Having a retirement plan can help you ensure that you have everything you need to be comfortable as you age. But is retirement planning really that important? Well, while it may seem years ahead of you, retirement planning is pretty essential for every one of us, regardless of education or wealth.
And it doesn’t matter whether you are simply planning for early retirement or have plans to remain employed—a retirement plan is something that everyone needs to ensure that they have the means of supporting themselves when things don’t go as planned. Because after all, life doesn’t always go according to plan.
You don’t know what can happen
While people are often optimistic about their financial future, it is important to realise that a lot of things can happen and you could end up facing unexpected financial troubles. You may be forced to retire early, have to leave in order to take care of an ill or ageing family member, or face health issues of your own. Unless you have planned out your retirement funds properly, there are many issues that could pop up that could force you into a bad financial situation. Even if you do not have all your funds built up by this point, having money set aside for retirement gives you a lot more options and time to adjust plans and look at the next steps.
Moreover, life expectancy is increasing. While the retirement age in Singapore will be adjusted to 65 by 2030, it doesn’t change the fact that you could very well live until the age of 90. This means that you could have a good 25 years of retirement, and with Singapore being one of the most expensive countries to live in in the world, you are going to want to have a good amount of money to live comfortably as you age. This means that the earlier you start planning for retirement, the more comfortable you will be able to live. You might be a little hesitant to start planning, but seeking financial advice for retirement planning can help streamline this entire process.
You don’t want to be a burden on your family
In retirement, you don’t really want to depend on anyone in order to live. Not only is it unfair to put your family in a position where they would need to financially support you, but it will also add a lot of stress to their lives.
The last thing you want to do is have your children pay for both you and their own children. Having a firm plan in place means that you won’t become anyone’s financial burden, as you should be in a position to make your family’s financial situation better – not worse.
A comprehensive retirement plan will include savings for medical costs and potential long-term care costs. Additionally, with a good retirement plan, you will actually be able to be a big help to your family, being able to give your children or grandchildren some support if the time ever comes.
It can help you have better health and relationships
Money problems are also a major source of stress in terms of both health and relationships. Financial stress is linked to physical conditions such as diabetes, heart disease, migraines, headaches and poor sleep. Money worries can even cause anxiety and depression, which can rob you of the peace of mind to enjoy your life. It even causes issues in a relationship as money and financial issues are actually a leading cause of divorce. A retirement plan helps to add stability to your life and therefore is an important step in your overall financial wellness, which can positively impact your physical and emotional health.
Financial advice for retirement planning can help secure your future
As you can see, there are many reasons why retirement planning is more than worth it.
The sooner you start planning, the better your retirement will be. Soul Wealthy is a group of independent financial advisor representatives that are there to help you achieve financial freedom sooner, bridging the gap between where you are and where you aspire to be. Get their expert financial advice for retirement planning, which includes the best wealth accumulation plan in Singapore, so you can enjoy a more fulfilling retirement.
Schedule a consultation with Soul Wealthy today to discuss your financial future!
