The trains and buses are always packed with full of working adults every morning and evening time during the weekdays in Singapore. Life in Singapore is always looked very stressful and busy whenever I visited to Raffles Place area or Tanjong Pagar area. So many people are walking very fast as if they are so afraid that the next second they maybe out of job.
Nowadays there are more old people at around 70 plus years old are still working. Most of them I have seen are cleaners, dish collectors at hawker centres and security guards. It is so sad to see them still working at this age. I know that there are some old people just continue working not because of money, but is because they want to continue to move around their body to keep themselves healthy both physically and mentally. However, most of the old people continue to work is because they still unable to retire yet as the living expenses in Singapore are very high.
Now the question is, can Singaporeans retire at the age of 62 years old? We all have CPF(Central Provident Fund) to kind of force us to save money for retirement, so why is it many people still worrying whether can they retire on time? Stating about the facts, we do actually can retire, depending on individual lifestyle on how each manage own finances and doing future financial calculations on how much money is needed for retirement. Many people in Singapore do not manage their savings properly and also because of the stiff competition in many industries leading out of the job for some of the weaker ones, probably…I think.
So how can you make sure that you can retire on time or earlier?
Be it where ever you are, if you do not know how to manage your finances by doing the math to know how much do you really need for retirement, then the chances of you unable to retire is going to happen.
Let’s find out how to make sure that we all can retire on time or earlier.
1. Adjust your current lifestyle.
If your current lifestyle is making your living expenses high and not being able to save more than the required amount to save for retirement then you should start to re-look into those unnecessary spending. Adjust those little spending habits like buying of drinks or tidbits while on the way home from work or cut a few clubbing sessions with friends so that you can save more. Change your priority of doing things to make sure you can have more money to save. I know changing your usual lifestyle can be really difficult just like getting out of your comfort zone, but you got look further down the road of your future. Treat your retirement as one of your main goals that you want to achieve.
2. Learn how to do simple investment.
Investment is essential to everybody because of inflation every year. Our money is always depleting whenever our country inflation is increasing. Many of us know that we are actually losing money technically and then we are not doing anything about it until we totally forget about it. Moreover, there many people do not know how to invest money and make more money. Well, that is okay because nowadays there are lots of Financial Consultant out there to advise us despite some of them may not have the good intention of helping. But overall, most Financial Consultant are more than willing to help you out for simple investment as they need clients like us to make a living.
3. Constantly stay ahead of your competition.
Why is it so? It is because you will have a higher chance to get your pay raise for your higher appointment. I know that competition is stiff, many people are constantly upgrading themselves to make sure they are still within the competitive range. Don’t be too stress about it. Just make sure that you keep learning new things everyday in your job and I can guarantee your that you will have more chance to promote faster in your career. As you get promoted, your pay will increase and thus, you will have more money to save for retirement. However, life is short, so watch out for your work-life balance.
4. Have another part time job.
This may not be a good suggestion but it is possible if you think can afford to spend your own time after your full time job to work another part time job. You will definitely earn much more but you will definitely have not much time for yourself and family and your health maybe affected too. So, what I can advise is to strike a balance of your time and really watch out for your health too. Family time is important, so you need to be constantly aware of that. This suggestion is more for the people who are single and have a lot of free time after their office hours.
Related article: Self-employed jobs that you can do in Singapore.
5. Start a business or online business.
I would say it is good to start a business because doing a business definitely can make more money than having a full time job and your business will become one of your assert to help you grow your wealth. However, doing a business can also make you poorer and hit you to the rock bottom of your life, leading you to lots of heavy debts. It basically means that there are risks in doing a business as there is no guaranteed fixed earnings depending on your plans and effort plus you need a lot of money to pump in for office, workers, advertisements etc. at the start of your business.
If you want to start a business, I suggest you to start an online business because you do not need a lot of capital to setup your business and you can do it anywhere and anytime your like. Online business is very flexible as the business is online. Your shop is your website and as long as you got access to internet connection with your computer, you can manage your business easily. Even if you happen to have poor sales or don’t even have sales at all during your bad times, you will not lose a lot of money enough to hit you to the rock bottom and owing debts. So it is definitely good afterall to do an online business.
It is never too late to start your retirement planning unless you are nearly at your 50s then it maybe a little bit challenging. Your mindset have to be correct when you really decided to retire at whichever the age you have planned and then stick to your plan. Although is not late to start your plans but do not keep planning and planning until so long that the plans still not yet executed. The key thing is to start as early as now.
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Please do comment below if you have any feedback or anything that you want to share with me.
Have a great day!