Live Wise, Retire Wise
Planning for your retirement is not a race, but rather a marathon. At MoneyOwl, we are familiar with the journey that starts from income protection and wealth accumulation, followed by income generation in your later years and finally capital preservation for your loved ones.
Having inherited two decades of knowledge and expertise in providing financial advice and armed with a social mission to enable everyday Singaporeans to retire with a peace of mind, let us be your guide on this journey.
Why is there a need to plan?
Retirement means different things to different people. At the heart of it, it is about preparing for a time when we are no longer working and receiving an income but still need to spend to enjoy our desired lifestyle. Planning for the longest holiday of your life, a period which can stretch beyond 20 years, will require careful planning to achieve.
There are four major areas to cover when it comes to retirement planning:
- Protecting your income
Your income needs to be protected in case you’re unable to continue working due to an unexpected event. You can do this by purchasing insurance. Find out how
- Growing your wealth through savings and investments
Grow your wealth so you have enough to meet your financial goals. Put aside some cash savings and maximise the power of compound interest through investments. Find out how.
- Building a stream of passive income
You’ll have to build a steady stream of passive income to cover your retirement expenses during the longest holiday of your life. We’re the experts at understanding the ins and out of CPF and how to optimise CPF LIFE to be a Safe Retirement Income Floor in our Comprehensive Planning Service. We also help you build an additional stream of income on top of it. Find out how.
- Planning for your estate distribution
Estate planning isn’t only for the rich. It’s for everyone. Everyone has something of value to leave behind for their loved ones after their passing. This can range from anything between property and cash to insurance and CPF nominations. Find out how.
Not sure where to begin? We can help! Sign up for our Comprehensive Financial Planning service where we assess your financial situation and goals, then create an in-depth, actionable financial report for you.
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In our fifth article of this series, we will talk about the third must-have for retirement – a strong healthcare safety net that takes care of your healthcare needs.
While CPF LIFE payouts should form the foundation of your Safe Retirement Income Floor, there are other financial instruments you can use to boost your retirement income.
The second must-have in retirement is a monthly retirement income for life to cover our living expenses. How much you need to have depends on your expectations for retirement, goals and standard of living.
Find the best retirement plan for you. Compare 3 SRS-approved Single Premium Retirement Income plans and choose which fits your needs.
What is SRS? It’s a voluntary scheme encouraging you to save for retirement. Enjoy tax reliefs now and use your SRS savings to generate a steady income stream or grow your retirement nest for your retirement.