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What it really takes to retire well | Money Talks (ft. Prudential's Lim Szer Khee)

CNA

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Planning for retirement no longer means a hard stop at 65 years old. With longer life spans and rising living costs, Singaporeans are now planning for a flexible, active second act in life. Andrea Heng speaks to Lim Szer Khee from Prudential Singapore to find out how you can fund a meaningful retirement while staying financially secure.

This episode is brought to you by Prudential Singapore.

01:56 We're living longer. But is it better?
04:04 Retirement is no longer a hard stop
05:29 Side hustles as retirement prep
05:57 Security vs. financial freedom explained
07:51 Mindset shift for a fulfilling second act
08:44 Why passive income matters most
10:28 The mistake of spending too little
12:52 Hedging retirement with inflation-linked plans
17:09 Advice for millennials on retirement
19:20 Differentiating retirement and legacy planning

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20 Comments

@WilliamLionCity 10 months ago

Before you retire, you gotta have that active income, when you’re retired, passive income is where it’s at, and after that, it’s all about happiness in the next life.

@FKCao-ry7in 10 months ago

In the 1st place, enough money n good health to really retire well.
For eg,
1) A relative who has the money, lives in private property but with cancer, retirement @ 55 yo. When his cancer in remission, the person able to go on a tour in a long while with his family. But long given up his hobby of keeping expensive fish, as no more mood n energy to take care.
2) A relative who altho has good health n enough money after retirement in his late 60s, has to spend half a day every day to be with his wheelchair bound elderly brother who stays alone. This relative's elderly brother is single n suffered a stroke, has day care, but evening till night, his brother takes over the care.
So, to really retire well, one must have enough money n good health, n even the health of those close to one, matters.

@howec4388 10 months ago (edited)

Nothing is more exciting than saving money, even when you are retired, regardless of how much money you have.😄

@peterlai6503 7 months ago

1. Healthy
2. Debt free
3. Hobby that earn kopi money
4. Self lock monthly income
5. Continue saving from above
6. Simple meals are good and healthy

@LorrG07 5 months ago

Had watched a few eps of Money Talks. Just want to say that Andrea is really a good host, able to summarize, lead the conversation, and pace the session well

@hockauntan 10 months ago

Thank to share the dream in sleep dream retirement once wake up everything back to normal

@johnniewalker7628 10 months ago

Last day of work was 15 yrs ago, yes one needs some money. The 2nd most important is hobbies, keep busy or else.

@andrew2001 10 months ago

The best form of retirement is having hobby.Without hobby even if you are super rich, what are you going to do?

@chanhy10 10 months ago

It is true baby boomers are great beneficiaries of Singapore’s economy. Mainly because they own properties, especially private properties. Around houses in many estates, including near orchard road, houses that are lived in look aged. How can the owners, who are asset rich and cash poor monetise their properties so that they can renovate their houses and also provide extra cash for their living expenses. This will help many retirees whose assets have increased very substantially especially over the last 5 years.

@onioni111111 5 months ago

Answer: Money. Thank you for watching

@mL6883-q3r 10 months ago

Good that the interview did not go into insurance products or ILPs, altho interviewee mentioned index linked products which is prob referring to iLPs. A better interviewee will go into basics of investments like equities, bonds, index funds, etf, money market funds, high yield savings account etc, and the basic but important strategies of compounding, staying invested long term, diversification, dollar cost averaging etc.

@sleepy_dobe 10 months ago

Question: I'm in my 50s, several life events have wiped out my savings and whatever financial plans I had for my retirement. Wreak havoc on my mental health. Now unemployed, mental health damage has made it difficult for me to hold down a job for an extended length of time, and running out of CPF to pay for my mortgage. What options are there for me to get back on track? The way I see it, looking at our society, I'm screwed. There's no light at the end of the tunnel for me.

@djatin599 4 months ago

I am 64 , most of mortage of HDB home paid. Will liquidate all ETF investment and top up RA.
Stopped working 1 year ago. Never own a CAR, not planned.
Medisave balance 79K which will pay annual Medishield premium for me & spouse. Rider still have but will cancel after Turing 65.
I don't understand why need 1 million. CPF system allow 450K balance in RA.

@edwingoh1981 10 months ago

Kind of strange for someone to talk about how to retire well when he is still actively employed.

@vincecarlo 10 months ago

99 Yr HDB LEASE
10 Yr COE LEASE
ASTRONOMICAL Cost of Living in SG
How to RETIRE Comfortably ???

@kengleetan63 10 months ago

Money.
Enter a GRC if one can.😆

@nickstephenlim3882 4 months ago

I stopped my prudential policy. Worry can’t claim, they stingy

@cheenangng4050 10 months ago

Sounds like an insurance salesman, probably is an insurance salesman

@buzzrenren 10 months ago

Dread your work? Then you will definitely love the idea of early retirement. Is it realistic? Yes and no depending on your circumstances.

Love your work?have gratitude for your life and family members and friends? Keep reasonably fit? Retirement is not a main focus.

For most people, it’s the hatred for their jobs that is the main issue.