In the past, we would study for 20 years, work for 40 years, and then live off our savings for the remaining 20-plus years.
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But with longer life expectancy and advances in medicine, it is likely that most of us will live to 90, if not beyond. Women also tend to live longer than men.
Being able to live for longer has its perks. We get more time to be with our loved ones and watch them start new families of their own, we can travel around the world and even pursue our passions.
However, this dream will only be possible if we have enough finances to see us through our golden years.
The question then is, will your savings be enough? The answer is probably no (unless, of course, you’re a high-income earner with very low expenses).
It is hardly surprising that due to inflation and the rising costs of living, everything will likely become more expensive in time to come. This is why saving cash alone may not be enough for most, as the value of your cash will decline over time.
Choosing to work in your 60s or 70s may not be an option available to everyone either
The smarter way would be to invest so that your cash can work for you.
Starting early will also allow you to compound your money over time to a sizable sum.
For instance, a 30-year-old who diligently saves and invests S$400 a month at 4 per cent per annum returns can get S$370,000 by age 65. Presuming she lives until the ripe old age of 95, that means she has an additional S$1,025 from her investment income each month, on top of CPF Life payouts.