Retirement Guru: I got “the letter” ….

CPF Board: Here’s what you need to know as you approach your 55th birthday

Just got “my letter” from the CPF Board. Time to commence my pre-retirement planning.

With roughly 10 years of full-time employment left and another 30 years of health-span to live, ensuring stability in our golden years involves more than just saving money; it requires strategic expense management and investment planning. Here are five things to consider during the pre-retirement phase of our lives.

1. Determine Your Retirement Wealth. Project your retirement wealth by listing all your assets (CPFLife, savings, investments, rental income) against your liabilities (mortgages, loans, credit card debt). The nett amount is your free cash that will fund your retirement lifestyle.

2. Set Your Retirement Goals. Based on your retirement wealth, if you have not already done so, define your vision of the retirement lifestyle you want to live. This includes the age you retire, where you want to live, whether you want to travel, and what activities you want to pursue. If you do not have enough wealth to match your vision, then you will need to work longer, take on part-time work, or moderate your vision.