Posted on August 20th 2018

Advice

fundMyLife

Retirement

Retirement – you hear it often and everywhere. In short, retirement is a period in your life where you stop working and withdraw from the workforce. In Singapore, that minimum retirement age is 62. You also want to maintain the same standards of living as you did while you’re working. To achieve this, you’d have to save up a sum of money during your working years, following a thing called a retirement plan.

According to a survey conducted by NTUC Income, slightly over half of young adults aged between 25-35 have started working towards retirement, and 84% are worried about their retirement. What exactly is a retirement plan and what does it entail? In this article, fundMyLife describes what a retirement plan is, and lists the various risks that threaten to derail it.