Lifestyle expectations will vary amongst different people. If you intend to enjoy more of life’s luxuries after you retire, you will need more funds compared to someone who opts for a modest lifestyle.
Note: Assume retirement age of 62 years and a rate of return of 5% per annum.
To achieve a comfortable lifestyle after you retire, it is important that you begin planning early to allow time to make your money work harder for you.
Insurance plans typically cost less when you purchase them at a younger age. As medical protection forms a critical part of your retirement plan, you should consider purchasing medical insurance when you are still healthy and young.
Investments usually fare better over the long term. Your returns can grow significantly through compounding and market fluctuations tend to be evened out over time.
Find out what Singaporeans think in HSBC Future of Retirement global research on attitudes towards ageing and retirement.
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