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Are You Ready to Retire at 60?

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streetsoftokyo A new survey by Russell Investment reported by Channel News Asia shows that 60% of Singaporeans want to retire by 60.

However, only 40% have develop any sort of plan for retirement, and only 20% have accessed professional financial advice regarding retirement. wonder what sort of professional financial advice they are talking about here.

If it was those by banking wealth manager, I think they can do without it. Or even those by unscrupulous insurance agent out to sell them commission heavy investment products, which is only beneficial to the insurance agents.

You can do better by following the advice dished out on the “Blogs of Note” that is listed in the blog on the right. From the newbie investors starting out on their journey to financial freedom to very experienced financial experts like Mr Tan Kin Lian.

More than 500 people between 25 and 55 years old participated in the survey and rightly so, their biggest fear is out-living the sum that they have saved.

So according to the same report, the majority of the respondents are open to working part time even after retirement.

Do you have any plans for retirement?

Or are you one of those who live day by day?

I made a mistake by overselling my bonus stocks. But I made 89% from the Breadtalk counter. That is from less than 2 years of patient wait through a turbulent market and not including dividends. Can just putting money in bank do that?

My belief is that you can do well in stocks by careful selection. You lose some, but when you win big a few times, it can help you reach your retirement goals.

My mantra is ‘To Plan, Save and Invest’. If you do just one of from the three, you can do alright, but if you combine all three, you can reach your goal of financial freedom before retirement.

Have a good journey ahead!

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4 comments:
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Createwealth8888 said...
April 22, 2010 at 11:20 PM  

You said: "My belief is that you can do well in stocks by careful selection. You lose some, but when you win big a few times, it can help you reach your retirement goals."

Yes you can. Do remember to focus on money managment and risk control as your journey is still some distance away and in between anything can happen.

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la papillion said...
April 23, 2010 at 12:23 AM  

Hi lemi,

I think you should include protect too :)

How about, plan, save, PROTECT, invest?

Without protection, all your savings will be gone :)

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Lemizeraq said...
April 25, 2010 at 11:00 PM  

Hi Createwealth8888,

Thanks for visiting. Yeah, I need to do risk management more. Increasing my cash holdings as there is likely to be changes soon for me.

Lemizeraq

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Lemizeraq said...
April 25, 2010 at 11:04 PM  

Hi La Papillion,

Ya. Protect is very important. I 'bought' protection before I invested, which is thanks to my parents who bought endowment policy for my siblings and me.

I bought more during my NS days and after becoming a teacher. So I am well protected :)

I believe that this insurance element comes under both planning and investment so I didn't have this. Perhaps when I am revamping the website one day, I'd put that in.

Lemiz

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