Never too late to save for retirement

Never too late to save for retirement

SINGAPORE - As life expectancies continue to increase and Singapore's population ages rapidly, the need to be financially prepared for retirement is more important than ever.

But when should one start saving for one's golden years? And how much does one need to set aside each month to retire comfortably?

My Paper spoke to Mr Sam Goh, a financial-planning director at Tokio Marine Life Insurance Singapore (TMLS), and asked him to shed some light on the topic.

Saving for retirement can seem pretty daunting, with many under the impression that major lifestyle sacrifices have to be made in order to put away enough for the future. Is there a way to strike a balance?

One of the key factors in financial planning for retirement is being realistic.

If one does not have the means to raise the standard of living significantly during retirement, it is prudent to at least plan to maintain the current standard of living in the golden years.

Putting aside resources for retirement - which seems so far away - will always be a challenge when there are immediate financial needs to take care of. But we should balance living for tomorrow with living for today.

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