Plan for retirement early in life
THE key to preparing for one's retirement years lies in the here and now, according to Ms Yona Foo, director of sales at Manulife Singapore.
But many Singaporeans tend to underestimate the need to plan for retirement early, said Ms Foo.
"While they're aware of the need to plan for the second half of their lifetime, they tend to address the more immediate issues at hand, and push aside retirement concerns for the long term," she said.
"You need to have clarity on your goals and the kind of lifestyle you want to lead after retirement, so that (your retirement years) will be rewarding and fulfilling."
Ms Foo - who will be speaking at a seminar organised by My Paper on Oct 20 - pointed out that there is a need to build a fountain of wealth, or a source of passive income, which will give financial assurance, even after retirement.
At the talk, she will provide advice to participants on building that fountain of wealth at different life stages.
Those who have just entered the workforce, for instance, should start by saving 10 to 15 per cent of their income for retirement each month, she said.
Find out from the experts how you can plan your retirement effectively at the My Paper Advance Series Seminar 2 on Oct 20, from 2-5pm, at SPH News Centre Auditorium (1000 Toa Payoh North).
For seminar and registration details, visit http://pbp.sph. com.sg/mpadv/