Retirement Prep in 5 Steps! ⭐️

Hello friends! Today let us look into something we all think about eventually: Retirement!

So you’ve hustled and put in the many hours tolling during your career and now think to yourself :

“I’ve worked here for so long, but when can I retire?”

Then rest assured, you are not alone. Here are 5 simple tips to start you off with planning for your much awaited retirement!

1. Know how much you need

Break down the amount of money you feel would make you comfortable. Knowing that if you decide to retire today, it would be in line with your desired comfort level. It is easier to plan for retirement when you have a figure sum to work towards to.

2. Know your time horizon

Investing and saving early greatly reduces the amount of money needed upfront compared to starting late. Don’t let the magic of compound interest go against your favour by starting out your savings when you are about to retire. It is good to start thinking of retirement the moment you get your first paycheque.

3. Know your spending needs

When it comes to costs, it is good to factor inflation as things we buy gradually will cost more in the future. Get to know your spending habits and plan your savings around how much you spend annually.

4. Know how much is in your CPF account

Have you met the minimum sum criteria to enjoy a monthly payout? Consider topping up if you wish to enjoy more CPF life payouts during your golden years.

5. Know your options

Retirement can take many forms. Some of it can be in the form of dividends from investing or even financial products from insurance companies. Having multiple streams of income is definitely the way to go to stretch your dollar and make your money work for you!

💰💰💰

Retirement goals differ for each individual, but one thing that is certain is that we all will stop working eventually.

Until that day comes, have you prepared for it?

It is never too late or too early to start retirement planning!

#financesg #moneyhacks #lifeadvice #retirementplanning #earlyretirement #financialplanning #lifehacks