What does Retirement Planning means to you?

Someone asked a question recently on what does Retirement Planning means to me?
I wanted to give a textbook perfect answer and strive to impress, but I ended up thinking deeply about it and realised that hey, there is no perfect answer to this question!

Because different people have different ideals, hopes and dreams about what they want to have, where they want to be and who they want to retire with (or not).

So how can I just give a cookie cutter answer to the diverse group of people I serve or talk to?

Before you jumped on the “Aaah, Judy just don’t have a clue right?” response, let’s just say that actually I do have (beats chest with fist), and the simple gist is to really start with Saving Smart, with an adequate base level of financial management. What you do with your salary and income should be compartmentalised into expenses and savings.
From the savings pocket, you can further assign how much you wish to set aside for liquidity (some portion in a bank account you can deploy for emergency use), some parts in investment, and some parts in retirement or annuity plans.

So what does savings have to do with retirement?
Well, a properly deployed regular savings in retirement plans or a well-structured investment portfolio can mean seeing the money grow and compound over the years. With time, these vehicles meant that the initial (seemingly small) funds you have contributed can come up to a comfortable and sizeable amount and value after 15-25 years (depends on when you start). Time and discipline are your good friends, to help you see the R in Retirement sooner than you think.

What if I don’t want to retire at 60?

Sure, with advances in medical technology, and awareness in fitness and active living, you may still be raring to go at your career, or a passion job at 60. You can choose to take out portion of your retirement nest eggs to pay off whatever mortgage loans left, or treat yourself to many nice holidays and travels, or volunteer activities. But without the option of a comfortable retirement funds at that point in life, your choices on how to deploy these funds may be limited.

Understanding your own needs (current and future), is the first step. Next, is to see how you wish to start your planning, either on your own, or engaging a financial management practitioner to guide you. Or you have started some time ago and felt that you wanted to have a pit stop check on your goals’ status. Then is to find the appropriate “vehicle” to help you ride to your retirement goals.

What if I don’t want to think so far ahead, since I still got time right?

When things are going well with your daily life, planning on a distant goal such as retiring or retirement in your 50s or 60s seemed so far away. However, what if there is a sudden change in your health conditions? This can potentially mean that you might not be able to secure any insurance plans that are specifically catering to retirement, as the insurance company may deem you as being a potential claims risk.

What if you have not been saving up for that rainy day, when rainy days started to pour, in the form of being suddenly retrenched at work, or suffering from temporary or permanent health conditions that may be debilitating at that time to prevent you from holding and working at a job?

You might not have a 2nd chance to plan at that time, therefore, I urge you reader, to start thinking about it while you are sipping that coffee in a café or just making your way to work today.

At Financial Alliance, we are the largest independent advisory firm in Singapore and we worked with a wide array of trusted insurance and investment providers, which is why there we are sure there will be a workhorse in our stable that is suitable for you to start your journey for Financial Planning with Retirement End Goal in Mind. With unbiased views, I am confident that I can be a good partner to help you uncover or affirm your financial goals and retirement objectives.

#RetirementPlanning #chooseindependent #largestIFA #FinancialManagement

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Judy Lang

Having worked at a global health insurer and local bank for close to a decade and a half, Judy brings with her a spectrum of experiences and expertise in the space of personal financial planning. 

At the heart of her work is her core beliefs in providing the best in class customer services and dedications to her clients and ensure the clients received professional financial planning for any of their life stages. 

She has diverse interests in the art of tea, pottery, boxing and also holds a certificate in Gemmology (UK’s GEM-A). 

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根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.

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What type of services are you looking for? 请问您需要咨询哪些方面的服务?(Please select all that applies)

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By submitting this form, I confirm that

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  • I have read and understood FAPL’s Personal Data Policy, and hereby give my acknowledgement and consent to FAPL to use my personal data in accordance with FAPL’s Personal Data Policy.
  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策,并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
  • I have read and understood the disclaimers above and hereby affirm my acceptance of these terms.
  • 我已阅读并理解了上述免责声明,特此声明接受这些条款。
  • I have not been directly contacted or approached by any representative or employee of FAPL with an offer or solicitation to apply for any financial products not offered in my home country.
  • 鑫盟理财私人有限公司的代表或员工并未直接与我联系或提出要约或招揽购买我原居住国境内所不提供的任何金融产品.
  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照,并许可在新加坡共和国境内依据财务顾问法(第110章)和证券与期货交易法(第289章)进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
  • 鑫盟理财为非新加坡居民所提供的任何服务仅限于直接向鑫盟理财发出咨询请求的国外居民。
  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分,鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息(例如,关于海外司法管辖区以外的资金管理或投资咨询服务等信息)。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标,财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品,或达成交易或参与任何特定的投资策略,也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意,不得将这些文件全文或部分发布,传播,复制或分发给其他人。
  • This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject FAPL and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
  • 鑫盟理财无意在分发,出版或使用此类文件可能违反当地法律,或本公司及关联公司或关联人士需要注册,获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时,您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策