Many of us are so focused on the immediate priorities in life (e.g. marriage, travelling, children’s education, etc) that we neglect the importance of planning for the future.
Watch this short video to learn more!
Starting early gives you a greater sum of retirement savings in the end, as you're taking advantage of compound interest.
Through proper retirement planning and investments, you could even reach financial freedom way before your peers.
For the fifth year running, Singapore has been dubbed the world's most expensive city. There is no better time to start planning when you are young and have lesser financial commitments.
The rise of the gig economy, technology and increasing automation signals more financial instability. Retirement planning is required to be more dynamic and future-proof.
Based on a 2016 report by Channel News Asia, the monthly expenditure of a retiree with a basic lifestyle is around $1,200.
If you are planning to retire in 20-30 years time, taking inflation into account, you would require around $3,000 monthly. But surely, you would have a higher expectation for your standard of living than just having the basic necessities. If travelling is part of your retirement plan, you would require at least $5,000 more annually. Coupled with the rising cost of living, you will need a way to generate more income instead of relying solely on your work salary.
A customised retirement plan will help you with that.
Here's an illustration of why starting early and having a good retirement plan can make a significant difference in your future life
Henry and Andy are 35 years old now and have just started saving up for retirement. You'll see how Andy would be able to retire with more money than Henry, even though they save the same amount every year for the next 15 years.
You have the flexibility to choose the number of years you wish to save for your retirement - 5, 10, 15 years?
Receive a guaranteed yearly income and also non-guaranteed cash bonuses + additional income every year during retirement.
No matter what happens, your capital is guaranteed. That's an assurance from us!
You can retire early or late - our payout will alter accordingly to suit your preferred retirement age.
The earlier, the better. A 2018 study by Manulife revealed that most Singaporeans only begin retirement planning at age 38. Compare this to starting at age 30; an earlier start reaps more savings due to the power of compound interest.
When you start young, you have the luxury of saving less per month to reach your financial goals. You can even reach financial freedom at an earlier age.
This varies from person to person, as different people have different savings and retirement goals. There are clients who save $300 per month, and also those who save $7,000 per month.
This depends on your risk profile. For low-risk profiles, an annuity savings plan would suffice. For high-risk profiles, an investment plan would be more suitable.