3 Generation retirement planning & legacy planning
3 Generation Retirement planning
After knowing how much we need to retire in Singapore and you settled your retirement planning singapore, you realised that you have built more than sufficient for yourself since you are a successful business owner or as an individual. One of common fear as parents is definitely your children and if they are able to manage when you are not around.
One of the strategies that I use for my clients who are in this situation is to structure something for them for their retirement planning at the start and later on creating legacies for their children and even their grandchildren.
As parents, we want our children to start off with a good foundation and using what you have built, you can allow them to do so without abusing them through trust.
Through trust, the funds are always protected from the creditor which is important as there are a lot of unforeseen situations, especially you are a business owner. In this way, the funds are protected from unnecessary risks
There are afew ways to structure the funds and one of common way is to have it as a retirement payout and as you passed on, the funds can continue to last through the period of your children lifetime. The 3rd generation which is your grandchildren will benefit through a death benefit. This is what i called wealth preservation and distribution.
This strategy can be part of your retirement blueprint and adding on to your monthly payout to your retirement funds. If you have not read about how the retirement blueprint helps one of my clients to retire 5 years earlier than what she expected. CPF is something that government provides us and it should the foundation of your retirement planning. You can read more on Retirement planning Singapore: CPF LIFE (3 things to know) and Tips on making full use of your CPF.
You can find out more over about retirement planning here:
- How to plan for retirement in Singapore ( 3 things you can’t do without)
- Smart Retirement Planning Tips
