The most important aspect of savings pertains to prepare for life after retirement. In Singapore, if one goes by rising prices in the last few decades, it becomes clear that one needs a massive amount of money after retirement to maintain the same lifestyle that one is used to today. When you reach the age of retirement, your body is not what it is today and you are mentally exhausted also.
When the steady source of income dries up and you are no longer fit enough to do a full time job, it makes sense to prepare for the time now rather than waiting for some more time. There are professionals called financial advisors and insurance advisors working for various financial companies in Singapore. These people recommend the right investment tool based upon your present income and future requirements. While some dislike saving for future, it remains the best option for emergencies that raise head in future.
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