There are more than three hundred thousand people in Singapore who are ages fifty to fifty-four that are going to be retiring in the next decade. The idea of implementing retirement planning strategies has become quite common and also very trendy in Singapore. The truth is that this makes a lot of sense due to the high level of income consumption that the average Singaporean citizen is displaying.
The truth is that many Singaporeans feel that there are many problems surrounding the process of retirement and they fear a few things could happen to them. The first one is to have a deficient health care financing plan. Another is to have unpaid loan debts and the third is the inflation in real estate and the lack of job opportunities.
With so many potential financial issues, there is a concern due to how hard it is for the working class to start to save early enough to have a good amount of savings and be free of debt by the time that they decide to retire. The average Singaporean has said that they would be more than happy with a monthly retirement sum of three to four thousand dollars for fifteen to twenty years, but it seems that these numbers wouldn’t last the average Singaporean for that long.
Retirement is a subject that everyone seems to have on the back of their minds, but many people don’t really have any kind of plan in regards to that moment because they feel that this is far away. The truth is that once you hit forty years of age, it is advised that you should be focused on a good retirement plan and you should be giving this the attention it deserves.
The reality is that most people are not even considering this when they reach their fifties and this is definitely an alarming thing to hear.
Financial priorities are the name of the game
The biggest issue with retirement savings is that this is not a priority for most people. There are many individuals who have to worry about their children’s education and they also think about securing a property for themselves. There are many expenses that people need to consider before they can even worry about retirement, but this is definitely not the kind of thing that people see as a priority.
The surveys that have been conducted lately are showing that people who are single and between eighteen and thirty-four years of age are more likely to worry about saving for investment purposes. Then people who are between thirty-five years of age and forty-nine are more likely to consider saving for retirement, but they still see this as a secondary investment if they have yet to secure a property.
Married couples between the ranges of twenty-five and sixty-two years of age are more likely to use their income to take care of their personal savings needs and they also look for the best way to pay off their loans quickly so they can have some savings for emergencies.
What can we learn from this?
The one thing that we are able to learn from this is that most people are going to handle their finances in very specific ways depending on their situation.
Married couples with children have way more expenses to worry about before they can even contemplate retirement savings, but even those who are single have other priorities in mind. This is not surprising when we consider the fact that Singaporeans spend a lot of money on all kinds of assets during their working years.
The average life expectancy of people in Singapore has risen significantly in the last few decades. This means that most people are living longer and healthier lives than they used to live before.
The important thing is for people in Singapore to start seeing their retirement savings as a very important part of their future. This is going to allow them to get better results when they finally stop working and they have to rely on their savings and retirement income.
Final thoughts
The entire world is looking at retirement savings as a much more powerful and useful way to get things done. The most valuable and important thing about this is that you will not become a burden to your children when you retire if you can start to consider the importance of retirement savings as early as you can.
Once a person is able to secure their own financial future and avoid becoming a burden, they can have peace of mind that they will be able to avoid any problems that can become a burden to others due to financial struggles during their retirement years.
If you feel that you are not able to get a fair retirement plan from your current options, you can always start searching for better proposals, but the ideal thing to do is to get started as soon as possible. This is truly essential for your life in every possible way and you will see it as a powerful and beneficial change in your life.
We all seem to forget that we will eventually grow old and our bodies are going to require that we take life easy and that we stop working so hard. Retirement is like an obligation that nature is imposing on us sooner or later, so we need to prepare for it and deal with it by securing a good financial future.
Hopefully, we are going to be seeing more awareness on the importance of good retirement plans, but there might be a need for some changes in regards to the kind of expectations that people can have when they are waiting to get their retirement checks every month.
Everyone deserves to be able to retire with enough monthly income to live their lives without worries and enjoy a stress-free retirement after decades of hard work and dedication in their jobs and to their families.
