Saturday, March 6, 2010

Asia at 'epicentre of ageing crisis'

People are living longer thanks to medical advances. However Singaporeans are not doing enough to plan for retirement and do not know how much to save – that is provided they do save at the first place.
Majority are not aware of how much money they need for retirement. Most of them are focusing on practical short-term finances rather than retirement needs which requires discipline savings and investments over a long span of period.

CPF launched a new annuity scheme CPF Life but it can provide only a basic level of income and is likely to be insufficient. Awareness of the importance of having proper retirement planning must be increased.

One key risk is poor health and higher medical costs brought by old age. By making sure it is well covered, you can provided money from your retirement funds from going into a surgeon’s income.

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