Whilst most retirement schemes in Asia are implemented to encourage long-term savings and address the concern of an increasingly ageing population, more still needs to be done.
Simply put, it’s unlikely that government and employer support can collectively meet your retirement needs. The rapidly aging population and retirement adequacy needs will place a massive strain on the government’s ability to support the system, let alone your personal retirement plans. If you live or work in Asia, effective retirement planning is an absolute must to ensure you can maintain the lifestyle you need after you stop working. Whether you're in the early stages of your career, starting a family, or approaching the silver years, it's never too early to start planning on how to best secure your financial future.
How much is enough?
So the rule of thumb is that most individuals require up to 75% of their last drawn income*. In reality, there's no magic number and a 'cookie-cutter' solution will never be the perfect fit for your individual needs. The amount you'll need depends on your personal circumstances and retirement goals. For example, if you're single, own your home, and maintain a simple lifestyle, you'll have different retirement needs to a couple with plans of travel, has family scattered around the world, and want to enjoy many leisure activities.
It's critical that your personal retirement plan fits your answers to all of these questions, and more.
What will your lifestyle look like once you stop working?
How much money will you need to support your retirement lifestyle?
What is your current asset base and how much of this will be used to support your retirement income needs?
Do you have family whom you will continue to support in future?
Do you wish to leave an inheritance for your family? If so, what does it look like?
Let our expert Financial Advisers help you answer these questions and work out the right retirement goals for you. We'll also provide tailored and practical advice on how to grow and preserve your wealth in order to prepare for your retirement and enjoy the lifestyle you want.