Programme aims to help older Singaporeans retire
When planning for retirement, it is best to start early, said Credit Counselling Singapore (CCS) general manager Tan Huey Min.
She said: "You should start saving in your 20s. That way, it will be less burdensome in the long run..."
However, some older Singaporeans who started saving late in life do not know the best way to do so.
An assistant vice-president of a foreign bank, who wanted to be known only as Madam Wong, told The New Paper that she has never been one to plan ahead.
Said the 56-year-old: "I have a happy-go-lucky character. I tell myself to be more disciplined, but I'm quite a spendthrift and love shopping online."
Ms Josephine Koo, 58, who lives alone in a four-room Housing Board rental flat, has also not saved much. The adminstrative worker said she has "never really thought of retirement savings planning" but tries to live simply.
"I don't think I am financially ready to retire yet. I like working, so I think I will continue working as long I can."
At CCS, the Cents-ible Retirement Programme (CRP) has been rolled out to help individuals who started their retirement savings later in life and are unsure about their financial position in retirement.
Said Ms Tan: "We can assist people to take stock of their savings. CRP is to make sense of one's finances especially during retirement. People are interested to take up new skills, go on holidays and more. But will they have enough to cover these expenses? We do projections for these activities."
Madam Wong said the CRP showed her she is $300,000 short of the $800,000 she needs for retirement.
Aimed at participants aged between 54 and 65, the CRP offers hands-on exercises as well as financial counselling sessions.
It focuses on helping participants become retirement-ready and to align their retirement expectations to the financial resources available.