Fulfilling Dreams with Financial Planning

Are you ready financially for 100? It may sound challenging but it’s possible! In the #Bringon100 series, our employees and financial consultants in Prudential share on planning financially for a longer life. In the third edition, our Master Financial Consultant, Shirley Lee, talks about how financial planning can help you achieve your dreams.

Saving for 100 Report: 44% of Singaporeans are not confident of saving enough because of growing financial responsibilities and costs of living.

#Bringon100 I am going to plan for my future by making sure that I have endowment policies that will mature at important milestones of my life. They can provide a stable return over the medium to long term and can be a very effective way of saving systematically.

Saving for 100 Report: With so many responsibilities, 6 in 10 Singaporeans are postponing milestone such as marriage and having children because they need more time to save.

Time is never on our side, but it is never too late to speak to a financial consultant on how you can manage your cash flow to fulfil your dreams. Some of my clients earn a good income but struggle to save. Once they take the first step to get an endowment policy, they become more aware of the benefits of making deliberate decisions to save. They are very grateful to receive their cheques when their plans mature as the cash value helps them to fulfil their goal of buying a property and going on trips that they always wanted to!

Saving for 100 Report: Singaporeans are diversifying income sources with CPF, bank savings, insurance and investments in their financial plans.

It’s just as important to grow your money as to invest in protection plans because insurance can help you to manage your financial risk. I believe in building a strong base for financial planning and I do this by buying insurance to insure against the risks of losing my income. I also actively look at financial instruments which can provide income upon retirement so I can sustain my lifestyle. About 20 percent of my annual income is set aside for wealth accumulation, in investment-linked plans that are diversified across different countries and industries which can help to cushion the impact of market volatility.

Saving for 100 Report: Healthcare is the top priority that Singaporeans are saving for ahead of older age.

Me too! I am saving for my golden years with various endowment and investment plans while making sure that I have healthcare protection so I can enjoy retirement with peace of mind! To me, the Integrated Shield Plan is one of the most essential medical plans as it will ensure that my nest egg will not be depleted due to unforeseen medical bills. With all these plans in place, I hope to achieve my dream retirement which is to travel to exotic destinations with my spouse at least thrice a year!

Read Our Saving for 100: Funding longevity in a time of uncertainty report to find out what are some of the financial challenges Singaporeans face as life expectancy rises and how they plan to manage their wealth in anticipating of living a longer life.

Let’s be prepared to live life to the fullest, up to 100! #Bringon100

This advertisement has not been reviewed by the Monetary Authority of Singapore.

This article is for your information only and does not consider your specific investment objectives, financial situation or needs. We recommend that you seek advice from a Prudential Financial Consultant before making a commitment to purchase a policy.