Be financially savvy: 7 tips for millennials to better prepare themselves for retirement

Be financially savvy: 7 tips for millennials to better prepare themselves for retirement

The Straits Times – 07 August 2017

Variously accused as high-maintenance, impractical and soft, millennials have a reputation for dreaming big but being unwilling to work for their aspirations.

Among these dreams is retirement at 60. According to HSBC’s Singapore report in May on The Future of Retirement series, Shifting Sands, most of those here aged between 20 and 37 expect to quit working at 60. This is two years earlier than the overall average of those surveyed in 16 nations.

Rather than heap scorn on their dreams, Ms Shirley Tan, head of marketing and customer experience at Etiqa Insurance, said millennials should plan early in order to be nearer their goal.

“Millennials are in the best possible position to get started, with about 40 years to save for retirement, and whatever they contribute will grow and accrue interest greatly over time,” she noted.

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