Ever thought about what to do when you retire?
According to latest statistics, life expectancy for male is 80, and female 85. Would you want to work till the last day of your life?
I believe for many, and for me, the answer is NO. Retirement age in Singapore is 62-65. To have a comfortable retirement, we will need to accumulate sufficient wealth to fund our lifestyle for at least 15 years without our working income.
A simple calculation, assuming that you will need $3000 per month, you will need $540,000 without accounting for effects of inflation. If one wishes for a better lifestyle (upkeeping a car etc.), you will probably require $5000 a month. The lump sum required will balloon to $900,000. Of course, above numbers vary for different personal needs. Do you have the million dollar retirement you dreamt about over the course of your working life, spanning 40 years or more?
What if, you live beyond 15 years post retirement? What if, you yearn for an early retirement? The sum required will increase further. So, how will you be dealing with it?
Contact me to find out how I can help you deal with this uncertainty, step into your golden years, and live out the rest of your life the way you want.
If you take charge of your life, with a little bit of prudence and foresight, your golden years can be enjoyable.
I have planned for mine. Have you?