Retirement Planning

Upon retirement, personal resources such as time, money etc definitely require careful planning and management so as to ensure that the financial commitments for the period from retirement onwards are fully provided for. It is also a good time for affluent retirees to commence estate planning for their wealth.

Time Management


Once you have started your retirement journey, time will become abundant on hand. To better manage one’s time, it is good to set some realistic and achievable personal objectives at the beginning of the year and take stock at the end of the year. Taking on new hobbies and learning new knowledge are proven means to keep yourself mentally and physically engaged.  


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Financial planning & Wealth management


Financial planning & wealth management need to be carefully considered as your primary income source from work has stopped. New recurrent income stream from your existing assets on hand should be developed. Daily outgoings must be managed so as to achieve a net positive inflow position after retirement. If not, efforts must be made to control spending and slow down the diminishing of your personal net wealth. Where considered necessary, you may seek professional advice from qualified financial consultants and wealth managers.


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Estate


Estate planning normally coincides with the retirement stage of your life. Depending on your nationality and residence status, there may be significant tax implications. Therefore, careful consideration should be given to planning the distribution of your estate in the event of your death. This is to avoid unnecessary conflict amongst the surviving members of the family due to non-transparency and unfair allocation / distribution.


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