A Sunday Times Invest Internet- based seminar (or webinar as the tech types call it) that tackled the issue of retirement planning urged participants to plan early.
Financial experts from The Sunday Times and DBS Bank also laid out strategies for effective saving and looked at issues such as the Central Provident Fund (CPF) scheme at the event last Wednesday.
Mr Brandon Lam, DBS Bank's Singapore head of financial planning group, debunked retirement misconceptions such as the belief that post-retirement spending is lower than before retiring and that CPF savings are sufficient.
He recommended that the expected retirement income be 70 per cent of pre-retirement income and emphasised the importance of planning early so that with the power of compounding, your money can work harder for you.
Ms Lorna Tan, Invest editor of The Sunday Times, provided insights into some retirement risks such as healthcare costs, and explained how she plans to match guaranteed income flows with her needs while using her income from investments to fund her wants.
Questions raised by the 300 or so participants included how to get started on retirement planning, how much to set aside each month and how best to build a nest egg in a time of near-zero interest rates. There were also questions on the CPF scheme, including whether the annuity, CPF Life, is sufficient.
The next webinar is on financial planning. Experts from DBS and Manulife Asia will address topics such as budgeting, wealth accumulation, goal setting and life-stage needs. The speakers are Mr Jeremy Soo, managing director and head of DBS consumer banking group, and Mr Jonathan Hekster, regional head of DBS Partnership, Manulife Asia.
The session on Oct 26 will be moderated by Ms Tan.
•The webinar is free and will be held on Wednesday, Oct 26, from 1pm to 2pm. Please register at http://go.dbs.com/sg-sutwebinar2