5-Step retirement guide

5 simple steps for a comfortable retirement

To retire with ease, follow these simple steps to start your financial plan for your retirement.

Step 01 - START
Don't delay further, Start Now!

Grow your savings over a long horizon through a regular savings program that offers an acceptable rate of return based on your risk appetite!

Step 02 - PLAN
Make a plan, Start Saving!

Small amounts count too! Do not spend more than you ought to! This will ensure that you can set aside some money for savings. Aim to set aside 20-30% of your monthly income!

Step 03 - TARGET
Set a Target, Visualize your Retirement Plan!

Consider thinking over these:

Define your Retirement

When do you expect to retire?
How long do you expect to be in retirement?
How do you see yourself spending your time?
Do you plan to retire in Singapore, with whom & what would you be doing?

Take Stock of your Assets

Do you own any properties or have any outstanding debt?
How long do you expect to be in retirement?
How do you see yourself spending your time?
Where do you want to live, with whom & what would you be doing?

Evaluate your Health

Do you have any medical conditions that may worsen over time?
Will your current lifestyle affect your health?

Create a Retirement Budget

How much money do you want to live with?
How much will you need to live comfortably for as long as you want to?

Trim unnecessary expenses

Challenge yourself to save more money than you currently are by trimming those unnecessary expenses!

Step 04 - REFINE
Refine your Retirement Plan!

SmaThere are many useful tools out there to plan for your retirement financially. However, such tools are only indicative. For better & meaningful results, seek help from a specialist who can personalize your retirement plan & meet your goals!

Step 05 - GROW
Save, Protect & Grow your Retirement Fund!

Protect

While saving up (accumulation phase), one may face the risk of financial loss due to unfortunate events such as death, loss of income due to illness or disability that may derail the plan.
High medical costs will also need to be factored into consideration.
Insurance is about transferring this risk to insurers, hence, protecting yourself from such uncertainities.

Investing

Investing is a good way to grow your money at a faster rate during accumulation phase. You can put your money into various assets through investing. Here's some simple advice:

Regular Savings Plan (RSP):

An RSP is a monthly subscription plan that enables you to start small and affordably & regularly invest a fixed amount of money into a certain asset type. WIth the concept of dollar cost averaging, it is an effective strategy that eliminates the need to time the markets. Some potential asset types to consider investing through an RSP include endowment, annuities, exchange traded funds (ETF), & unit trusts.

Set up an Investment Portfolio:

Depending on your risk appetite, you could set up an investment portfolio consisting of different assets (e.g. cash, equities, fixed incomes, unit trusts, etc.) to diversify your investments.

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Disclaimer
This is published for information only and does not have regard to the specific objectives, financial situation and particular needs of any specific person who may receive this page, such person may wish to seek advice from a financial adviser before committing to purchase the unit trust. If such person chooses not to do so, he should consider carefully whether the unit trust is suitable for him.

DBS, their director and employees may have positions in and may effect transactions in the unit trust mentioned here. Investments in unit trusts generally are not deposits or other obligations of, or guaranteed or insured by DBS.

Past performance of a unit trust is not necessarily indicative of future performance. Any forecast of prediction of markets or economic trends, which are targeted by a unit trust is not necessarily indicative of the future or likely performance of the unit trust. The value of the units and the income accruing to the units, if any, may fall or rise. Investments in unit trusts are subject to risks, including possible loss of the principal amount invested. All applications for units must be made on the application forms accompanying the prospectus or otherwise described in the prospectus (available at the DBS & POSB branches). Investors must read the prospectus before making any investment decision