AIA Singapore recently polled 1,000 households in Singapore on the issue of retirement.
Unfortunately, the results were not flattering.
Around one in five of those in their 30s and early 40s had no clue as to how much they would need after they stop working.
As a result, most of them only set aside S$250 to S$500 in cash every month for retirement.
If you do the math, you will find that this sum will fall woefully short as you will end up with just S$30,000 to S$60,000 in 10 years.
The key problem is that many are unaware of how much they need when they retire.
“Retirement” itself is often misinterpreted and we need to put in some work to be able to enjoy our golden years.
It’s important to remember that in this phase, expenses are still ongoing while your stream of salary dries up entirely.
So, don’t be caught unprepared.
Around 20% of those surveyed had no idea how much retirement will cost them in monetary terms.
Don’t be part of that statistic.
Do ensure that you do your sums and have a retirement plan mapped out.
Start allocating more money to your savings to build up an adequate buffer.
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