A Mission, A Purpose, A Journey…

They live longer & earn less than men, so they need to invest wisely for themsleves.

Note: A man is not a financial plan.

While women are generally “good savers”, they do not take the initiative to do financial planning & do not do as much for themselves as they should.

Most women are intimidated by financial jargon, & they get so busy with their families & children.

Financial experts agree that while the steps of building an effective money management plan are the same for men & women, the latter must be even more diligent than men because their risks of financial insecurity are greater.

“Women not just in Asia but also around the world live longer than men & almost invariably have fewer resources than men,” said Insead’s Professor Sarah Mavrinac.

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Retirement can be the most carefree years of your life. Now is the time to take it easy & do the things you have always wanted to do but never found the time. However, to spend years without a full-time job does require a considerable amount of financial resources. The golden rule is retirement planning is to start planning as early as possible.

People make 3 common mistakes on retirement planning.

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Let’s face it, not all of us are going to get married & start a family. An increasing number of younger Singaporeans are deciding early in life to remain single as part of an “alternative lifestyle choice”.

Some of us simply choose not to, others never meet the right mate. Whatever the reason, singles are a demographic group that can only grow in significance. But singles still need to make financial plans for their future, even if somewhat differently.

The question, then, is: What is special, if anything, about drawing up financial plan for lifelong singles?

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Don’t delay finding out how much you will need for retirement

Retirement planning is absolutely essential if you want to achieve the lifestyle you want in your golden years. It involves determining how much you need in order to retire comfortably, identifying the best ways to accumulate savings as well as making decisions about how you live your life today.

To ensure that you save sufficiently, it is important that you start planning early for it. This allows a longer period for accumulation & hence, more time to save, as well as invest.

Many Singaporeans are still uncertain as to how to go about achieving their retirement objectives. As a result, they are usually financially ill-prepared after they leave the workforce.

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