Make Early Retirement Possible With These Tips

Pay yourself, not just your bills

Setting aside at least 20% of your monthly income is a good start and prevents impulse spending. Park it into a savings account giving you high returns, such as our CIMB FastSaver, or look to fixed prices funds which pay consistent annual, non-taxable, no-sales-charge dividends.

Consider Additional Investments

While you may already be on the right track to a financially independent retirement, there are a host of opportunities to consider without compromising on your needs or your lifestyle. 

Supplementary Retirement Scheme (SRS)

The Supplementary Retirement Scheme was introduced by the government to allow Singaporeans to save more for their retirement years, beyond their CPF savings. The benefit? Investing in SRS and SRS-approved financial instruments help with reducing your taxable income, and allowing you to earn even higher returns for your eventual retirement.

Investment-Linked Insurance 

Beyond keeping you and your loved ones protected for the unexpected, there are many insurance plans that combined both protection and investment These offer the flexibility of dividing your premiums into insurance protection and investment funds.

Unit Trusts

Another popular option, Unit Trusts have the potential to deliver higher returns compared to traditional savings plans. You may diversify your investment portfolio as you gain exposure into professionally managed investment opportunities in local, regional and global markets.

Finally, explore opportunities that create passive income streams to supplement your income and boost your savings. These are ventures requiring minimal effort and upkeep, yet able to earn meaningful returns to boost your retirement kitty.

Speak to a financial adviser for more nest egg opportunities so you can look forward to retiring restfully, happily and comfortably.

Pushy persuasion tactics

You may want to steer clear of investment sellers who are hesitant to share additional information or risks, and uses hard-sell tactics. Instead of disclosing the truth, these fraudsters can use different persuasion tactics to get you involved in their schemes. This can include cold-calling and purporting to be from a reputable institution. They then try to set up a face-to-face meeting, asking you personal questions trying to persuade you to commit with limited time offers.

Always get information in writing. Conduct your own research and bring along an acquaintance when agreeing to meet in person.

Yours Truly,

Octo.