4 financial goals to aim for in your 30s
Your future financial stability depends heavily on how well you plan for future goals in your 30s. You need to create real goals and stay focussed on achieving them. Sometimes, we need a bit of help every now and then. We have listed down 4 financial goals you should achieve before you retire. Let’s take a look – • Fill any gaps in insurance coverage In your senior years, you may find yourself needing to make claims on insurance more often. Therefore, ensure that you have adequate coverage early in your 30s. Check your current health coverage by reviewing your health insurance plan. Think about whether you want to enhance your coverage by buying critical illness insurance or cancer insurance. Also, make sure that your life insurance coverage will suffice for your loved ones if something unfortunate happens to you.
• Try to lessen debt As you enter your 30s, work towards reducing debt as much as you can. Save the loans for big-ticket items such as a house. And when you undertake such large financial responsibilities, ensure that you have sufficient financial coverage for them. For example, if you buy a house, consider taking on mortgage insurance. • Build your retirement funds A retirement insurance plan can help ensure that you stay financially stable even when you no longer receive a regular salary. A good retirement insurance plan will pay you a monthly income that will not decrease. Moreover, you can even appoint your spouse to succeed you in enjoying the benefits of the plan when you pass away. When taking a retirement insurance plan, you can either opt to pay a single lump sum premium or choose regular premiums. You can start receiving regular payouts from the age of 50 years. However, you may also choose to leave the payouts with the insurer to grow in case you do not need the finances just yet. Taking on a retirement insurance plan in your 30s can give you enough time to build your retirement funds at a manageable pace.
• Grow your savings Finally, focus on building your savings before you reach your 40s and 50s and inch closer towards retirement. Try to set aside whatever money you can save from your monthly salary in order to build a strong bank balance that you can rely on when you retire. You can use these funds for any sudden and unexpected expenses that crop up such as house repairs. You can even use these funds for special moments with your loved ones, such as going on a holiday. One of the best ways to grow your savings is by taking an insurance savings plan. You can put aside small or larger amounts to build funds for future life goals over a period of time. Insurers in Singapore may offer capital guaranteed upon plan maturity so you do not need to worry. With proper planning, you can enjoy your life while having sufficient funds for important expenses that will come your way. Do consider speaking with a financial consultant for help in selecting the right insurance plan. We hope that this blog on financial goals has been an informative read for you today. All the best.
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