PERSONAL WEALTH MANAGEMENT FOR RETIREMENT PLANNING (LIFE POLICIES & HOUSING)

Abstract

This study goes into understanding how Singaporeans plan for their retirement based on their pre-retirement income. It hopes to give Singaporeans looking to retire a clearer picture as to what they can be looking towards when it comes to their retirement. Given that Singapore has various measures and schemes in place to support Singaporeans in their retirement, this study helps to summarise them and provide valuable advice to Singaporeans. In this study, I have separated Singaporeans into various groups based on their age, income, housing asset value, and cash values based on their current insurance policies. This will help to give them case-specific solutions to how they can retire comfortably at the minimum retirement age of 63. From the study, we have come up with several different ways that these individuals could adjust their housing assets and insurance policies to fully optimise their retirement sum and achieve their desired retirement lifestyle. However, these solutions are just the basic methods that this group can adopt. Further personalisation of these strategies and solutions should be adopted in order to obtain the best outcome for their retirement.