Everything that you want for a third-age lifestyle will be within your grasp if you have put enough thought into your retirement planning.
Financial security is the key to a secured retirement. To be financially independent, you need to plan carefully and start saving early so that your money can work harder for you.
A realistic retirement plan is important. To be better-prepared for your retirement, you need to:
- start retirement planning early to take advantage of the effects of compounding.
- make use of the Supplementary Retirement Scheme (SRS). You also benefit from tax relief.
- participate in CPF Life to cater to your basic retirement needs.
- seek investment growth to combat inflation.
- create a regular stream of income through investment and insurance.
- ensure comprehensive coverage at retirement through MediShield, ElderShield and private insurance schemes.