Why you should start retirement planning early

Retirement isn't just about stopping work. It's about living on your own terms, with enough money to support the lifestyle you want. And the truth is, your ideal retirement can look very different from someone else's. Your retirement might involve mentoring young people, pursuing creative hobbies, volunteering for causes you care about, or finally writing that book. Others might want to travel, learn new skills, or simply enjoy more time with loved ones. The key is having the financial foundation to support whatever meaningful path you choose.

The earlier you define your retirement lifestyle, the clearer your savings goal becomes.

Start with your vision

What kind of retirement do you imagine?

• Purely practical: Meals at home, the occasional kopitiam treats, public transport, no frills
• Flexible: Occasional travel, regular restaurant outings, a few hobbies, private healthcare options

There’s no ‘right’ choice. But your goal should match your desired lifestyle, and not someone else’s expectations.

Your lifestyle affects your retirement needs

The more activities you want to pursue, the more you'll need to budget for ongoing expenses. The more flexibility you want in your choices, the larger your financial buffer should be. The earlier you want to retire, the more you'll need to save to cover additional years without employment income.

The key is to be realistic. Think about what makes you happy, and build your plan around that.