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24 January 2012, Strategy Of Wealth.com
Have A Rosy Retirement
Here are 10 simple tips to plan towards a comfortable retirement.
1. Start early
The earlier you begin planning for your retirement, the more time you will have to accumulate those retirement funds. You would also be able to get further mileage on your investments when you start early. So start putting your eggs in the correct basket now. If you are not certain how to start, you can start off by consulting a financial planner.
2. Take baby steps & stay committed
As retirement is usually long, it is therefore a long-term goal. You have to take baby steps and stay committed to the hill. It is also crucial to mix it with short-term goals as this will help you in those baby steps. At the same time each small achievement serve as extra motivation to drive you to continue with your goals. Then gradually increase the challenge via either better investment returns, time horizon or riskier investment instruments. Most important is to stay committed to your goals.
3. Get on it
Since you have worked up the discipline, you need to start contributing towards your retirement goals. What ever it may be, it is good to have a retirement specialist to manage your retirement portfolio. And when we say specialist, it does not mean your relationship managers, bankers or wealth managers. These specialist we mention are really experts with many years of managing a customers retirement portfolio. Look for specialists with experience who have been through a couple of recessions and getting out of it. Also look at their track record when it comes to managing their clients funds.
4. Do rely on CPF, Social Security or Government Aided programs
The programs mentioned above should not be considered as your main retirement program. It should be a supplement of last resort if all else fails. Other retirement program such as SRS in Singapore is also a good source for retirement funding as they also provide tax relief while building your retirement funds.
5. Be flexible & realistic
Give some thought as to the kind of retirement lifestyle you and your spouse want. As a general rule of thumb, 70% of your lifestyle before you retire would be a good guide. Be flexible and realistic as if that is not possible, adjust to something that is comfortable and realistic.
6. Build multiple income streams
Sounds a cliche but it works. In Singapore at least you can start with CPF Life Plan. While annuity products is one source of income anyone around the world can have as an option. Other income streams can be dividend income, rental income, MLM, etc.
7. Stay prudent
Keep your eyes and ears open when it comes to sophisticated financial products. Understand the risk elements before buying into it. Moving back to the retirement specialist, he/she with those years of experience would be able to best advice you whether those sophisticated products are suitable for you. Always stay prudent and be very careful of financial sales people who are out to earn commissions only.
8. Stay connected
Get involved in community work and social activities to get yourself occupied. Most importantly, you need to stay relevant to society. As retirement is not just about going to your favourite golf course or yachting around in your latest toy. It is also very much about stay relevant and be up-to-date to what is happening in the world.
9 Stay healthy
Health is wealth, as they all say. Stay healthy with the right diets and exercise. Exercise not only keeps you healthy physically but also mentally you will be more alert. Finally get your right does of medical insurances in place.
10. Review and monitor
You need to be up-to-date on your retirement plans. Leaving it to the retirement specialist is all too convenient. You must also be involved in the progress of your goals and plans.
Have A Rosy Retirement
Here are 10 simple tips to plan towards a comfortable retirement.
1. Start early
The earlier you begin planning for your retirement, the more time you will have to accumulate those retirement funds. You would also be able to get further mileage on your investments when you start early. So start putting your eggs in the correct basket now. If you are not certain how to start, you can start off by consulting a financial planner.
2. Take baby steps & stay committed
As retirement is usually long, it is therefore a long-term goal. You have to take baby steps and stay committed to the hill. It is also crucial to mix it with short-term goals as this will help you in those baby steps. At the same time each small achievement serve as extra motivation to drive you to continue with your goals. Then gradually increase the challenge via either better investment returns, time horizon or riskier investment instruments. Most important is to stay committed to your goals.
3. Get on it
Since you have worked up the discipline, you need to start contributing towards your retirement goals. What ever it may be, it is good to have a retirement specialist to manage your retirement portfolio. And when we say specialist, it does not mean your relationship managers, bankers or wealth managers. These specialist we mention are really experts with many years of managing a customers retirement portfolio. Look for specialists with experience who have been through a couple of recessions and getting out of it. Also look at their track record when it comes to managing their clients funds.
4. Do rely on CPF, Social Security or Government Aided programs
The programs mentioned above should not be considered as your main retirement program. It should be a supplement of last resort if all else fails. Other retirement program such as SRS in Singapore is also a good source for retirement funding as they also provide tax relief while building your retirement funds.
5. Be flexible & realistic
Give some thought as to the kind of retirement lifestyle you and your spouse want. As a general rule of thumb, 70% of your lifestyle before you retire would be a good guide. Be flexible and realistic as if that is not possible, adjust to something that is comfortable and realistic.
6. Build multiple income streams
Sounds a cliche but it works. In Singapore at least you can start with CPF Life Plan. While annuity products is one source of income anyone around the world can have as an option. Other income streams can be dividend income, rental income, MLM, etc.
7. Stay prudent
Keep your eyes and ears open when it comes to sophisticated financial products. Understand the risk elements before buying into it. Moving back to the retirement specialist, he/she with those years of experience would be able to best advice you whether those sophisticated products are suitable for you. Always stay prudent and be very careful of financial sales people who are out to earn commissions only.
8. Stay connected
Get involved in community work and social activities to get yourself occupied. Most importantly, you need to stay relevant to society. As retirement is not just about going to your favourite golf course or yachting around in your latest toy. It is also very much about stay relevant and be up-to-date to what is happening in the world.
9 Stay healthy
Health is wealth, as they all say. Stay healthy with the right diets and exercise. Exercise not only keeps you healthy physically but also mentally you will be more alert. Finally get your right does of medical insurances in place.
10. Review and monitor
You need to be up-to-date on your retirement plans. Leaving it to the retirement specialist is all too convenient. You must also be involved in the progress of your goals and plans.