What is Retirement Planning?
Many of us would retire either voluntary or involuntary retire due to the circumstances that we are in. Retirement Planning to Abundant Life Planners is not about stopping work entirely. To us, it is Refirement Planning. Perhaps there could have been dreams and priorities that you weren’t able to pursue when you were younger; or perhaps you wanted to live a life of significance and pass on your years of experience to the next generation. You could also be wanting to ensure that your golden years are well spent helping others in need or who are less fortunate than us. Refirement Planning is about being able to choose whether to work. Refirement Planning is about having a continuous stream of income for as long as I live not needing to worry that I would outlive my savings.
Using our unique 3 step approach to build your customised and bespoke Financial Home, Retirement Planning is one of the Financial Rooms that some may have as well.
Thus, we make use of our 6 Questions Approach to ensure that you are able to continue living a comfortable lifestyle even after retirement.
What are the 6 Questions Answered?
1
How much do I need every month after retirement?
2
Where is this money coming from?
3
How long do I need to plan for?
4
Do I have enough insurance in case of hospitalisation or disability?
5
How many years do I have before retirement?
6
Do I need to factor in inflation?
What happens if I don’t plan?
1
You May Need to Downsize Your Lifestyle
2
Renting Out Your Apartment Might Be Necessary
3
Working Part-Time Might Be a Necessity
4
Living on CPF Life Could Be Your Main Income
Why do people not plan for retirement if that’s one of the guarantees in life?
1
Procrastination – I’m too busy
2
It’s too soon to start planning
3
It’s too late to start planning
4
I don’t need to plan
5
I don’t have enough money to plan for retirement
6
My finances are a mess to start with
7
CPF Life will take care of me
8
I have savings and properties – I will be fine
9
I don’t want to think about it
10
I don’t know how to start planning
What are the various income streams for retirement?
1
CPF Life
2
Savings
3
Part – time work
4
Property Rental
5
Shares Dividend
6
Bond Coupons
7
Lifetime Annuities
8
Supplementary Retirement Scheme
9
Lease Buyback Scheme
10
Family Support
