Thursday, August 12, 2010

Want to retire? Start saving at 24

If you only think about retirement when you are in your 40s, there is only 20 years to save for 25 years of retirement life. You should start when you begin to work, saving at least 20% of your monthly income. Your savings plan will be determined by what kind of retirement lifestyle do you want.

There will be a need to upgrade your Medishield to a comprehensive medical insurance to prevent yourself from paying $20,000 or more for major operation which will be covered in the upgraded scheme.

You will not be able to purchase insurance or there will be exclusions when you hit a certain age and start developing age-related illness. So do get yourself insured when you are young and healthy.

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