Retirement: What's missing from your plan

Retirement: What's missing from your plan

Some folks who contemplate retirement make the mistake of thinking it's all about the money and nothing else.

Sure, financial planning for your golden years is vital. You want to continue living in much the same style to which you've become accustomed.

But there are other important issues that should not be overlooked.

For instance, it is crucial to write a will, and also to nominate who should receive your Central Provident Fund (CPF) savings when you die.

Both these steps prevent unnecessary hassle for others when the time comes.

It is also important to think about giving someone a lasting power of attorney in the event that you lose your mental capacity.

Also, even though you would have stopped working, your insurance policy needs to continue and becomes even more important with the loss of income.

Lastly, retirees tend to find themselves with a lot of time on their hands and uncertain about what to do with it. Or the lack of routine in their lives may leave them at a loss.

Many organisations, such as the Council for Third Age (C3A), run events and activities for seniors. C3A promotes active living, with a focus on life-long learning and promoting senior employability. 

Here are some of the big issues that those facing retirement should address:

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