One of the financial mistakes made by Singaporeans is that we always procrastinate retirement planning until its too late. Money issues may dominate your golden years and affect your quality of life if you are not careful with financial planning in your early years.
As a wealth builder, I tend to make this mistake as well but I always force myself to think about what kind of lifestyle I want when I am in my golden years. To do so, mindset needs to be changed. This is because our needs and wants change with time. It may not be realistic to project your future income and expenses based on current situation.
The major reason for so much frustrations among Singaporeans on the CPF Minimum Sum is because most of us depend solely on the amount as the main source of retirement fund, which may not be sufficient given the rising cost of living in Singapore. You need to start investing early and develop sources of passive income, while constantly upgrading your skill and knowledge to achieve better salaries from your day job.
Indeed, you need to have discipline and adopt a long term view when it comes to retirement planning, especially if you have just embarked your working life. But what if you are in your forties and fifties and yet to start planning for your twilight years?
To this end, 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.
[ROADSHOW No. 3] Planning for your Retirement
[DATE] 10 October 2015
[TIME] 11.00am – 6.00pm
[VENUE] Jurong Point (opposite Boon Lay MRT and MoneyMax)
[PRICE] Admission is free
[WEBSITE] Visit www.cpf-bigrchat.sg to …