3 Realistic Money Goals Every Singaporean Should Have Going Into 2016 | Singapore Informer

Let’s face it, Singaporeans are just not that good at coming up with goals that haven’t been programmed by society. Other than the whole “degree, job, marriage, HDB” thing, people have surprisingly vague financial goals. Brenda (not her real name), a 33-year-old bank executive and mother of a two-year-old, does not keep track of her savings and does not invest. She has no idea when she’ll be able to retire, but for now she’s glad she can afford to buy designer bags and clothes with her current salary. She admits she’d have to drastically downsize her lifestyle if she ever got laid off or suffered a pay cut. But for now, she prefers not to think about it. Brenda’s situation is not uncommon. And such sloppy thinking and poor financial management is part of the reason Singaporeans display such poor levels of retirement adequacy—14% of households have no savings at all. Of course, everybody wants to be a billionaire. But try to fulfil these more realistic goals first, then we’ll talk. I will save $X so I can retire at [age] I get anxiety attacks when I walk around Singapore. The sight of all these wizened old people working in menial job, the fact that they can hardly stand notwithstanding, is a terrible one, and a reminder that in a few decades that could be us. And recent polls on the retirement readiness of Singaporeans are not encouraging–41% of Singaporeans haven’t put a single cent towards retirement, and we already know that CPF payouts are unlikely to be sufficient when the time comes. A disturbing 2 in 5 Singaporean mothers plan to rely on their children to finance their retirements. The…

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