How to curate your retirement playlist

Building a retirement nest egg with an endowment plan is similar to putting together a great party playlist — you need the right mix to have a successful outcome. Learn how here.

According to Prudential’s Ready for 100? Preparing for Longevity in Singapore report, 55 percent of those surveyed said they were financially unprepared to live to 100 years old. But with Singaporeans tipped to live longer than previous generations, how can you save enough to see you through your golden years?

As the saying goes, “life is one big party” — and any good party needs a solid playlist. So what should your retirement playlist sound like? And with life expectancy on the rise, how long should your playlist be?

The “Remix your Future” campaign celebrates the launch of PRUActive Retirement, Prudential’s latest endowment plan, which helps individuals custom-build their retirement fund. We share tips on how to put together a solid retirement “playlist” using PRUActive Retirement, to help you keep grooving into your retirement.

Building the right playlist
Much like retirement, no-one knows exactly how long the party will last, but a DJ should plan a playlist with a few key moments in mind, for example songs that amp up the party, bring it to its climax, before slowly winding things down. Mixing up tunes — and playing them at the right time — is the key to a killer playlist.

The same applies to retirement planning. Important financial end goals to consider when building your retirement savings through an endowment plan include: the amount you ultimately want to have stashed away; how long you want to pay premiums for; and when you wish to receive a payout.

Match the music type and volume to your mood
Do you want guests at your party to be able to converse, or is this a dance party where they can let their hair down? Achieving the desired mood calls for different types and volume of music, just as having different life goals will affect the way you draw down your retirement nest egg.

Are you planning to retire early or would you like to work for a longer period of time? With a flexible plan like PRUActive Retirement, you get to decide when your payouts begin.

Have a mix of classics and the latest dance beats
Every solid party playlist ought to have a good mix of classic favourites and new beats to keep things fresh. A good balance of the new and the nostalgic can be a crowd-pleaser and make the party memorable.

Like a well-thought-out playlist, PRUActive Retirement has basic elements of an endowment plan, such as a guaranteed monthly income, but also contains modular components, such as the ability to change your payout period by lengthening or shortening, empowering you to build the retirement plan that fits your exact needs.

Channel your inner DJ: maintain a steady mood
Every good DJ knows that it’s important to have a plan and to ensure each song transitions smoothly into the next, since maintaining good song flow helps keep the party mood steady. No one likes dead air or a jolting genre change. It would be a mistake to follow a country blues tune with a heavy metal track.

Likewise, having the monthly income payments from the retirement fund that you worked hard to build start to fluctuate will be an unpleasant surprise. PRUActive Retirement can give you peace of mind by providing a monthly income that guaranteed never to decrease (called Step Up Income) so you can focus on enjoying your golden years without having to fret about financial support.

This advertisement has not been reviewed by the Monetary Authority of Singapore. PRUActive Retirement is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the GIA/LIA or SDIC web-sites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).

Putting together a robust retirement fund is not unlike compiling a great party playlist and creating the perfect retirement playlist fit for you is easy with PRUActive Retirement.