How to plan a worriless retirement in Singapore?
Taking the course of retirement without planning it well can add a huge financial burden. As you enter retirement, chances are that there will be a dip in income. However, life keeps going with all these expenses and challenges. An article released by The Strait Times published in November 2021, stated that the inflation rate in Singapore rose to 3.2% in October 2021, a more than eight-year high. Global inflation has remained elevated and this is likely to persist for some time. This explains the financial challenges one might encounter after retirement. Hence, retirement planning is imperative towards achieving a worriless retirement in Singapore by tackling the challenges of inflation with ease.
What is a retirement plan? Retirement planning is a financial strategy that helps an individual manage post-retirement expenses with ease. A successful retirement plan on the other hand, identifies and estimates expenditure that one might encounter post-retirement and helps an individual to size up the income for future cash flow. Planning retirement is an elaborate process and one must choose a retirement plan judiciously to make sure that retirement is free from financial worries. Why do you need a retirement plan in Singapore? While everyone dreams of a peaceful and happy retired life, it doesn’t come naturally. Proper planning is needed to ensure that an individual keeps away from financial worries. For the same reason, it is necessary for a retiring individual to have the cushion to help tackle financial commitments. For a retired individual, it is important to have enough financial resources to sustain post retirement expenses effectively. If retirement planning is not done well, an individual may have to compromise on lifestyle or various financial commitments due to the reduced income after retirement. A retirement plan is the way for an individual can keep away from the financial burdens post retirement and live a comfortable retirement life.
What are the benefits of a retirement plan? Retirement plans can have several benefits. However, choosing the right retirement plan that offers a range of benefits can make your retired life smooth and stress-free. A premium retirement plan offers you a guaranteed monthly income that never decreases. A premium plan can also offer you early payout options with the payouts starting as early as 50 years old. In case the insured encounters a disability that is caused due to the accident, the insured will receive additional money with the future premium being waived. Selected retirement plans also offer benefits to allow surviving spouse to succeed the policy. Another advantage of a premium retirement plan is that it allows the insured to put back the retirement monthly income into the policy to grow more retirement funds. Retirement plan can help in managing post-retirement expenses better. A premium plan has a range of benefits to offer including monthly income paid out to the insured after retirement. However, one needs to look for a premium retirement plan that offers a range of benefits like accident benefits, and death benefits alongside offering monthly payouts.
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