What not to do when planning your retirement
Retirement was the buzzword at the recent Silver Industry Conference and Exhibition, which examined what can be done for your finances then. Lorna Tan looks at the eight mistakes to avoid when planning for your golden years.
RETIREMENT planning is not a topic that gets the heart beating faster, and sadly it is all too clear that Singaporeans do not want much to do with it.
However, with 20 per cent of the population expected to be over 65 by 2030, it is equally clear that people here need to start planning early for their golden years.
No one can claim they have not been reminded of the need to start planning as such wake-up calls are constantly aired in Singapore.
And it is not as though Singaporeans lack financial options. Many of these were outlined at the recent Silver Industry Conference and Exhibition (Sicex) at Suntec City.
The event explored opportunities for an ageing Asia and tackled issues like how to make financial plans for a long life.
It was apt that the inaugural event was held in Singapore, given the urgency of the problem facing Singaporeans.
An annual AXA survey found that Singaporeans lagged behind Americans in retirement preparation, with only about half of the working people in the Republic preparing for the time when they would have to stop working. Those who do start planning, do so at an average age of 34.
In the United States, 79 per ……
It is all easier said than done, so take note of these eight mistakes to avoid:
1. Not writing out goals or defining your dreams
2. Not understanding where you are at
3. Not understanding how to manage expenses
4. Not investing for the long term
5. Not factoring in accurate assumptions
6. Not managing your risks
7. Not reviewing your financial plan periodically
8. Not identifying the right financial adviser
Lorna Tan
Sun, Jan 20, 2008
The Sunday Times
Click here to see FULL article.
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