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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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15. Retirement Planning

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Introduction

We spend close to a quarter of our lives in retirement. A person retiring at 60 will probably live for another 21 years or more. As the quality of life improves, you can look forward to living longer than the current average life expectancy of 81 years. While this sounds like good news, accumulating enough money to live comfortably for that many years is a daunting task. One of the most common mistakes people make is not planning early enough for their retirement. The later you start to plan, the harder you must work for a comfortable retirement. Indeed, even early planning is no guarantee of success because ...

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