Why you should not retire early

elderly workers in singapore

There’s emerging proof retirement doesn’t just mean a few more years of tennis, fishing, and overseas trips.

Choosing when to retire is a complicated choice that isn’t only based on financial considerations. Your overall wellness, family duties, and personal goals all play a role or should play a large part. The most crucial question is whether you’ve considered what you want to accomplish with your senior years, no matter how long they may be.

Whatever your answer may be, here’s why we think you should not retire early.

Boredom

The added hours in your calendar may contribute to depression and isolation if you don’t have a strategy on how to manage your time. Work stimulates various aspects of a person’s life; it may be tough to retain a sense of direction if you don’t have weekly pursuits planned, coffee dates with peers, or obligations with volunteer groups in order.

Social issues

Friends and colleagues who are the same age as you but still work may have wholly distinct lifestyles. They may also earn more than they did five years ago, making it harder to find common ground to talk about or endeavors to do collectively. You may end up losing your connection with social networks that you have spent your working years cultivating.

Lack of money
a spilled jar of retirement coins

Image Credits: investmentnews.com

Even if you realized for certain that the typical retirement length would hold true for you, it’s still possible that you won’t be able to fund your retirement. Indeed, the standard guideline of saving 10 times your final pay before retiring sometimes ignores crucial considerations such as old debt, unforeseen healthcare costs, and growing living expenses.

No turning back

It won’t be simple if you come to your senses after taking early retirement and wish to return to the workplace. Seeking new work opportunities when you’re over 50 might be difficult, even if you’ve voluntarily resigned from your prior position. If you do find work, you will have to accept much lower pay. Will you be ready to eat the humble pie and settle for less?

Health considerations

Continuing to work while you can isn’t only about money; it might also be about your overall wellness. Early retirees are more prone to be physically and psychologically ill than those who work for longer periods. Unfortunately, the prevalence of mental health problems among retirees is substantially greater.

Shrinking retirement funds
an old man looking at his bills

Image Credits: foxbusiness.com

Early retirement has both advantages and disadvantages. To begin with, you cease increasing your wealth just when compound interest is reaching its greatest impact. Someone who quits saving at 60 years old might lose big bucks in portfolio growth compared to another who decides to do it at 65. Furthermore, when you retire, your nest egg not only begins to shrink, but it also starts diminishing by whatever it takes to support your standard of living.

Many individuals aspire to retire at the age of 50 or even younger. Those who leave a job at such an early age, on the other hand, may not find retirement meaningful. Your finances or investment portfolio may not represent how much fun you will have in the next decades. Consider the abovementioned points before you make the move.

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Brunch Guide to 5 Best Places in Singapore

Cafes in Singapore are easy to find. And, as brunch has become a staple in most of our lifestyles, more eateries have presented their brunch offerings.

Brunch is one of the best meals you can have for the day, especially during weekends where sleep is a luxury. Just ask the Singaporean ladies who brunch! If you are an avid fan of brunch, you are in for a treat. Singapore has several restaurants that offer brunch options apart from the classic avocado toast.

Here are some of the brunch places where you can indulge at!

1. THE NEPTUNE SG

Nestled in the trendy streets of Katong, where cold brew and sourdough abound. Decked out in a calming sage green, the Neptune SG is inspired by Japanese cuisine.

Here, you will if brunch options that will tickle your taste buds. You can try their flavorful Shrimp Scampi (S$21.90). This dish comes with ribbons of tagliatelle, which are dressed in garlic butter shrimp sauce with a crispy shallot panko sauce.

Image Credits: facebook.com/theneptunesg

Location: 237 East Coast Road, Singapore 428930

2. WILD HONEY

Wild Honey boasts a hearty list of delicious all-day breakfast dishes inspired by various places around the world. Wild Honey’s beautifully designed restaurants use the highest quality ingredients, which are stunningly presented.

You can start with the extra cheesy Brazilian bread and work your way up to the spicy Shakshouka with chorizo and braised eggs. If you prefer French food, you can order the St Michel, which is a savory French toast.

Image Credits: wildhoney.com.sg

Location: Multiple locations including Mandarin Gallery

3. THE POPULUS COFFEE & FOOD CO.

Constantly graced by queues, Populus is known for being one of the top places for brunch. Its Buckwheat Pancake (S$18.50), the Populus Scramble (S$18), and grain bowls are immensely popular.

You see, Buckwheat Pancakes are fluffy and soft. Surrounded by cornflake crumbs, the pancakes go well with its thyme-infused maple syrup. Be sure to get this Instagrammable moment!

Image Credits: facebook.com/thepopuluscafe

Location: 146 Neil Road, Singapore 088875

4. 6 LETTER BRUNCH

6 Letter Brunch is the latest Instagrammable cafe to hit the East. It is situated along Siglap Road. Started by the same team behind 6 Letter Coffee, this bicycle-themed cafe is decorated with bicycle racks and potted plants.

Its menu is incredibly expensive, with over one hundred items to choose from. You can try the 6 Letter Brunch Rosti (S$16). This dish has Norwegian smoked salmon, house-made rosti, sunny-side-up egg, shiitake mushrooms, avocado, fresh fruits, sour cream, and salad.

Image Credits: facebook.com/6letterbrunch

Location: 103 Frankel Avenue Singapore, Singapore 458225

5. XPERIENCE AT SO/ SINGAPORE

Dubbed as the “Mother of All Brunches”, Xperience at SO/ Singapore displays its brunch offering with perfection. Create magical memories by indulging in a tower of magnificent delights.

You can look forward to tasting dishes like Grilled Truffle and Cheese Toasties, Chicken and Beef Sliders with Poached Tiger Prawn Skewers, and Tonkotsu Tartare Beef Ribeye. People who love sweets can finish their brunch with Chocolate Fondue and Homemade Waffles. Just typing this makes me hungry!

Image Credits: so-singapore.com/wine-dine/xperience-restaurant/#map_ctx

Location: 35 Robinson Rd, Singapore 068876

Bookmark this guide to the best brunch places in Singapore for reference when your cravings hit!

Sources: 1, 2, 3

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Here’s how to stop the urge of spending money

shopping bags

Emotions have a big influence on what we buy. As a result, it’s understandable that when anything is going on in our personal lives, it will manifest itself in our financial habits as well.

Does a little online shopping sound like the solution when you’re having a bad day? It may be as simple as picking up a new blouse or the latest pair of shoes. You convince yourself it’s not a huge cause for concern; you simply want to treat yourself to something good. Hold your horses! Making judgments based only on emotions is a proven way to give impulsive buying the upper hand.

Here’s how to stop the urge of spending money.

Have a plan

Having a plan for what you want to purchase and how much you will spend before you begin your shopping spree is a wonderful strategy to avoid impulse purchases. You will be less prone to overspending if you have a shopping list in place. It might include everything from groceries to holiday gifts for your family and friends; just make sure you know what you want to grab before you go.

Solve issues with existing products
DIY drums

Image Credits: sneakernews88.top

Is it really necessary to have a mobile phone holder on your workstation, or can you just rest it against a water bottle to check incoming notifications? Is it wise to purchase your kid a toy drum set when you could DIY your own? Using a little creativity, you might be able to fix problems with products you already own, or at the very least, postpone your next e-commerce transaction.

Track all that you’re spending: big or small

The smallest purchases may quickly mount up, and by the end of every month, we may be faced with buyer’s regret. The secret to effective budgeting is keeping track of your expenditures because it holds you liable for every dollar that leaves your bank account. You will be capable of making better spending decisions once you know where your money goes.

Many people begin by keeping track of their larger spending, but it’s just as vital to keep track of those minor, recurring purchases. A daily cappuccino, weekend meals out, or getting a seemingly harmless monthly magazine may add up to a lot more than you realize, and they can have a significant impact on our finances. You would have saved roughly over $100 per month if you could forego that Starbucks drink before you hit the office.

One of life’s most noteworthy temptations will always be to spend. Knowing how to control your impulses will help you get the optimum financial status possible in the future. While avoiding spending urges may seem tedious or challenging in the short term, the money you save today will provide greater options for enjoyment and financial security in the long run.

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Tips to educate your kids on investing

teaching kids how to invest

Time is your best friend when it comes to investing. The longer time you allow your assets to develop, the bigger your retirement fund will be. The problem is that most individuals aren’t educated about investing until they’re in their adult years. And by that time, most have already squandered over two decades.

Traditional educational systems often do not educate children about investing, such as why they should acquire stocks while they are young and how to build a diversified portfolio that will last them until retirement. As a result, it is incumbent on parents to prepare their kids for financial security. Fortunately, financial literacy can be taught from the comfort of one’s own home.

Here are tips to educate your kids on investing.

Patience is key

Investing, like most pleasures in life, takes patience. Instill in your kids the understanding that investing is not a get-rich-quick gimmick. Rather than anticipating a rapid return, the idea is to put money into the stock market and watch it increase over time. This piece of advice will set more realistic goals for your child when it comes to investing from the get-go.

Gift them investment books
How to Turn $100 into $1,000,000: Earn! Save! Invest!

Image Credits: amazon.com

There are several excellent finance-related books for kids and teenagers that may help your child learn more about investing. For example, How to Turn $100 into $1,000,000: Earn! Save! Invest! is ideal for any parent who wishes to raise a child who is financially savvy and secure. The quest begins with instructions on how to make a first hundred bucks while the rest of the book follows the path to a million dollars. What’s there not to like about it?

Introduce familiar companies

For years, the expression “buy what you know” has been tossed about in investment circles. It’s important to teach kids how to invest by putting their money in firms they recognize. Today’s children are well-versed in product branding and are adept at conducting web searches. Consider inviting your kid to spend time with you investigating the stock price of a firm they are interested in.

Look up the payout history during the search and clarify why they will get the declared dividend amount for each share of stock they hold. You could perhaps suggest reinvesting returns to continue expanding the asset, based on your child’s financial literacy level. Kids may become long-term investors by investing in what they know: if they clearly understand the firm and grasp what drives its operation, they are more inclined to stick it out during moments of instability.

The sooner you start introducing concepts of investments to your children, the more probable they will establish good financial habits and accumulate money over time. You may even be amazed at how much your children can comprehend, notably if you start teaching them diverse tactics at an early age. Don’t put off the thought of helping them start saving for retirement; they will thank you down the road.

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6 Benefits of Staycation in Singapore

The staycation trend has increased significantly in recent years. Instead of travelling far for your vacation, you can stay in a hotel nearby to act as a tourist discovering local attractions.

Staycations have several benefits that make them attractive to couples and groups of friends. Here are some of the benefits:

#1: SAVE MONEY

Staycations are more cost-efficient than traveling overseas due to cutting expenses such as airfare and expensive meals. Travel and accommodation can cost a lot of money. A chunk of vacation budget goes towards these categories.

When you are preparing for a staycation, you can use your money towards more entertainment activities and delightful food.

#2: MAXIMIZE TIME

Say goodbye to airport stress and the possibility of flight delays. Your travel time will be shortened due to staycationing nearby. Aside from saving time, you do not have to deal with the stress of queuing, traffic, and so on.

Image Credits: pixabay.com

#3: LEAVE YOU INSPIRED

Having some down time can give you a chance to explore innovative ideas. Steer away from chaos and generate fresh ideas as you lounge in the hotel lobby or sit near the hotel pool. Inspirations can later be turned into productive projects.

#4: FIT FOR SHORT BREAKS

If the vacation days your organization gave you is short, it is vital to make use of your time. It is easier and more practical to allot it in a weekend getaway.

You can be spontaneous year-round as you book and enjoy a relaxing break, within Singapore. Consider alternative places such as a glamping staycation, a staycation in a yacht, at SG Hotel On Wheels, or at Resorts World Sentosa.

#5: NO JETLAG

With international travel, you can experience time differences and jet lag. Arriving at 7 am after a 14-hour flight and having to stay awake all day may make you feel uneasy.

The time difference can also impact your vacation quality and access to contacting your family back home. There is no need to worry about jetlag and time difference during a local staycation!

#6: PLAN LESS

Planning is a huge part of people’s holidays. You have limited time to explore a new country and you want to pack in as many things as possible. However, planning to visit a new country can take time.

Image Credits: pixabay.com

The beauty of a staycation is that you can leave home without completing a list of tasks such as searching for cheap flights or searching for accommodation near the airport. Less planning will enable you to spend more quality time with the people you love.

Sources: 1 & 2

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