I'm 25 this year, just started my full time job. And am trying to plan for my future. Just signed a life plan and shield plan. What should i do next? Retirement plans, savings plan or investments?

Hey there, firstly, congratulations on starting a new chapter in your life!

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Firstly, you should also start thinking about your own financial goals, be it short, medium or long-term. And when it comes to savings, we should always start early (as early as one can), save little and save often.

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That's amazing. Congratulations for being such a responsible person.

Rather than looking at what plan next, ask yourself what do your money to do for you in XX years.

It could be that you need some money 5 years later for a wedding.

It could be that you wish to retire at age 40.

It could be that you want to learn investing yourself.

I hope these are some things that could spark off a conversation you can have with yourself or an advisor.

All the best!

1 emergency funds

2 passive indexing ETFs (U.S., global, a bit of China, Switzerland and Scandinavia)

3 a bit of physical gold

everything periodically for price averaging​​​

Hi Anon,

Congrats on getting your full time job. I think in regards to insurance coverage, you have done the right things by getting your hospitalisation covered and also you life covered.

In regards to what to do next, I believe Hariz did mentioned that you should look at building up your emergency funds. Which is a good to have in our current time and age.

Also what to consider now? I think retirement plans are something you can look at maybe later in life when most of your financial commitments have been settled, or when you feel that you are ready to look into this, as all Singaporeans already have a Retirement plan that the government has enforced, which is CPF life. Having another retirement plan is to further enhance this, so it's good to look at maybe in your late 30s or early 40s.

Savings plan or investment? I think it depends on what you are looking for, technically if you do get a savings plan, it does act like an investment as well, as most savings plans are participating policies in nature, meaning your premiums are used by the insurer to make investments, and the returns from the investments are declared as bonuses to you on an annual basis. And the investments done by the insurers are generally safer in nature, so you can be more assured of your returns. Do note that one good part about a savings plan is that, it's not as volatile as pure investments, because insurers will smooth out the bonuses for the saving policy, meaning regardless if the economy is doing good or not, your annual bonus for the policy stays in the same range throughout.

But of course if you do want better returns, then do consider investing. I would suggest to do both investments and having a saving plan to balance out your portfolio