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Retirement Planning
How to plan and manage your finances properly
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Things to consider
To ensure you can enjoy the life you want, it’s best to plan as early as possible.
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Retirement Age
Consider the age you wish to retire and also estimate your post-retirement years so that you know how to prepare yourself.
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Post-retirement Expenses
Calculate and save money for spending after retirement both for daily expenses and extra expenses such as travel and healthcare.
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Savings Plan
Check current savings such as deposits, provident fund, social security funds, life insurance, RMF and calculate if it will be enough.
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Save more
Compare your savings with the money you will need after retirement. If it doesn’t match with your savings target, you need to consider how to grow your savings.
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Plan your savings
Start with a checklist recording your income and expenses then save regularly in a disciplined way. You may also consider how to invest to increase the value of your money.
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Review your plan
Regularly review your plan to see whether you will achieve your goal or not. Do you need to earn more income or reduce expenses? How can you manage your savings and investments to gain higher returns?
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Are you ready for your happy retirement?
Project your expenses then calculate your retirement savings
Retirement Expenses
- Will it suit your lifestyle?
Compare with current monthly expenses then calculate if your retirement savings will cover expenses and the lifestyle you expect through your retired life. - How much will it be after adjusting for inflation?
Make sure your savings will be enough for post-retirement spending. After factoring in the inflation rate, you need to save more than your estimated expenses (inflation means higher prices and less purchasing power). - Can you balance your income and expenses?
List and categorize whether your source of income is “a large sum of money” or “fixed monthly income” then deduct the estimated expenses to review your post-retirement budget.
Retirement Savings
- Option 1: Use money from your savingsRetirement Savings = Post-retirement Monthly Expenses x 12 months x Expected Years to live after retirement
- Option 2: Use interest/returns gained from your savings/investments
Retirement Savings = Post-retirement Monthly Expenses x 12 months ÷ Estimated Average Returns from Savings/Investments during your post-retirement (% p.a.)
Retirement planning may take a long time, but it is worth it for your “Happy Retirement” – Start now!
TOOLS & ASSISTANCE
