Retirement Planning: Are You Ready For The Big “R” [Infographic]

Written by Iris Lee Illustration by Michelle Leong

Remember when the picture perfect retirement was an elderly couple sitting at the porch whittling away their sunset years? Maybe that was once an interpretation of retirement but it certainly isn’t today. Today, retirees are active and looking forward to many years of excitement, fulfillment and fun.

You may have a lot planned out for in retirement – traveling to world-famous locations, driving across the country, or even starting a new business. Whatever your retirement plan is, you need a few things to make your retirement dreams come true.

The key is to make sure your retirement fund is sufficient to outlive your retirement years. Like how Rome was not built in a day, building your retirement nest egg cannot be done in a day. It takes years — the longer you spend on saving on your retirement, the more you will have at the end of it. Your retirement financial plan should be stretched to last longer and go farther.

The less years you have to save, the less nest egg income you will have left with and you may need to make larger contributions nearing your retirement to meet your needs. Make saving for retirement a priority. The sooner you start saving, the more time your money has to grow.

Use PPA’s retirement calculator to find out how much additional savings you need to make on top of your EPF.

For more questions on how PRS can help you address these retirement income issues, leave a comment below!