How to Plan For Your Retirement & Get Financially Fit

Retirement planning doesn’t require big sums of money to get started. With a solid plan, you can have better peace of mind knowing that a comfortable future awaits you after you’ve stopped full-time work.

Admit it. Whether you’re in your 20s, 30s or 40s, retirement planning has most probably never been your top priority.

Yes, you have investment products and savings plans meant for retirement, but you have more active financial goals that you’re working towards. Such as buying a house or building your emergency fund.

For some of us, retirement might seem a distant notion and possibly a goal that is nearly unachievable. You might be thinking to yourself, how can I ever reach seven digits in my lifetime if I’m not earning big money?

According to the 4th OCBC Financial Wellness Index released in November 2022, 68% of Singaporeans surveyed performed better in retirement planning than last year, compared to 66% in 2021. However, less than half are on track to achieving their retirement goals (42% compared to 49% in 2021).

In reality, you don’t need much to start retirement planning. A little goes a long way, especially with the power of compound interest coupled with discipline and a consistent mindset.

Still in doubt? Here are some solutions for you.

What is retirement planning?

It may seem like everyone’s talking about the need for retirement planning.

But the question begs: how? It may seem like an extremely daunting and faraway goal since you’re probably going to retire about 30 to 40 years from now. Where do you start?

The key is to realise that financial planning is a marathon that takes time, effort and patience. Your six-figure retirement target sum may seem mammoth at first, but you will quickly feel that it is achievable after you get started.

Determine your retirement income goals and what is needed to achieve those goals. A common problem that people face is the lack of knowledge of how much their CPF LIFE payout will be. Without knowing these figures, how will you accurately discern the amount that you need?

This is where MoneyOwl comes in, as they believe that knowing your CPF LIFE payouts are the first layer of income in their compare planning philosophy.

Retirement planning also includes:

Identifying or creating income sources to earn more money
Ensuring you have the right insurance plans to help you weather storms
Incorporating long-term savings and investment plans to snowball your wealth
Managing assets and risks to get closer to your retirement goal

What is MoneyOwl’s Comprehensive Financial Planning?

Clueless about how you should get started? You’re in luck! MoneyOwl has implemented a Comprehensive Financial Planning service. It focuses on designing a holistic financial plan, covering key life aspects such as growing your income, being sufficiently insured and planning for retirement

Aside from the long-term goal of retirement, it helps you be in control of your daily financial situation and helps you to identify and work towards your other financial goals.

Comprehensive Financial Planning comprises three steps:

Fill in your information digitally on MoneyOwl’s website
Receive your digital, comprehensive and personalised report
If you would like further advice, arrange a 2-hour consultation at your convenience with MoneyOwl’s fully salaried Client Advisor

💡 SingSaver x MoneyOwl Exclusive💡
With MoneyOwl's Comprehensive Financial Planning service, the consultation is non-obligatory and chargeable at S$49 for a limited time with the promo code SAV422 The 1st 100 readers to sign up will also receive a S$10 Grab voucher. Valid till 31 Jan 2023.

How can MoneyOwl help me in my retirement planning?

#1 Understand your financial health better

MoneyOwl_financial healthcheck

Source: MoneyOwl’s Comprehensive Financial Planning report

Through the Comprehensive Financial Planning, you’ll get an in-depth analysis and honest assessment of your current financial situation. Be it inadequate savings, a lack of insurance coverage, or an insufficiently diversified investment portfolio, you will be able to address these gaps through the Comprehensive Financial Planning report.

What’s worth noting about the Comprehensive Financial Planning is that if you decide to have a consultation with their client advisors, they will offer you a highly personalised course of action after providing a holistic assessment of your financial situation. MoneyOwl client advisors are fully salaried to provide unconflicted advice to you. They will not pressure you to buy products that you do not need.

This plan will help you improve your cash flow, protect your assets, accumulate your wealth and eventually help you build your legacy.

The cherry on top? The Comprehensive Financial Planning report comes with no strings attached, which means that you can download your free, editable report and choose not to have a consultation with their client advisors.

Having a financial review with a financial advisor might come with a sales pitch, and saying no could be difficult. However, MoneyOwl's advisors are fully salaried, so you can rest assured that you won't be pressured into buying products that don’t suit you.

#2 Complement your analysis with CPF projections

MoneyOwl_retirement income

The Comprehensive Financial Planning algorithm doesn’t just take your savings and insurance policies into account. Since you can log in with your Singpass/MyInfo, they’ll also include your CPF savings in the analysis.

They also have the Proprietary CPF Analyser, a nifty tool for projecting the trajectory of your CPF monies until retirement, giving you an estimate of your projected retirement income, which includes your CPF LIFE payouts.

#3 They offer affordable solutions

Every dollar that is not spent on products is a dollar more that can be saved. This is why they emphasise affordable and low-cost term insurance plans as well as investment solutions for their clients.

But of course, what is low-cost to you might not be low-cost for others so you’ll still have the flexibility and autonomy to choose if these products are right for you.

You know your finances are in good hands given that MoneyOwl has been recently awarded the “Centre of Excellence for Certified Financial Planner® Certification – Star Award 2022" by the Financial Planning Association of Singapore (FPAS).

This award highlights MoneyOwl’s display of commitment to competent and ethical financial practice, who is always striving to put their clients’ interests first.

On top of that, MoneyOwl’s client advisors do not earn commissions. You can expect unbiased advice tailored to your financial needs and advisors who put your goals first before any product sales.

So you can rest assured that they have your best interests at heart, and are not pushing out products simply based on commercial benefit, as shown from their recent “Centre of Excellence for Certified Financial Planner® Certification – Star Award 2022" by the Financial Planning Association of Singapore (FPAS).

SingSaver Promotion:

The 1st 100 qualifying signups for the Comprehensive Financial Report will receive a S$10 Grab voucher. Valid till 31 Jan 2023.

How do I sign up?

Here is how you can access the free Comprehensive Financial Planning report. Do take note that retrieving MyInfo with SingPass is optional, but it’s a hassle-free way to access your information like your CPF savings, and it only takes 10 minutes to complete!

Create a MoneyOwl account if you don’t have one
Head over to the MoneyOwl’s Comprehensive Financial Planning page
Click “Retrieve MyInfo with Singpass” (optional)
Click “Checkout”
Apply promo code “SAV422” during checkout
Download the Comprehensive Financial Planning report
With MoneyOwl’s Comprehensive Financial Planning service, the consultation is non-obligatory and chargeable at S$49.

T&Cs apply. This article is written in partnership with MoneyOwl.

How to Plan For Your Retirement & Get Financially Fit

Deborah Gan

Retirement planning doesn’t require big sums of money to get started. With a solid plan, you can have better peace of mind knowing that a comfortable future awaits you after you’ve stopped full-time work.

What is retirement planning?

What is MoneyOwl’s Comprehensive Financial Planning?

How can MoneyOwl help me in my retirement planning?

#1 Understand your financial health better

#2 Complement your analysis with CPF projections

#3 They offer affordable solutions

How do I sign up?

Deborah Gan

How to Plan For Your Retirement & Get Financially Fit

Deborah Gan

Retirement planning doesn’t require big sums of money to get started. With a solid plan, you can have better peace of mind knowing that a comfortable future awaits you after you’ve stopped full-time work.

What is retirement planning?

What is MoneyOwl’s Comprehensive Financial Planning?

How can MoneyOwl help me in my retirement planning?

#1 Understand your financial health better

#2 Complement your analysis with CPF projections

#3 They offer affordable solutions

How do I sign up?

Deborah Gan

Related Articles

The Real Cost of Retiring in Malaysia: Malaysia My Second Home (MM2H) Programme

Managing Finances With Your Partner: Is There a Best Way To Do It?

Retirement Planning in Singapore: Does The 4% Withdrawal Rule Still Make Sense?

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences!

Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences!