Once you have a clear idea of where you are and where you want to go financially, you should get started. The earlier you plan, the more time you have to achieve the goals that you've set.  Remember you have to be realistic about your objectives, and committed to working on it conscientiously.

Retirement and long-term financial planning rarely ranks as one of our top-priorities as there are just so many other urgent or more pressing issues. However, the longer you delay, the more work you will have to do later in life to reap similar reward. Here's an example.

Mr. Lee and Mr. Tan, are both 35 years old. Mr. Lee starts a regular investment programme immediately and puts away $7,200 at the end of every year for the next 10 years at 10% p.a. returns. 10 years later, he stops contributing and leaves the money in the programme, which gives him a 10% p.a. return for the next 20 years. Mr. Tan delays contributing money until he is 45 and contributes $7,200 at the end of every month for 20 years at 10% p.a. returns until he retires. When both of them retire, Mr. Lee has contributed $72,000 has accumulated about $772.000; whereas Mr. Tan who has contributed twice the amount has accumulated about $412,000.
[Source : Brochure on "Benefits of Financial Planning" by the Central Provident Fund Board, Financial Planning Association of Singapore, and the Ministry of Community Development and Sports.]

This is the power of compounding! You will realise that time is one of your greatest assets when it comes to retirement planning.

The earlier you start to plan your finances and accumulate these resources, the easier it will be to ensure life-long financial security!  Learn some basic principles