It’s never too late to start retirement planning

The best time to start is now (if you haven’t already done so)

Many experts advise us to start retirement planning as early as possible to enjoy the longest possible runway and the advantages of compounding interest. While that is good advice, it doesn’t have to trigger the panic button even if you have not done so and find yourself middle-aged or beyond. Based on my experience helping clients achieve their retirement dreams in my two-decade long career, I know it’s never too late to start because there is always room to plan ahead for tomorrow.

By starting later, you need to climb a steeper slope to reach your goal. However, late starters may be in a stronger financial position, such as having accumulated a bigger savings account that can accelerate their returns. Some may have finished paying off their home or other major loans, leaving them debt-free.

In my previous article on retirement planning, I touched upon the 3 progressive phases of retirement, namely Active, Relax and Steady. In the Steady Phase (Phase 3) a.k.a. the dignified golden years when most retirees cherish the serenity of family time and home life, you can still work on different aspects of retirement planning such as how to leave your legacy to your loved ones. So stay positive and act now!

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