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Home > Life Insurance > Stay Active and Live Healthy Towards 99 in STYLE! Stay Active and Live Healthy Towards 99 in STYLE!Author: Ashraful Ariffin It is probably in most cases, we all have not realised that our life expectancy has increased significantly compared to what it used to be ages ago. One of the logically reasoning for why people are beginning to live to a ripe old age today might be due to easy access to a much better quality health care services. Everyone has their own personal ideal retirement in mind but can everyone archive it or turn it into a reality. If you ask me, I would say it is possible. It does not matter whether you are just starting out on your career or approaching middle age, the question is, when you started planning. The sooner your planning starts, the chances of you living your retirement in style is high.Setting your Retirement Benchmark Retirement is definitely not a one sided affair or people might say one-man job. An open discussion on your retirement is good and important, especially with your spouse and family. Some of the things that you might want to include in your discussions can be: 1) What kind of lifestyle would you prefer to be in when you retire? 2) Do you see yourself travelling as part of your retirement? 3) Do you have any extra-curricular activities in mind for your retirement? 4) Would you keep your current property or downgrade to an affordable one? Dollar and cents planning for your retirement Once you have set your Retirement Benchmark or Retirement Goals, the next thing you should discuss is how much money is really needed to achieve it. To be honest, there will not be a straight forward answer to it because it depends on a few key factors such as: 1) Desired Lifestyle 2) State of health 3) When you wish to retire For Singaporeans, you might want to do a quick figure check on your retirement funds from CPF (Central Provident Fund) Account, investment holdings and your own savings. Come out with a suitable monthly savings plan. Most of the people recommend that you must save at least 10% of your take-home pay, while some uses a range of 10%-25%. It depends on you. Look into your Assurance Needs Most of us often overlooked one of the many things that is vital when we plan for our retirement is our state of health. While you have carefully diversified your portfolio to work towards your ideal lifestyle, have you considered any funds for most favourable preservation of your health? Planning for your retirement should necessitate on making sure that you own ample assurance coverage. Medical care cost should be considered because it is expected that medical expenses rises concurrently with age. For Singaporeans, do consider utilising your CPF Medisave to own a Medical or Hospitalisation Coverage. There are a wide range out there in the market from CPF that offers Medishield and Eldershield plans to private insurers like Prudential that offers PruShield and PruShield Extra. Which one should you take, depends on your needs. Owning Annuities plan Most of us agree that life has never been predictable. Setting your Retirement Benchmark and planning for it can be a very challenging affair. An annuity plan ensures that you do not live beyond your retirement income. How does annuity works is simple, you invest a capital amount of money with any insurance company or (For Singaporeans) CPF Life Annuity with CPF for an annuity plan and depending on the type of annuity that you choose, payouts can continue for a number of years or terminated upon you moving on. Enjoying the three S (Sun, Sand and Sea) In short, planning for your retirement is way beyond than just getting yourself equip with financial stability. A fruitful retirement also includes that you have considered and plan on your social, psychological and health needs. Key factors to good health and longevity: 1) Healthy and Nutritious Diets 2) Exercise Regularly 3) Leading a stress free lifestyle Be committed towards being a healthy and active person. Maintaining a good health will increase your chances to enjoy a fruitful retirement and live out your golden age. Email pru.101@insurer.com for a non-obligatory consultation. To end this, remember I have never sold insurance. I do not sell insurance. My duty is to help you own it if there is a need. Yours Sincerely, Ash Ariffin Email: pru.101@insurer.com Ash Ariffin - http://pru101.blogspot.com Other Recent Insurance Smart Book Articles:
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