Posted on Aug 11, 2015
Singaporeans are living longer – our average life expectancy is at an all-time high of 84.9 years. It’s more important than ever to start saving for the future at an early age. In this issue of Street Talk, we take to the streets to find out how people are preparing themselves financially for retirement.
"I've started putting aside money for retirement and I'm exploring ways to make my money work harder. But I'd like to have the option of not retiring, and be able to work for as long as possible."
My main source of income during retirement will be my CPF savings, which should be enough to cover my basic needs. I also have money invested in stocks and unit trusts that I can cash out if necessary.
I purchased an investment-linked policy in 2006 and I'm working hard to contribute more to my CPF savings. When I retire, I might also downgrade to a smaller flat and put the sales proceed into my retirement fund.
I haven't given much thought to retirement as I'm still in the early stages of my career. For now, I prefer to keep my savings in cash so I can draw on them when needed.
My priorities right now are to pay off my HDB loan, save up for my kids' education, and make sure my family has enough insurance coverage. Whatever money is left goes to my retirement fund.
I'm currently looking through different retirement policies to see which ones cater to my needs best. Hopefully when I'm around 50 to 60, I'll have enough money to travel the world.