Career

The Wise Way to Retire

50s onwards

You are in the late-stages of your career. Your children are already working or completing their education. You might still have some financial liabilities like your housing loan, but you’ve repaid a substantial portion of it. You’ve even accumulated some savings that you put to work in unit trusts or other investments e.g. property.

Do you still need insurance? Short answer is yes. Read on for the longer explanation.

Insurance you need:
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Medical Insurance
This is a must even if it’s expensive. If you have relied on company insurance till now, you must get your own medical insurance so that you’ll still be covered when you retire.
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Total and Permanent Disability Insurance
Protect yourself in case you are disabled through an accident or a medical condition. It’s hard to get disability insurance independent of life insurance. So consider getting a life and TPD combo.
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Critical Illness Insurance
Chances of getting a critical illness like cancer, heart attack, or stroke is higher as you grow older. Having CI insurance will give you an extra lump sum to pay for expenses not covered by your medical insurance like experimental treatments or your living cost.
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Term Life Insurance (Optional)
If you still have children or a non-working spouse who depend on you for financial support, term life insurance will provide them a lump-sum payment should anything untoward happen to you.
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School & University Fees Insurance (Optional)
Suitable If you have children with substantial fees ahead of them and you want a trustee to take care of the education fees on your behalf should anything untoward happen to you.
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FINANCIAL WELLNESS TIP

At 50, you should have at least 30 years of healthy life ahead of you. That’s still a long investment horizon. Consider a mixture of equity-based unit trusts to derive higher long-term returns, and balanced funds that provide a more stable return over a shorter time period. Roboadvisers can also help allocate your investments to these different asset classes and recommend a portfolio that matches your investment goals and risk tolerance.

Also draw up a will to ensure an orderly distribution of your assets to your loved ones when you pass away.

It’s now crucial to seek professional advice on retirement planning from a licensed financial planner.