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.
🌍 Judy Lang: Your Go-To for Global Insurance, Investments & Retirement Planning 💼
Hi there! I’m Judy Lang from Financial Alliance, the largest independent financial advisory firm in Singapore. With over ten years in the field, I specialize in international medical insurance, investment advice, retirement planning, and comprehensive financial planning.
When we first meet, I’ll give you a quick rundown of my F.I.T. (Financial Management, Insurance Planning, and Transfer of Wealth) programme. It’s a simple checklist to help you reach your financial goals:
Financial Management: We start by setting clear goals using our interactive Planner Calculator to figure out how much and how long it’ll take to reach them. Then we create a plan based on your current net worth and savings.
Insurance Planning: We make sure you’re covered for major health events like hospitalisation, critical illness, and disabilities. We ask, “How long do you want to be covered for?”
Transfer of Wealth: We help you plan how to distribute your assets to loved ones through wills, trusts, lasting power of attorney, and CPF nominations.
Staying F.I.T. means regular check-ins to ensure you’re on track and making adjustments as needed. I’m here to guide you on your journey to becoming financially FIT.
Ready to secure your future with confidence? Let’s connect! Drop me a message, and let’s chat about turning your insurance, investment, and retirement planning needs into success stories.
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By submitting this form, I confirm that
提交此表格,即表示
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