Retirement Planning |
Retirement Planning in Singapore
Is Retirement Possible in Singapore Today?
It looks as if the cost of living in Singapore is high as it’s ever been. Retirement should be something you'll expect to. However, the question is: will you even be able to retire here in Singapore once you reach retirement age? Here are a number of the challenges related to retirement today and the way you'll be able to make sure you have enough funds to retire in today’s world. Why Is It Challenging to Retire Today? There are loads of challenges people face when looking to retire today. Not only has the value of goods and the cost of living increased, but we’re also setting out to live longer. Age expectancy in Singapore is 83 years! On one hand, living longer is awesome. You get to spend longer with the people you like, exploring the globe around you. On the opposite hand, it also implies that you would like to seek out extra money to fund your longer lifespan. This makes retiring at the quality age far more difficult for the younger generation. It is very difficult to save lots of towards retirement in today’s economy especially in Singapore which is one of the most expensive city to live in. If you’re struggling to make money now and finding it difficult to save lots of, it’s understandable to be worried about your ability to fund your retirement. |
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Calculating How Much You’ll Need
While retiring in today’s world is a lot more difficult than it were a years ago, there are ways to make it easier. Firstly, you have to calculate the amount you’ll realistically need per month once you retire.
Add up all of the expenses you’ll have, alongside the lifestyle you’re hoping to lead once you’re retired. This can give you a decent idea of the amount you’ll need. Having this goal will give you a gauge on how much to top up in your retirement fund.
Know How to Lower Living Expenses after Retirement
It may well be that you just couldn’t afford the lifestyle you would like. While everyone deserve the type of retirement they want to, financial constraints sadly often make it impossible. However, that doesn’t mean you are unable to enjoy your retirement.
By lowering your expenses, you’ll hopefully be able to retire at the normal retirement age. This might mean getting a smaller, cheaper home for example. Doing this may also lower your utility bills.
Taking Care of Health Insurance
One thing that will push your retirement expenses up is health insurance. The cost of buying your own policy at an older age can be extortionate. The older you are, the more health problems you’re likely to develop which means the insurance rates will skyrocket.
So, start by taking care of your medical insurance today. The sooner you are taking out a policy, the less costly it will be.
It may be harder to retire in Singapore today, but it’s definitely not impossible. You could also seek retirement advice to discover how you will be able to prepare financially in accordance to your personal circumstances. The sooner you begin to plan, the more likely you will be ready finacially to retire in comfort when the time comes.
While retiring in today’s world is a lot more difficult than it were a years ago, there are ways to make it easier. Firstly, you have to calculate the amount you’ll realistically need per month once you retire.
Add up all of the expenses you’ll have, alongside the lifestyle you’re hoping to lead once you’re retired. This can give you a decent idea of the amount you’ll need. Having this goal will give you a gauge on how much to top up in your retirement fund.
Know How to Lower Living Expenses after Retirement
It may well be that you just couldn’t afford the lifestyle you would like. While everyone deserve the type of retirement they want to, financial constraints sadly often make it impossible. However, that doesn’t mean you are unable to enjoy your retirement.
By lowering your expenses, you’ll hopefully be able to retire at the normal retirement age. This might mean getting a smaller, cheaper home for example. Doing this may also lower your utility bills.
Taking Care of Health Insurance
One thing that will push your retirement expenses up is health insurance. The cost of buying your own policy at an older age can be extortionate. The older you are, the more health problems you’re likely to develop which means the insurance rates will skyrocket.
So, start by taking care of your medical insurance today. The sooner you are taking out a policy, the less costly it will be.
It may be harder to retire in Singapore today, but it’s definitely not impossible. You could also seek retirement advice to discover how you will be able to prepare financially in accordance to your personal circumstances. The sooner you begin to plan, the more likely you will be ready finacially to retire in comfort when the time comes.
