Retirement can be one of the most exciting times of your life. The key to making it work is proper planning.
If you do not know how to do this, you are in the right place.

Are you considering partial retirement. Partial retirement may be the answer if you are ready to retire but don’t have the money. This means working part time on your career. This will allow you to relax as well as earn money.

Use the extra time you have during retirement to increase your fitness level. The added benefit of becoming more active can also reduce your risk of becoming ill. By working exercise into your daily routine, you may enjoy your retirement even longer.
You will eventually save more money if you spend it on your fitness equipment or necessity than spending it to your doctors and hospitalization in the end.

If your employer offers a pension plan, find out if you’re covered under the plan. If you are covered, it is important that you understand how the plans work. You should know what happens to your benefits if you change jobs. Also, if your spouse’s employer offers a plan, learn what benefits you are entitled to. But I don’t see any of this pension plan in the near future for any Singaporean as this scheme is phasing out very soon except for some very high post and important person.

In order to have money for retirement, you have to save some of what you make. It is important to keep in mind that even if you develop a nice nest egg, you still need to keep saving. Set a goal for yourself each year and work to meet that goal. Never stop planning for the day when you will no longer be working.

Spread your savings over a variety of funds. By investing in a variety of investment options, you can reduce your risk and increase your earnings. Speak to an investment specialist to help you decide how to diversify your savings. You should include some high risk investments with safe investments for best results.

As you plan for retirement, don’t just think about money. Also consider where you want to live, if you want to travel, what sort of medical costs you may have, and if you want to live luxuriously or more frugally. All of this will affect how much money you need.

You will have a limited income from which you will draw for your retirement expenses. Therefore, it is important that you develop a budget so that you will not overspend. You do not have to count pennies, but you should consider each purchase carefully before you buy something to stay withing your budget.

As you face retirement, try paying off loans now. Your retirement will be easier if you have no debt. The less money you need to put out on basic bills, the more fun you can bring into your life.

How is the CPF retirement sum set aside?

When you reach 55 years old, your Special and/or Ordinary Accounts savings will be transferred to your Retirement Account to form your retirement sum. Your retirement sum can be used to join CPF LIFE which provides you with life-long monthly payout or the Retirement Sum Scheme which provides you with a monthly payout of about 20 years.

After setting aside either the Full Retirement Sum or Basic Retirement Sum with sufficient property charge/pledge, you can choose to withdraw the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn attractive interest.

From January 2016, an additional 1% interest will be paid on the first $30,000 of combined CPF balances for all members aged 55 and above. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances. Combined balances refer to the total balances in your Ordinary, Special, Medisave and Retirement Accounts, including the annuity premiums for CPF LIFE less any payouts made.

Having a good plan for retirement is essential if you want to enjoy it. Take the time to review all of these tricks again. The more you know, the easier it will be for you. Make certain to plan for this part of your life so that you can enjoy it.