Friday, January 18, 2019

Overcoming 3 common fears of retirement

PHOTO: 3 common fears of retirement
Picture posted by CPF Board, 19 October 2017

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For the unprepared, retirement can be a scary thing because of all the uncertainties. So what better way to face the unknown than to equip yourself with knowledge? Here are three common fears of retirement and how you can deal with them:

1.  Not having enough money to retire
An effective way of handling this is simply to work backwards. Picture your desired retirement in order to determine your future needs, and set a target that is achievable within your means. Get started today — the earlier you start saving for retirement, the more time you have to grow your money with interest. Not sure how?

Try using our CPF Retirement Calculator to work out how realistic your goal is:
https://www.cpf.gov.sg/esvc/web/schemes/retirementcalculator/coverpage



Not having enough money to retire
PHOTO: Not having enough money to retire
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Fears_of_retirement.png
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Not having enough money to retire
PHOTO:  Not having enough money to retire
Try using the CPF Retirement Calculator to work out how realistic is the goal
Picture posted by Frances Moore Lappe on 27 March 2013 at 10:26 am ET

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2.  Coping with poor health and medical expenses
Ageing doesn't always have to come with worrying about health issues and medical fees. Rest easy in the knowledge that all Singapore Citizens and PRs are covered under MediShield Life. This means you get financial assistance for large hospital bills and selected costly outpatient treatments. While these are of great help, it is still important to take care of yourself — don't forget to maintain a healthy lifestyle with regular exercise and good dietary habits!



Coping with poor health and medical expenses
PHOTO: Coping with poor health and medical expenses
It is still important to take care of yourself — don't forget to maintain a healthy lifestyle with regular exercise and good dietary habits!
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3.  Getting stuck in the cycle of debt
Clear your retirement of unnecessary worry by clearing your debts. One common type of debt is our housing loan. Do make it a point to pay off these loans as quickly as possible in order to reduce the interest. If you are unable to do so before your 55th birthday, you can apply to reserve some of your Ordinary Account (OA) savings before you turn 55 to pay for them. However, think through this decision very carefully — the more OA savings you use for your home, the less you'll have for your retirement. It is ultimately a smarter move to pay off your debts as soon as you can.

Estimate how long it will take to clear your loan with our Loan Repayment Period Calculator:
https://www.cpf.gov.sg/eSvc/Web/Schemes/LoanRepaymentPeriod/LoanRepaymentPeriodCalculate



Getting stuck in the cycle of debt

PHOTO: Getting stuck in the cycle of debt
It is ultimately a smarter move to pay off your debts as soon as you can.
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Getting stuck in the cycle of debt
PHOTO: Getting stuck in the cycle of debt
Estimate how long it will take to clear the loan with the Loan Repayment Period Calculator.
Picture saved by lannerart to i scream, you scream

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The more OA savings you use for your home, the less you'll have for your retirement.
PHOTO: My God will supply all of my needs. (Philippians 4:19)
Picture posted by Daily Bible Verse on 11 June 2018
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By CPF Board, 19 October 2017



Reference
[1] CPF Board, Overcoming 3 common fears of retirement, posted on 19 October 2017, https://www.areyouready.sg/YourInfoHub/Pages/News-Overcoming-3-common-fears-of-retirement.aspx?utm_source=Outbrain&utm_medium=Article42&utm_term=Retirement&utm_content=Headline6&utm_campaign=BAU


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