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Singaporeans should not depend solely on their CPF savings for their retirement

BullionStar

Singaporeans who thought that they can depend squarely on their CPF savings for their retirement need to adjust their mentality. Given today’s high cost of living, that amount of savings would probably last you a couple of years. So, before you and your partner knew it, there might be a need to press the panic button during your twilight years. Also, in today’s society where Singaporeans must compete with cheap foreign talents, all of us must not take things for granted and assume that we would be gainfully employed until the age of 67.

In fact, you are probably just one step away from financial disaster if you are hospitalized in ICU. The medical costs would probably wipe out all your hard-earned savings in your Medisave if you didn’t make a proper retirement plan. Clearly, Singaporeans need to establish alternative pathways to accumulate and build wealth so that we don’t have to suffer the pain of “money no enough” in retirement age.

CPFB employees guiding participants how to use the Retirement Estimator

Firstly, the purpose of this article is not to question nor criticize the merits of CPF. The aim is to highlight to fellow Singaporeans the importance of taking charge their personal finances and empower their future. Far too many young Singaporeans ignore the importance of retirement planning in their prime age and also tend to regard their CPF savings as their sole ultimate saving plan. This should not be the case because if you do not have alternative sources of wealth for your retirement fund, you are probably not going to enjoy the fruits of your labor when you are old, or at least not to your desirable level.

To address the issue of retirement planning, the Central Provident Fund Board (CPFB) will be organising a series of retirement planning roadshows from August to November, in a bid to help Singaporeans aged 40 – 54 prepare themselves financially for their golden years ahead.

CPFB participants engaged at the retirement planning talk-show

[ROADSHOW No. 2] Planning for your Retirement 
[DATE] 13 September 2015
[TIME] 11.00am – 6.00pm 
[VENUE] Toa Payoh HDB Hub (event atrium)  
[PRICE] Admission is free
[WEBSITE] Visit  www.cpf-bigrchat.sg  to find out more 
[DESCRIPTION/ LISTING] Unsure of how to plan for your retirement? Join celebrity and entrepreneur Irene Ang and financial expert Christopher Tan, CEO of a financial advisory firm at this roadshow to pick up insightful tips on financial and retirement planning. Win prizes at various game booths when you test your financial knowledge too!

[UPCOMING ROADSHOWS] Planning for your Retirement 
[TIME] 11.00am – 6.00pm 
[PRICE] Admission is free
[WEBSITE] Visit  www.cpf-bigrchat.sg  to find out more 
[DESCRIPTION/ LISTING] Unsure of how to plan for your retirement? Be initiated into your retirement planning journey through interactive, learning stations at the CPF retirement planning roadshows. Plus, pick up insightful tips on financial and retirement planning from industry experts. You can also win prizes at various game booths!

[DETAILS]

10 October 2015: Jurong Point (opposite Boon Lay MRT and MoneyMax)

31 October 2015: Ang Mo Kio Centre Stage (between Jubilee Mall and S11 Food Centre, NTUC)

14 November 2015: Bradell Heights Community Club (outdoor space)  

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Updated: September 6, 2015 — 1:36 pm

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