Kairos Blog Post

Are We Ready To Retire In Singapore (Part 2)

Continued from Part 1

In the last article, we looked at various infographics regarding Singaporean’s readiness for retirement. All of us have dreams and goals which we worked hard for but do we all attain these dreams? The survey done by HSBC shows that 81% of Singaporean retirees have been unable to realize at least one of their dreams.

Retirement Planning Dream versus Reality

source: https://www.hsbc.com.sg/1/2//hsbcpremier/live-richer/plan-my-retirement/dreams-versus-reality/

 

Being unable to attain our dreams is one thing but 27% of retirees are compelled to continue working part-time to maintain a comfortable lifestyle and another 15% of retirees continue to work because they cannot afford to retire full time.

We all dream that when we retire we will be able to do everything we ever wanted to do. But the reality is that without the benefit of having a financial plan, realizing our dreams could become more distant than we thought when we stop collecting our monthly pay checks. The bigger our dreams, the more planning and strategizing is needed.

This learning prompted me to question myself: 

  • What are my dreams for retirement?
  • Have I planned adequately for my retirement?
  • How much do I need to retire?
  • How do I start to build my retirement fund?
  • How do I build a passive income to fund my retirement?

It is never too early to start planning for retirement. If I could start all over again, I would start building my retirement fund from my first paycheck.

What about you?

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