<ul><li>Getting stuck in the savings mindset. Saving should be formed as a habit. The amount saved can be increased over time.</li><li>Medical emergencies. With increasing age comes more health problems. Medical claims might not always suffice.</li><li>Inflation needs to be taken into account.</li><li>No state-sponsored pension plan. Not all countries have state pensions or social security benefits.</li><li>Fragmentation of nuclear families.  With fewer children per family, retirement should be planned without help from your family.</li></ul>

Why you should plan to plan ahead for retirement.

Money & Investments

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<a href="https://sg.theasianparent.com/how-much-do-you-need-to-retire-comfortably/">Retirement</a> should be the best time of your life, when you can relax and enjoy your life by reaping benefits of what you earn in so many years of hard work. To achieve a worry-free retired life, here's why you should plan to plan ahead.
1. Getting stuck in the savings mindset. People tend to get hung up on how much you save every month. The amount does not matter as long as you set it aside. You can gradually increase the amount that you save over time. for your retirement funds whenever you have extra money, you get a salary raise, or you have finished your payments.
2. Medical emergencies. With increasing age comes more health problems. Medical expenses which may make a huge dent in your income post retirement. Failure here could lead you to liquidate (sell) your assets in order to meet such expenses. Remember medical claims do not always suffice.
3. Inflation. As you need to worry about it you need to account for it as well. You need to take into account inflation while calculating your retirement funds as well as your expenses.
4. No state sponsored pension plan. Unlike the US and UK where they have state pensions or social security benefits during retirement, Singapore does not provide such benefits. So, you are really on your own.
5. Fragmentation of nuclear families. Gone are the days when the elderly had a family to give them <a href="https://sg.theasianparent.com/caring-for-your-parents-in-their-golden-years/">support</a>. The culture of the Asian family is changing as couples are having less children. It's vital to plan your retirement without any help from your family.
Now is the time when you need to make savvy investment decisions during your working life and put your hard-earned money to work for you in future.
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<div>My Retirement plan Still unsure? Seek out My Retirement from DBS. Everyone has hopes for their retirement. But don't be unprepared for what the future may bring. <a href="https://www.dbs.com.sg/personal/insurance/myretirement/default.page">MyRetirement</a> is here to ensure that you have enough to enjoy a better life ahead. With monthly payouts and competitive yields, you can look forward to a retirement where you can live life on your own terms.
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Retirement should be the best time of your life, when you can relax and enjoy your life by reaping benefits of what you earn in so many years of hard work. To achieve a worry-free retired life, here's why you should plan to plan ahead. 1. Getting stuck in the savings mindset.

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Bite‑sized knowledgeto upgradeyour career

5 Reasons Why Retirement Planning Is Important

Why you should plan to plan ahead for retirement.

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Retirement Planning and importance of Retirement Plans

Why One of the Biggest Perks of Retirement Planning Has Nothing to Do With Retirement

Bite‑sized knowledge
to upgrade
your career