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Retirement for many people, is the reward for a whole lifetime of work. In this stage, employment income ceases; composition of expenditure changes and free time becomes abundant. Retiring comfortably requires careful planning. But many retirees can find retirement a stressful time as they worry whether they will have enough capital and income to enjoy the retirement lifestyle they have always wanted. Whatever your expectations may be, fulfilling them will require effective planning to achieve a secure and comfortable retirement.
Your income may need to be topped up from your savings/investments to maintain your standard of living. If your planning was not done earlier, this may be a very uncomfortable period as you feel the sudden lost of revenue and instead you have to rely on your savings to maintain your lifestyle.
For those who have prepared their Will earlier on, you should review and updated your Will again to ensure that it satisfy your current wishes. For those who not yet prepared your Will, we would encourage you to do so as soon as possible. Death of a partner also makes re-planning a necessity.
To provide the funds to meet the cost of long-term care in later years. Long-term care costs are expensive depending on the health care and facilities provided. It is imperative to ensure that there are sufficient funds available to take care of your long-term care expenditures during your retirement.
It may become necessary to move to a smaller house as all your children might have set up their own home and only you and your spouse are occupying a big property. This can also be a way to reduce your unnecessary expenditure in maintaining such a big house.
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