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Retirement Planner - Saving for retirement
With the rising life expectancy, an average Singaporean will expect to live
till their 80s.
With a retirement age of 62, a greying Singapore also implies that there is
a change in the way we support ourselves after retirement.
Therefore, it is important to plan that your retirement funds are sufficient
to support the following:
- Sufficient savings to see you through retirement
Your CPF funds at age of 55 will offer you the basis needs that
you need for your old age. Thus, you are encouraged to supplement your retirement
income with your personal savings. Alternatively, you can invest your CPF savings
under the CPF Investment Scheme.
- A property that is fully paid when you retire
It is important to buy a home that you can afford and fully paid
the house when you retire.
- Sufficient savings to cover for your medical expenses when
you grow old
As one grows older, your medical care needs increases significantly.
Thus, having sufficient savings to cover for unexpected serious illness is important.
Use your Medisave wisely by staying in affordable hospital wards and buying medical
insurances such as MediShield.
STEP 1: Explore ways to save
CPF - Central Provident Fund
The Central Provident Fund (CPF) is a comprehensive social security savings plan
that has provided many working Singaporeans with a sense of security and confidence
in their old age. The overall scope and benefits of the CPF encompass the following:
- Retirement
- Asset Enhancement
- Home Ownership
- Healthcare
- Family Protection
To enhance your retirement savings, you can invest your Ordinary and Special Accounts
savings under the CPF Investment Schemes. The CPF investment scheme allows you to
invest in Unit Trust, Exchange Traded Funds, Shares, Insurance and more.
Click here to see Life & Savings Insurance
SRS - Supplementary Retirement Scheme
The Supplementary Retirement Scheme (SRS) is part of the Singapore government’s
multi-pronged strategy to address the financial needs of our population.
The earlier you start with the SRS contributions, the more you will be able to save.
SRS acts as a form of additional savings which can better prepare you for the future.
You can contribute a varying amount to SRS (subject to a cap) at your own discretion
which may be used to purchase various investments products. You can also enjoy attractive
tax benefits on your SRS contributions
Click here to see Life & Savings Insurance
STEP 2: Access your retirement plans
Please answer the following questionaire in order to understand how much you need
to set aside to live comfortably in your golden years.
STEP 3: Build your retirement portfolio
Before investing any of your hard-earn money, it is important to equip yourself
with the knowledge for the suite of investment products available and the risks
involved.
Click here to see Life & Savings Insurance
If you require any further assistance or face any difficulties in purchasing
your ideal product, please contact us through email or phone.
If the plans displayed on our website do not meet your needs, do email us your personal
details and the summary of your needs, so that our officers can check on a suitable
product for you and revert back within 3 working days.
This is provided to you for general information only and does not constitute a recommendation,
an offer or solicitation to purchase the product mentioned. Any advice is general
and it is not intended to provide any insurance or financial advice. It also does
not take into account of your specific objectives, health and financial situation
and any of your particular needs and you should consider whether the product is
appropriate for you. Accordingly, no warranty whatsoever is given and no liability
whatsoever is accepted for any loss arising whether directly or indirectly as a
result of you acting based on this information. Though an effort has been made to
provide complete information, Phillip Securities Pte Ltd assumes no liability for
the completeness of the information provided here. All insurance products are subject
to the limitations and conditions in the insurance policies and applicable legislation.
The terms and conditions and exclusions of the plans are specified in the respective
policies from the insurance companies. Insurance products are obligations only of
the insurance companies. They are not bank deposits or obligations of, or guaranteed
by Phillip Securities Pte Ltd or any of its affiliates.
You may wish to seek advice from a financial advisor before making a commitment
to purchase any insurance products. In the event that you choose not to seek advice
from a financial advisor, you should consider whether the insurance product is suitable
for you.
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