Some people think you need at least $600,000 to be financially free. The truth is you can have more than this amount to spend but you don’t really need to save that much.
This sounds like a contradiction but Invest Editor Tan Ooi Boon will show you practical tips that can help you find out how much you need to retire and what you can do to plan for a comfortable retirement that can last a lifetime.
Many people just focus on investing but they never bother to find out whether the outcome is enough to meet all their needs, which is the primary focus of any investment.
“You are the most important asset of your life. Not your property, not your bank account, but you,” he said. Mr Tan was speaking at the first InvestMe event – Retire with more money – which was held at SPH Media’s auditorium at News Centre in Toa Payoh North on May 16.
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If people know how much they need, they can plan for their retirement, he said, adding that “everybody can have enough money if they spend within their means”.
Ms Estelle Tan, a Singaporean entrepreneur who is based in Finland, attended the event because she said her mother and aunties are loyal fans of Mr Tan’s articles.
“My elders may not listen to my advice, but if Mr Tan writes about it, they will follow his advice,” she said. She added that when Mr Tan wrote in February about the importance of making a lasting power of attorney (LPA), all five of them made an LPA.
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This article is part of ST InvestMe — The Straits Times’ premium investment series by Invest Editor Tan Ooi Boon and the Invest Team.
