calculators available on the CPF Board website, including:

For Retirement:

Retirement Sum Scheme (RSS) Payout Estimator (needs SINGPASS Login)
Ordinary Account - Special Account Savings Transfer Calculator







“未雨绸缪” （百度百科） 意思是趁着天没下雨，先修缮房屋门窗。比喻事先做好准备工作，预防意外的事情发生。 

The Chinese Idiom teaches us to plan and prepare well ahead of any adverse situation. It also implies "to save for rainy days". Thoughtful planning and sufficient savings could prepare us for retirement (or days with no active income), so that we can continue to enjoy the same quality of life as before retirement. 









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