3. Living Too Long
What Happens If I Live Too Long?
Hmm… it seems that living for too long also has got problems.
If you’ve been following the news recently, you’ll know that a growing concern between the baby-boomers generation is the CPF Minimum Sum.
Many feel that they should have the right to draw out a larger amount instead of keeping it holed up in their CPF account.
After all, why keep all the money there when we could use it for oversea trips, eat at expensive restaurants and finally enjoy life after 65?
While we all dream of living this amazing lifestyle, reality sinks in and prevents us from doing so.
Think about it, how long can your savings last living this extravagant lifestyle?
As of 2012 statistics, the average life expectancy of Singaporeans is 80.2 years for men and 84.6 years for women.
I would like to say that it boils back down to money but the truth is, it’s not about the money.
It’s about your plan.
With a plan in place, you know how much you can spend each month and live really comfortably. And it starts with working on your retirement plan when you’re younger.
The risks in life may be high, but they can be avoided with proper planning.
The question is…
Have you gotten yourself covered?