Delayed satisfaction is hard to deal with. Whether it’s slogging away on the treadmill to shed the pounds or holding off on a purchase till a sale comes around, waiting is hard. In the same vein, saving for retirement can be an arduous task when there’s nothing immediately present or indicative to show your hard work.
Yet, as most of us know, having a retirement fund is crucial in enabling us to pursue our passions after leaving the workforce.
For those of you who are struggling with the question: “Are Retirement Plans Worth it?”. Here are 3 reasons why you should hang in there and get to saving for those golden years.
Things Will Not Always Go According to Plan
Life is filled with the unexpected. Some good, some bad. But the last thing you want happening is having those bad times roll around the corner and being completely unprepared for it.
Take for example the pandemic that is sweeping the globe. Many have already been displaced from their jobs and it has shaken the economy. In light of this, you might decide to work a few years longer to compensate for the downturn. But the harsh reality is that the option may not be open to you when the time comes.
Your health may begin to decline as the years go by even if you exercise regularly and maintain a healthy diet. Your loved ones may also fall ill, requiring you to stay home and nurse them back to health.
All these factors are out of your control. The only way to mitigate the damage is to have funds tucked away to prepare for rainy days. Yet money left in a safe is only going to depreciate as time goes on. Instead, it is recommended that you look into an accumulation plan which is one of the best investment plans in Singapore.
Your Age Will Catch Up With You
As much as we can remain young at heart, the body is an entirely different story. Although you may have accumulated a wealth of experience at work, sooner or later you will fall behind your newer, younger colleagues who are more up-to-date and are able to work additional hours. This is through no fault of your own. As we age, more responsibilities get piled on and that leaves us with less time for self-improvement.
You will not be as spritely as you were in your youth. Your medical fees will likely increase as your body becomes more susceptible to health conditions. This cost will only increase as medical inflation is higher than the core inflation in Singapore. Having funds during these critical periods is vital, especially if you lose the ability to earn an income.
Leaving Something For Your Loved Ones
Many of us have had to pass up on opportunities solely because of financial difficulties. When the next generation comes along, we as their elders wish to alleviate their hardships and provide them with as many opportunities as possible.
The best investment plans in Singapore don’t only look at just the individual but also take into consideration the children and loved ones that they wish to leave a legacy behind for.
Start Planning Today
For those who are unsure how to go about starting a retirement plan, Soul Wealthy has got you covered. Click here to find out more about how you can secure financial stability for both you and your loved ones to prepare for the years to come.