Wednesday, October 30, 2013

Preparing for retirement

Ok, I admit. I'm behaving like an ostrich burying its head into the sand. There are reminders everywhere about having strategically plan for retirement i.e. knowing how much you need, and how much you need to start putting aside now, but truth be told, I am only looking at our current mortgage. Further planning is unbearable, mainly because I can't bear to look at how much more I should probably be saving, and how far I am from the target.

Conventional wisdom has it that we need two thirds of our last drawn salary every month to sustain our desired lifestyle, but how can that be achieved without continuing employment?

It was great relief to find out about CPF Life, a kind of compulsory annuity that provides a small monthly income after the age of 65, if the minimum sum is met. The allowance isn't much, but it does mean never having to actually be impoverished.

In the meanwhile, like a squirrel saving nut by nut its winter store, I purchase a high-yield stock occasionally, whenever there is cash to spare. Nope, I'm still not taking a good, hard look at my overall finances, though I probably should :( Maybe when I get my salary back after graduation :P

Little Fish and I had a brainwave yesterday. After retirement, maybe I will offer pet boarding and grooming for small animals at home. What a fun job it would be!


Rabbits' Guy said...

"A little bit of all you get is yours to keep." .. put all you can in a safe investment as often as you can! (Nuf said ...)

speedyrabbit said...

I'm with you RG!