Retirement Planning
- Post by Super User
- In Great Eastern Life Assurance
- On 20 September 2012
- Hits: 2836
Golden years for some.
Woeful years for others.
What’s in store for you?
Everybody Will Retire Sometime … So Get Ready!
Sometimes viewed as a new beginning in life, retirement is multi-faceted. There are those who spend their retirement traveling around the world. And there are some who do not truly retire at all. They continuously toil away at work to make ends meet due to their commitments, which extend beyond their retirement age.
Whatever our lifestyle we have today, retirement is imminent. And with today’s soaring inflation and financial distractions, planning for retirement has become more critical than ever.
Retirement planning is crucial for personal financial planning. It’s always nice to have a little extra. Most of us are striving to meet our own financial obligations and what more in the face of rising cost of goods and services? When we retired, it won’t matter how much you earned. What will REALLY matter is how much you kept.
Retirement Factors:
How much do you need for an ideal retirement? It depends really … on several factors which are listed below:
- How much are you saving for your retirement plan? To have a quality retirement lifestyle, the retirement income is required to have at least proximity 70% of pre-retirement income.
- How many dependents do you have living off your retirement income?
- Any debts that you need to carry into your retirement? Medical and health care for yourself and your dependents.
Creating “The Ideal Retirement” plan is one of the most challenging tasks you will face in your lifetime. The reason why is there are not only many moving parts and variables to overcome, but also because there is a tremendous amount of planning and preparation that needs to take place. In other words, being proactive about your retirement plan is mandatory if you want to be truly successful.
Every person who is approaching retirement, or currently retired, should liaise with a financial professional to make sure they have the best possible chance of having “The Ideal Retirement“. Why? Simply because the consequences of being wrong can potentially cause financial ruin for BOTH you and your family!
Non-Economic Aspects of Retirement
Wealth is very important but this is not the sole element for a comfortable living. The other important element is health. Planning for wealth and health care is part of retirement planning. There may be chronic illness which will require expensive long term care and this will certainly made a great impact on retirement life.
Retirement Planning
Step 1: Visualizing your future
Step 2: Working out your retirement expenses
Step 3: Estimating your EPF and other sources of retirement benefits
Step 4: Determine your retirement income requirements
Step 5: Drawing up a saving plan
Step 6: Implementing the plan
When retirement comes, that’s the time to sit back and enjoy the fruits of one’s labour. Official statistics reveal that 75% of our citizens run out of saving just 3 years after they retire. You don’t have to be one of them. And it all starts with having a Retirement Plan. Knowing your financial standing earlier, especially while you are still working would give you the advantage of making the necessary preparations at a more relaxed pace to meet your ideal retirement.
So enhance your life now by contacting our Wealth Integrated Services Advisory Team or calling our Customer Service Careline at 012-4233270.
