Retirement Planning (Part 1)
Retirement . A phase of life that every working adult aims for at the end of their careers. Some may reach that goal earlier, others reach later, maybe never (that last part is sad, but real.) There is one question that we all, as working adults, will ask ourselves: Do I have enough financially to retire? In order to answer that question, you really have to break that down into two further questions: 1. What age do I want to retire? 2. How much will my desired monthly expenses be when I retire? In Singapore, the current statutory retirement age as of this post is 65. The retirement lifespan is about 20 years. As for the monthly expenses, for simplistic calculation purposes, I'll put it at $3,000 a month. You can feel free to approach your agent and share with him/her your desired monthly expenses upon retirement. Oh, and inflation rate is about 3% a year. Based on the above data, I would do the financial calculation for my clients (All agents do the same); and the results are reall...