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 Sean Toh - Taking The Fear Out Of Retirement

Worried about being ready for retirement? You’re not alone. But many retirement-related fears can be overcome with some simple tips that I’m going to give you.

Getting started is probably the hardest part of a retirement plan. It's so easy to think your retirement is decades away so why not wait just a little longer to start planning for it. Procrastination could cause you to lose thousands of dollars. Procrastination could mean the difference between a comfortable retirement and one where you are barely getting by. If you're between the ages of 20 and 40, you're probably buying a house, a car, furniture, and thinking about your kid's education fund. However, the most common reply I get from most Singaporean is this. “I barely have enough money for my monthly expenses. How can I save for retirement?” As housing, health care, transportation and education costs continue to rise, so it’s no wonder that saving for retirement may have taken a back seat. But it doesn’t have to. You probably think you can't afford to save for your retirement at this time. You're wrong. Even a small amount invested wisely could be very beneficial in years to come.

Goal Setting 

OK, you've decided to start planning for your retirement so where do you go from here? The first thing you must do is to list your retirement goals.
Do you want to travel? Retire comfortably or enjoy a even better lifestyle than current one? Maybe you want to start a business that you have so much passion in that will empower others or contribute to the society in a meaning ways. Whatever your goals, you will need an income. You could quite possibly be retired for 30 or more years so you need a plan that will provide an income for several years. How much money will you actually need when you retire? You can use this CPF Calculator to find the answer to this question.

Budgeting 

Next, if you already haven't done so, create a budget. If you don't have a clue about how much you spend from month to month, keep a journal of every cent and dollar you spend for three months. You'll see where your money is going and be able to better manage expenses. Your budget must include a payment to your retirement plan even if it's only a few dollars.

Family Members 

Discuss your retirement plans with your family, especially your spouse. Chances are you'll both retire at about the same time so you need to be in agreement on this critical part of your life. If you both have a career, you will both be contributing to the retirement fund. Make your decisions together and try to develop a plan that will be acceptable to both of you.

Be focused 

Even the best retirement plan could be in serious trouble if you allow yourself to dip into it for frivolous luxuries. If your budget doesn't seem to cover all your expenses, chances are you are confusing necessities with luxuries. Do you really need to upgrade your car or change new model for your mobile phone when it’s out in the market? Do you need to have an expensive holiday or that Louis Vuitton just because of the urge of satisfying your inner desire to have them? Little things eat away at your budget. You don't have to do without, just spend wisely.

Making Choices 

Now that you have some money put aside, you need to think about investing so that your nest egg will grow. However, investing your money can present complex challenges to most people who are already so busy with their work and family commitments. Extraordinary care and effort are vital to preserve and enhance the financial success you want to achieve so that you have that nest egg waiting for you to enjoy. That’s when a financial services consultant can help you plan and make changes to your investment portfolio for your retirement when the changes are in response to actual changes in your personal situation rather than to an emotional reaction to swings in the market or a change in performance of a security that you hold when you are too busy to anticipate.

Consult your financial representative

Deciding where to invest is a lot easier with the help of an experienced professional. Get professional help when really do not know where to head. Remember, it’s better to save and have a plan than to enter your later years with empty pockets and no strategy!

Yours Sincerely
Sean Toh
Author of “ 4 Steps To financial Freedom “

Contact Us

For more information on how we can assist you in developing your personalized wealth management solutions, please free free to submit your enquiries to seantoh@creditplushealth.org and we will contact you.

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