Don't just rely on savings - get more out of your money

A customer withdrawing money from an automated teller machine in Singapore on April 13, 2018.
A customer withdrawing money from an automated teller machine in Singapore on April 13, 2018.PHOTO: AFP

To retire comfortably and ensure peace of mind for loved ones, cash must be put to work

With 91 per cent of Singaporeans owning their own homes and having an average net financial wealth per household of $640,000, it would be fair to assume most of the population is positioned to achieve financial independence and retire comfortably when the time comes.

However, these numbers do not tell the complete story. In reality, many Singaporeans are not planning effectively for their futures and retirement years. This year's Budget focused in part on the ageing population and got me thinking about how savers can ensure they have put aside enough to support their retirement plans.

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A version of this article appeared in the print edition of The Sunday Times on May 13, 2018, with the headline 'Don't just rely on savings - get more out of your money'. Print Edition | Subscribe