Check out how much you need for retirement?

Reference from CPF Board,

Congratulations for taking the first step to retirement planning!

The sooner you start your retirement planning, the more comfortable you will live in your retirement years.

Check out how much you need for retirement through:

1. CPF Retirement Estimator - This Estimator gives you a simple way to compute the lump sum savings you may need for your retirement.

2. CPF Retirement Calculator - A more detailed retirement planning. It helps you to determine if your retirement goal is achievable. It determines the amount of savings you need based on your desired retirement age and retirement lifestyle.

3. Determine your asset allocation strategy (Source from MoneyCrashers). Asset allocation involves choosing the right mixture of stocks, bonds, mutual funds, cash, and CDs to invest in. Finding the right asset allocation mix depends upon your age and risk tolerance. At what age would you like to retire? How much risk are you willing to take? The combination of a low amount of current savings with a large amount needed for retirement means taking on more risk. An aggressive portfolio for an individual in their 30′s may consist of 65% stocks and 35% bonds. Whereas a conservative portfolio for an individual in their 50′s may be 40% stocks , 50% bonds, and 10% cash. Younger individuals should primarily focus on capital appreciation. Older individuals should be seeking capital preservation.