Preparing well for retirement
CEO of SingCapital Alfred Chia share tips and tricks to ensuring a smooth transition into your golden years
Q
What is your advice to Singaporeans who want to have a meaningful and purposeful retirement?
My advice is to proactively set aside time for self-discovery and exploration. This can involve trying out new activities, pursuing hobbies, or engaging in volunteer work.
Allocating time for such endeavours will not only enhance your overall well-being, but also contribute to a sense of purpose and fulfilment during retirement. You can start by participating in activities at the community centre and residents’ committee.
It's important to recognise that retirement is not just about financial planning; it's also about investing in personal growth and happiness. By dedicating time to discover and nurture passions, you can build a retirement that is not only financially stable but also emotionally rewarding.
Financial prudence is important. Living a prudent lifestyle involves responsible budgeting, avoiding unnecessary debt and making informed financial decisions. Understanding the difference between needs and wants, and establishing clear financial goals aligned with your income are also key.
Additionally, fostering a mindset of continuous learning and adaptability is crucial. The ability to stay updated on financial trends, investment opportunities and retirement planning strategies ensures that you can make informed decisions throughout your retirement journey. Adaptability in adjusting your financial plans based on changing circumstances can also contribute to long-term financial stability.
What are some values and attitudes Singaporeans should adopt to ensure a smooth and comfortable retirement?
Q
Sound financial planning is key to achieving a fulfilling and secure retirement. Plan ahead and develop a comprehensive financial plan that takes into account your CPF and cash savings. This plan should define your financial goals and how you intend to achieve them, considering your income, expenses, and investment strategies.
Consider consulting financial advisors and explore investment options that align with your risk tolerance and long-term financial goals to achieve higher long-term returns on your savings.
What are some ways Singaporeans can be proactive in planning their finances for retirement?
Q
With stable returns, no market risk and attractive interest rates, CPF is the foundation to build your retirement nest egg upon.
Maximise your earnings from compounding interest over time by making voluntary CPF contributions. You may even make top-ups for your parents and spouse. These voluntary contributions provide higher monthly payouts in retirement, as well as tax deductions.
For those who are risk-averse, what are some tips to grow their retirement nest egg?
Q
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