Asked by Anonymous

I am a 35 year old single male. How should I plan for retirement considering that I do not plan to be married and start any family in the near future?

Wondering if my planning will be different from anyone else in general?

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    • Hariz Arthur Maloy
      Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

      Top Contributor (Dec)

      246 Answers, 427 Upvotes
      Answered on 22 Oct 2018

      For singles without a need to leave a monetary legacy, you can do an active drawdown retirement.

      Just make sure you have your downsides protected with insurance for both pre retirement and post retirement.

      I would suggest to have 50 to 70% of your retirement income be from a guaranteed income source (coupon and annuity payouts) and 30 to 50% from a variable source (rent, dividends).

      And do not under estimate your life expectancy. Either prepare for a lifetime income or at least till 90 years old.

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    • Serene Toh
      Serene Toh
      38 Answers, 78 Upvotes
      Answered 2w ago

      Also a Single, I asked a similar question before. I tried to approach this from the areas I'm worried about after retirement and then try to settle them 1 by 1.

      Accomodations was the first thing that I worried about for retirement. Unless you will be inheriting a house from your parents (no siblings, otherwise might need to pay them their share of the house), you probably want to make sure you at least have a roof over your head when you get old. As a Single the cost of this item will also be higher than most people. (single income, if HDB you get less grants & non prime locations if you want cheaper, brand new homes) It will probably be the biggest investment for most Singles.

      Second item I'm worried about is health and all the costs involved if anything happens. This I try to cover with insurance plans. (I actually covered myself with CI Plan for extra 5 more years then what my agent suggested.) This item is actually relevent even before retirement.

      Third will be Living Cost, how to ensure I get regular & sufficient money for Daily Living after Retirement.

      1. I got a retirement plan with insurance company, (also planning to top up my CPF to maximise future payouts)
      2. Invest in bonds & dividend stocks & funds.
      3. I've also considered the potential to rent out extra room in house for extra income, if I really need in future (house location will affect the amount you can get)

      Last will be Wealth Accumulation, basically how to make my life even more comfortable (can be for now not necessarily for retirement only) This is the one giving me headache now, how to get more money. Actively studying investing now, actually got more stingy with myself, to save more for investing. Almost forgot, need to ensure got sufficient cash on hand to ride out market uncertainties, especially after retirement. I've also considered renting out my extra room NOW to get extra cash, can't bring myself to to this yet.

      My target is financial independence by 45, so only a few years left. Idea is to generate enough passive income to pay for my daily survival expense, so my salary from work can be extra cash for making my life better, paying for luxuries, etc.

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    Jacob Chong
    Jacob Chong, Executive Financial Advisor at PIAS
    9 Answers, 17 Upvotes
    28 Dec 2018

    First Determine the Age that you want to retire.

    if 55 to retire then you have 20years to save,

    65 then 30 etc. (Stick to it)

    Then work out your expenses per month add inflation computation, add another 10-20% more (you be shock that actually early retirement can cost you more because of more time to travel and more time to engage in activities which you wouldnt thought about it whilst working.

    Look at your average family male life expectancy (thats an indication of your own life expentancy +/-then reverse work the sum out... but always plan for longer life expentancy)

    You have your Retirement Sum.

    then again there are some blinds spots that Single also mention to me.

    Why should i get Early Critical Illness, why life plans at all when i dont even want to leave anything behind for anyone...

    Some of these Blind spots though not really a blind spot but client just choose to ignore them are Early Critical illnesses can happen to anyone anytime and at any age. The payouts from these plans are meant for your own treatment and expenses should you be stricken before the retirement age.

    So you got to be prepared ya

    Cheers and Well Done on making that first step to think about Retirement

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