If you’ve ever fretted over the topic of retirement, you’re not alone.
Singapore is known for being one of the most expensive cities in the world.
Property prices have continued their ascent even amid the COVID-19 pandemic, rising 2.9% in the first quarter of this year.
Meanwhile, saving cash alone may not be enough.
Inflation is also constantly eating away at the value of our savings, eroding it over time like sandpaper.
A recent survey by Manulife Singapore found that close to two in three Singaporean retirees regret not planning earlier for retirement.
Only 25% of this group had a retirement plan, while 33% had to continue working post-retirement to increase their savings.
Having insufficient savings and passive income is not a situation any of us would like to be caught in as we approach our silver years.
There are steps you can take, though, if you plan to retire comfortably....