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We are all faced with difficult decisions when planning for our retirement. Planning for retirement is a concern for most people. Sad to say not many people actually take an effort to plan.
It is always sensible to seek professional advice when considering your retirement planning options because of the complexity and the considerations involved. The importance of retirement planning is fundamental to all of us and this is an area we should all consider very carefully.
- When do you plan to retire?
- Talk to a financial planner to help you in determining your retirement goals. Contact us to find out more.
- Review your life and medical insurance coverage, as a large portion of your retirement income will be used towards paying for your long-term health care.
- List down all your income and expenses and see where you stand today. Click Cash Flow Management Calculator to find out more.
- Estimate your savings goal for your retirement
=> Calculate how much you need to spend during your retirement. The Retirement Calculator can help you to work out how much you need to save for to achieve your retirement goal.
=> Remember to include your monthly income from other non-portfolio sources.
- Compare how much you need to save against how much you have currently. Determine your current personal financial position, using Personal Net Worth Calculator.
- You can fund your own retirement saving needs using your current cash surplus.
- You have to monitor your current investment portfolio in order to determine your shortfall required to meet your total retirement capital needs.
- Your EPF account balance. You can check your EPF account balance online or visit the EPF office located near you to enquire about your outstanding EPF balances.
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