Future-proof your golden years
Smart habits for a more secure retirement to help you stay confident and in control as you embrace life’s next chapter.
Retirement is a new chapter in life, not an end. It brings slower pace but endless possibilities. Retirees can enjoy freedom while staying confident and in control, by adopting smart habits and using the right financial tools.
Firstly, keep your finances growing. Inflation and changing spending habits mean your savings should not just sit still. A high-interest savings account like Standard Chartered MyWay Savings Account can help. It rewards you for keeping more money in the account without locking it up. Review your savings and spending every six to twelve months to ensure your financial plan aligns with your evolving needs.
Secondly, protect your funds using digital banking tools. Digital banking is not just about convenience, it's also about safety and control. Features like Money Lock can protect your funds by blocking unauthorised withdrawals or transfers. The Kill Switch feature lets you suspend your account instantly if you notice any suspicious activity. Standard Chartered also offers Digital Scam Protection Insurance to MyWay Savings Account holders, covering up to S$50,000 for losses from unauthorised fund access.
A flexible financial plan is crucial to adapt to life's surprises. Plan for an emergency fund to cover three to six months of essential expenses. This fund should be easily accessible without penalties, giving you the freedom to handle unexpected needs. Reserve a portion of your savings for spontaneous experiences or unforeseen medical costs.
Lastly, dedicate time for activities that add meaning to your life. Pursuits like volunteering, photography or gardening can provide fulfilment and structure in retirement. These activities can be as important as managing your finances. Regular financial check-ins every six to twelve months can help you stay on track. Adjust your budget, savings growth and changing needs as required.
Speak to a trusted financial adviser or banker to uncover any opportunities or gaps in your financial plan. Retirement is about playing smart, not just playing it safe.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
