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5 questions to kick-start your retirement planning

Retirement shouldn't mean giving up on chasing your dreams and passions; in fact, it's probably going to spark a new chapter of new adventures you finally have time to pursue. And planning for your retirement isn't a meaningless and dull process you should dread. Instead, it can turn into a truly insightful exploration of your life, goals and aspirations. Ask yourself these 5 simple questions to get started.

1. What are my future goals?

Perhaps you’ve always had a passion for learning the piano, but never had the time to do more than tinker briefly on the ivory keys. Is there a grand piano purchase in your future? Do you want to take lessons for casual playing or do you want to get graded certifications? Besides your time, passions like these often involve some level of financial commitment, so have a think ahead of time about what funds your passions and hobbies may require.

2. What future goals do my loved ones have?

Besides your personal goals, it's also important to consider the aspirations your nearest and dearest might have. Planning for your children's education, for instance, is something most parents factor in heavily in their retirement plans, especially if it means there isn't a steady monthly paycheck coming in any longer. But that's not something to fret over; careful forward wealth planning can make this goal a reality even if you're planning to stop working before or during their college years.

If your child has managed to get into a prestigious Ivy League university in the US, you'd definitely want to help make that dream come true (besides popping the champagne!), so planning ahead is definitely a good idea.

3. What do I want to leave for my family?

Leaving a legacy behind for the ones you love the most is a great goal many retirees have.

Part of legacy planning also involves taking stock of how your loved ones are currently doing financially and consider the needs they might have in the medium to longer term. Have a think about the assets you'd want your family to have and work backwards to include these in your wealth planning and investment portfolio creation.

4. Where do I see myself after my last day of work?

You've worked hard and been a part of the rat race for most of your adult life. When your golden years roll around, where do you want to be and what is it you want to be doing?

It's not uncommon to aspire towards a complete change of scene after you retire. You may want to relocate to another country where the cost of living is lower and the way of life simpler.

Besides the obvious relocation and property price tags, there are other costs to consider. If you're planning to move to another country or further away from your family members, there are also going to be travel costs involved in going to visit them. Healthcare in another country might also be different from the system you're used to back home, so that might take some forward planning as well. If you've already got a dream destination pinned, start planning for that retirement move as soon as you can.

5. Who can help get me started?

Finally, after answering the first 4 questions, you'll have a much better idea of the kind of life you'll want to lead after you retire. Now on to the practical stuff - speak with one of our dedicated Relationship Managers to map out your aspirations and personal financial goals, and complete our risk profile questionnaire to understand your investment risk appetite. There is no one-size-fits-all approach when it comes to retirement planning and that's where we come in, with a customised strategy meant just for you.

Retirement planning doesn't have to be drab at all. Think of it as the gateway to all the exciting goals and passions you want to chase after you no longer have to subscribe to the daily grind. Exploring these 5 questions is a great exercise to lay out the kind of life you want to lead during retirement, and to let your wealth strategy help get you there.

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