A recent survey revealed that 39 per cent of Singaporeans feel they have a good understanding of their short-term finances. But only 23 per cent can say the same for their long-term finances. The survey also showed that 91 per cent of Singaporeans do not know what their retirement income will be.
'The lack of understanding and knowledge of long-term financial milestones like retirement could be intensified by the current economic downturn, which may have led more people to divert their attention to short-term survival needs instead of long-term goals,' says Sebastian Arcuri, head of Personal Finance Services at HSBC Singapore.
'The consequence of focusing on the short term may be a struggle to make ends meet when it is time to retire.'
Retirement planning includes identifying ways to generate passive income, may be some active income, and manage cash flow, supplement medical coverage, prepare for medical uncertainties and plan for a lifestyle after retirement.
This deep Bear market is a good opportunity for one to carefully build up a base for one's retirement portfolio for future passive income from stock dividends and draw-down for cashflow management.
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