Many people believe that retiring is going to be tough, yet few have actually started planning for it.
In a Web-based seminar (webinar) - an online conference - on Wednesday Oct 12, financial experts will address retirement risks and give advice on how to manage them by planning early.
This is timely as recent surveys have highlighted that retirement planning is one of the top priorities for Singaporeans.
Many are unsure about how much money they will need for retirement and how to go about planning for it.
There is also a tendency to underestimate the amount needed for retirement even among the well-off.
Furthermore, it has been found that people tend to underestimate how long they will be in retirement.
It is prudent to plan early and studies have shown that the benefits of having a financial plan include possessing a more positive outlook and feeling less stressed about the golden years.
During the inaugural webinar, Mr Brandon Lam, DBS Bank's Singapore head of financial planning group, will debunk misconceptions which could hinder one from proper retirement planning.
The misconceptions include believing that you do not need to spend as much when you retire and that it is too early to start saving for retirement.
Ms Lorna Tan, invest editor of The Sunday Times, will discuss retirement risks, such as the danger of outliving your nest egg and premature retirement risk.
She will also provide insights on how to minimise these risks.
The session will be moderated by The Straits Times money editor Lee Su Shyan.
•The webinar, which is free, will be held on Wednesday, Oct 12, from 1pm to 2pm. Please register at go.dbs.com/sg-sutwebinar