early retirement plan

Is your retirement planning on the right track?

1. You’re out with some friends and the waiter comes with the bill. Do you:

paying the bill

2. The fire alarm goes off and it isn’t a drill. Do you:

fire alarm

3. What is a priority to you right now?

list of personal priorities

4. When was the last time you looked at your bank balance and felt a chill run down your spine?

shocking news

5. Have you ever attended an investment seminar?

investment seminar

6. Dream home, what does it look like?

planning your dream house

7. What do your assets most resemble?

financial planning

8. What’s the most likely reason why you won’t get a promotion or increment this year?

busy at work

9. Finally, what does retirement look like to you?

planning retirement ahead

Am I On Track?

The high roller:

financially stable

You love your little luxuries and your extravagances equally. You believe money is meant for spending and you thrive on spontaneity! However, it’s best to gain solid financial footing before you take the concept of #yolo too seriously.

Your focus:
Take a risk. Opt for a solid retirement fund that yields a higher interest. Separate your ‘wants’ and your ‘needs’. Your secret weapon might just be saying ‘NO’. Strategy is king. Don’t enter the battlefield unarmed. Prepare a strategy so that you have clearer idea of where you want to be financially in 10-15 years.

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Am I On Track?

The thrifty mastermind:

checking online

You love a good deal! From bargain-hunting to comparing prices, saving yourself some moolah is your strong suit and this will definitely help you through your retirement. However, when it comes to saving, you should focus on making sure you choose the best and the most tailored retirement plan.

Your focus:
Be savvy with your savings. Prioritise your financial obligations so that you’re saving efficiently. Man up. Don’t only pursue low-risk, low-return investments. This might not benefit you in the long run. Do a little digging around. Brush up on your asset allocation principles, these are fundamental to retirement investing.

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Am I On Track?

The balance sheet:

review asset allocation

You’re completely risk-averse. Your No.1 concern is security! You prefer proven, safe investments and like to research and plan prior to making those big purchases. However, you have tendency to forgo investment opportunities due to risk concerns.

Your focus:
Congrats, you’ve got your planning down. Now redefine your retirement goals to suit your needs. Do the math! Calculate your estimated retirement needs and prepare a strategy. Keep monitoring. Check on your retirement plan regularly and make changes according to your needs or appetite for risk.

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Am I On Track?

The babe in the woods:

enjoy life’s pleasure

You aren’t great with money, and might have trusted recommendations too readily. Take ownership of your future by securing professional advice as soon as possible!

Your focus:
Future comes first. Embrace retirement products that fits your future! Slow down on risky investments. You could miss out on the payoffs if you do, but at least you won’t whittle away your nest egg.

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Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.

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