Retirement planning means current preparation for future life to continue meeting all dreams and goals independently. The retirement planning singapore includes:
- Setting retirement goals
- Estimating the amount of money needed
- Investing to grow retirement savings
What is retirement planning?
Retirement planning is your future preparation during your retirement life. So, many people are preparing for this in the future and they get these funds from their current income, from their job salary. A retirement plan is distinctive. After all, you can have specific ideas on how to spend your retirement life. So, it is essential to plan, designed to suit your individual needs.
Why plan for your retirement?
Once you retire from work, you may have a new set of dreams for your retirement life. Also, you want to maintain a daily lifestyle without having to worry about your expenses. Planning for your retirement defines the path to achieving life goals without financial dependence. Here is how your retirement planning should be and how it helps you:
- Leave a legacy
- Maintain a standard of living
- Longer life preparation
- Fights Inflation
- Fulfill retirement goals
- Emergency ready
What are beneficial retirement plans?
There are the best retirement plans in Singapore that you should be aware of. So, if you are a Singaporean resident or working in the country, you need to know how beneficial a retirement plan will be, for your future. Here are the best retirement plans in Singapore that you might want:
- NTUC Income Gro Retire Ease
- AIA Retirement Saver (III)
- Aviva MyLifeIncome II
- Manulife RetireReady Plus II
These are among the best retirement plans that you should get a membership with. To guide you on your retirement preparation, you need to know the benefits of retirement planning and how you perform it.
Benefits of retirement plans
There are advantages of a retirement plan that an individual should know:
- Returns for life. The retirement plans like annuity plans provide returns for life. Choose to invest a lump sum and invest regularly, and stay financially independent your entire life.
- Regular income after retirement. The retirement plan helps create a regular flow of revenue after retirement. The retirement plans may offer fixed income that substitutes for the pre-retirement salary. You may use the money to cover daily expenses, such as:
- Electricity, and more
Post-retirement goals can also be met, such as pursuing a hobby, traveling, starting new ventures, and more.
- Tax benefits. The retirement plan provides tax benefits. You may claim the deduction for the premiums paid towards the plan. So, you can save the future needs and lower the taxes.
The importance of a retirement plan may not be seen and realized by some individuals, but it should be realized by everybody, especially those who are about to retire.