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.
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
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
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.
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.
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 , where you could win a Retirement plan worth up to S$250,000! Terms & Conditions apply.
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.
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