Retire Rich!
Retirement is something that is often overlooked yet the most important time of your life. People are expected to live longer; meaning that people will spend more money on medical expenses. With the advancement in medicine, almost all sickness can be cured. With this, you must have a very good retirement fund that you can rely on.
In Singapore, the government had initiated a compulsory savings for retirement purposes. I have seen many people who do not have enough money for their retirement; the reason for this is that most of them do not start their retirement planning until they reach their late 30’s.
Retirement planning actually should start the moment you start getting a pay. Although it may seem that your retirement day is still very far away, having an early start will guarantee that you have a comfortable retirement days.
There are many ways whereby you can prepare yourself for your retirement. Insurance companies are coming up with a variety of products that can prepare you for your retirement. Products like life insurance, endowment and annuities are very popular for individuals who are planning for their retirement.
You may wonder why life insurance can be a tool for your retirement, it is because it has cash value and some life insurance covers you until the age of 65. After that, the insurance company will give you back the money your money plus interest. On the other hand, endowment has little protection but more on savings goals.
The best product for retirement is annuity. There are many types of annuity that is in the market. Basically, what annuity means is that you give a lump sum to insurance company, and then you will get your money on a monthly, quarterly, half- yearly or yearly basis. The balance of your money is then invested. Some of the annuity product can pay you up until you die and some pay you on a term.
Whatever the methods and ways to secure your retirement years, you must have a good plan for your retirement. You cannot afford to make mistakes in your retirement years as time is money.
In Singapore, the government had initiated a compulsory savings for retirement purposes. I have seen many people who do not have enough money for their retirement; the reason for this is that most of them do not start their retirement planning until they reach their late 30’s.
Retirement planning actually should start the moment you start getting a pay. Although it may seem that your retirement day is still very far away, having an early start will guarantee that you have a comfortable retirement days.
There are many ways whereby you can prepare yourself for your retirement. Insurance companies are coming up with a variety of products that can prepare you for your retirement. Products like life insurance, endowment and annuities are very popular for individuals who are planning for their retirement.
You may wonder why life insurance can be a tool for your retirement, it is because it has cash value and some life insurance covers you until the age of 65. After that, the insurance company will give you back the money your money plus interest. On the other hand, endowment has little protection but more on savings goals.
The best product for retirement is annuity. There are many types of annuity that is in the market. Basically, what annuity means is that you give a lump sum to insurance company, and then you will get your money on a monthly, quarterly, half- yearly or yearly basis. The balance of your money is then invested. Some of the annuity product can pay you up until you die and some pay you on a term.
Whatever the methods and ways to secure your retirement years, you must have a good plan for your retirement. You cannot afford to make mistakes in your retirement years as time is money.
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