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5 Must-Knows Before Unlocking Your Retirement

5 Must-Knows Before Unlocking Your Retirement

They say that the best way to predict your future is to create it. We say there’s no better way to start unlocking your retirement with these 5 facts which may be just what we need to understand the importance of planning ahead.

Retirement and Re-employment Ages will Rise

As mentioned in the National Day Rally 2019 by the man himself, retirement and re-employment ages will rise to 65 and 70 by 2030. Oh, and this is on the assumption that you actually have an employer that is willing to even let you work for that long. But how able bodied would you actually be by then?3

Family Support Shouldn’t Be Your Safety Net

A recent survey on Household Expenditures showed that financial contributions from children, relatives and friends living elsewhere made up only 32% of the total income of a retiree’s household on average. Let’s not forget the recent dip in fertility rates, which means smaller families and more single Singaporeans as yet another contributing factor to this, which leaves us wondering how much would be have to make up for it on our own?5

You’re Probably Already Late in Your Planning

We all seem to agree that planning ahead is important, but did you know that Singaporeans under 40 still tend to brush aside their plans for retirement? Studies show that most Singaporeans only get down to savings for their retirement at 38, of which only 2 out of 5 are confident of saving enough2.

There’s More to Savings Than Just Saving 

Diligently contributing to your piggy bank may seem like a fool proof plan, but what about factors such as inflation? The best strategic way to avoid this curveball is to consider investing your funds wisely to help counter inflation, with the advice of your Manulife Financial Consultant2

The Cushier Lifestyle You Want, The More Cash You’ll Need Now

How do you see yourself growing old? Living comfortably with just enough to get by? Pursuing all the things you never had the chance to do, or living the high life on a beach in Koh Samui? You’d be surprised at how each choice differs significantly in terms of the income you’ll need right now to support it later.

It’s not rocket science to figure out that the lux life you’re dreaming of will need a high-paying job now1

 

So what comes next? Perhaps trying something a little fun and hands-on might be just what you need to find out more! Rally your friends and play the Manulife Vault Game, where you could win a Retirement plan worth up to S$250,000! Terms & Conditions apply. 

 

Stand to win a retirement plan worth up to S$250,000 & travel vouchers. T&Cs apply.

Play The Manulife Vault Game

Stand to win a retirement plan worth up to S$250,000 & travel vouchers. T&Cs apply.

Disclaimer:

This advertisement has not been reviewed by the Monetary Authority of Singapore. The information in this article does not necessarily reflect the views of Manulife (Singapore) Pte Ltd. All stated information, including external links, are general information and does not constitute or form any recommendation of insurance plan. Certain information in this article may be taken from external sources, which we consider reliable. We do not represent that this information is accurate or complete and should not be relied upon as such.


This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg).


This article is for your information only and does not consider your specific investment objectives, financial situation or needs. We recommend that you seek advice from a Manulife Financial Consultant before making a commitment to purchase a policy.

Speak to a financial consultant today!

 

 

 

 

 

 

 


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Important Notice

We are glad to inform that our Client Service Centre (excluding Cashier payment counters) will resume operations from 2 June 2020 (Tue)! This is in conjunction with our country's gradual exit of the circuit breaker period. To protect the safety of our customers and staff, we have put in place stringent precautionary staff measures such as  wearing face shields and masks.

 

While we are more than happy to serve you in person, we encourage you to use our suite of digital offerings for your needs, including the customer online portal - MyManulife, Digital Payments (PayNow, Internet Banking, AXS, eGIRO) and Softcopy Form Submissions.

 

If you need assistance, please submit your enquiry through our Contact us form or call us at 6833 8188, 9am-6pm Mon-Fri (excluding Public Holidays), we’ll be happy to help. Thank you.  

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