8 Costly Mistakes to Avoid in Retirement Planning
“The best time to start planning and taking action for your retirement was 20 years ago. The next best time is now.” – Kenny Tey When we are young and busy with life, growing old isn’t something we make time to think about. In fact, if you ask Singaporeans about their future financial plans, 1 in 3 are concerned about not having saved enough to enjoy a comfortable retirement, and as high as 45% haven’t even begun to create a retirement fund1. Retirement preparedness has become a growing concern among Singaporeans. Ideally, a good retirement plan involves earning and saving today, to live a comfortable tomorrow. If preparing for your golden years is on your mind, here are 8 top mistakes to avoid in your retirement planning: Lack of a Financial Plan Starting To Save Too Late Counting too much on CPF No Plan for Emergencies Not Factoring Inflation Investing based on Hearsay Limiting Financial Planning to Retirement Burdened by Debt source