LEADERSHIP
Eryk Lee , CEO of AAM Advisory , a part of Quilter , explains why it is prudent for young people in Singapore to engage with their retirement planning
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R etirement used to be simple . For every post-industrial generation there was a welltrodden path towards retirement : save , work to the age of retirement , claim your pension / CPF funds and live out your life doing something that you actually want to do with enough savings to last to the end .
Things are , unfortunately , not quite so simple for tomorrow ’ s generation of savers known as Generation Z . Born between 1995 and 2010 , Generation Z makes up around 30 % of Singapore ’ s residents and are currently either completing their schooling , studying at university or entering the workplace . They will be living longer with much less favourable retirement prospects so it is essential that their retirement plans are drawn up as early as possible .
“ THERE IS HOPE FOR GENERATION Z : THE EARLIER YOU PLAN , THE EASIER IT IS TO ACHIEVE YOUR GOALS AND THE MORE FLEXIBILITY YOU HAVE TO MEET THEM ”
— Eryk Lee , CEO , AAM Advisory
APRIL 2020