Why You Should Plan Your Retirement Early
By Alexius Chua
November 3, 2014
It is a common misconception that retirement planning is only meant for those reaching the golden years. While you may be in your early 20s or 30s, you may think that you have decades to go before you retire. Unfortunately, life circumstances tend to be totally different when you become a family unit. Housing loan, children’s education, parents’ medical bills, monthly household and family expenses would eat away a significant portion of your income. Before you know it, it has left you with little financial resources to even consider of an early retirement.
We figure, its never too late to start thinking about saving for your retirement, the earlier you start, the more room you have to adjust and find the right way for you and your family.
Check out the slides below for six concrete reasons why you should start your retirement planning as early as possible.
Of course, it may not be a wise idea to hoard all the cash in the bank – rising inflation will corrode your future purchasing power. So don’t rob yourself from enjoying the luxuries of a young adult, but at the same time don’t over-indulge. There needs to be equilibrium between an extreme spendthrift and splurger.
Find out about the recent CPF changes and the suitable planning tools for your retirement at the upcoming talk here.