The Singapore government is in process of rising the retirement age from 62 to 65 and may eventually increase it to 68. This would not have been necessary if most had been prepared for their retirement. So what is the main cause that they are caught off guard? I believe it is due to a lack of access to good financial advice. The primary people giving out “financial advice” are insurance agents, Independent Financial Advisors (IFAs) and bank relationship managers (RMs). All these financial experts have passed the requisite MAS qualifications to be certified in basic insurance and investment product knowledge. Firstly, this does not prepare these product sales people with the skill for comprehensive financial planning. Covering not only insurance and unit trust investing but include estate planning, tax planning, budgeting, portfolio management, etc. This reflects the quality of the financial advice available. Secondly, their remuneration is mainly based ......