Financial planning issues, however, can vary according to age. Millennials are typically figuring out the basics.
Felicia Chin Retirement is an important reality for everyone. Most young people think retirement is a long way off.
However, it is important to plan for your life post-retirement if you wish to retain your financial independence and maintain a comfortable standard of living when you are no longer earning.
Here are 5 important reasons to plan ahead and start saving!
Retirement should be the best time of your life, when you can relax and enjoy your life by reaping benefits of what you earn in so many years of hard work. Getting stuck in the savings mindset. People tend to get hung up on how much you save every month.
The amount does not matter as long as you set it aside. You can gradually increase the amount that you save over time. With increasing age comes more health problems.
Medical expenses which may make a huge dent in your income post retirement. Failure here could lead you to liquidate sell your assets in order to meet such expenses. Remember medical claims do not always suffice. As you need to worry about it you need to account for it as well.
You need to take into account inflation while calculating your retirement funds as well as your expenses. No state sponsored pension plan. Unlike the US and UK where they have state pensions or social security benefits during retirement, Singapore does not provide such benefits.
So, you are really on your own. Fragmentation of nuclear families. Gone are the days when the elderly had a family to give them support. The culture of the Asian family is changing as couples are having less children.
Now is the time when you need to make savvy investment decisions during your working life and put your hard-earned money to work for you in future.
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· Retirement is one of the most important life events many of us will ever experience. From both a personal and financial perspective, realizing a comfortable retirement is an extensive process that grupobittia.com 5 reasons why is retirement planning important. Most young people think retirement is a long way off.
However, it is important to plan for your life post-retirement if you wish to retain your financial independence and maintain a comfortable standard of living when you are no longer earning. Now is the time when you need to make savvy. Apr 25, · What Is The Appropriate Planning Age For Retirees?
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Many people use different planning ages, such as or The assumed retirement duration is of utmost importance. Retirement. 2 days ago · Managing Your Personal Finances ( ratings) to learn more about retirement planning; Requirements Nil; Description My Money Book has money management tips that people from all walks of life have found handy.
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If those funds are moved to an IRA, the exception is lost. It also does not apply when a plan participant separates from service at an earlier age and waits until age 55 to take a distribution from the plan.
Age 59 ½. No more early distribution penalties for anyone, for any reason.