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Empowering you to proactively strategise and secure your financial future, ensuring a comfortable retirement and leaving a lasting legacy for your loved ones.
Retirement and legacy planning are two critical aspects of financial management that require careful consideration and expert guidance. Many individuals only focus on planning for the upcoming years, but neglect the longer term picture.
Our younger years tend to fly by, and before we know it, we are in our golden era. Financial Planning does not only include planning for rainy days, but years and generations to come.
AWM is at the forefront of providing comprehensive solutions to help you safeguard your legacy while ensuring a financially secure retirement for you and your loved ones.
As individuals approach retirement, the prospect of financial security becomes paramount.
AWM consultants recognises that everyones retirement needs are unique, influenced by factors such as age, desired lifestyle, and healthcare expenses.
By engaging in thoughtful discussions with you, AWM consultants gain insights into each of your unique retirement aspirations and crafts personalised retirement plans tailored to your specific needs.
The initial phase of retirement planning involves a thorough assessment of your current financial situation. This assessment encompasses a detailed examination of your existing resources, including savings, investments, CPF (Central Provident Fund) accounts, insurance policies, real estate holdings, and any outstanding liabilities or debts.
Our consultants will understand your current financial position provides a solid foundation for the planning process and helps you gauge your readiness for retirement.
Singaporeans have access to various income sources during retirement. These may include CPF Life payouts, employer pension schemes, investment returns, and supplementary retirement savings accounts (e.g., Supplementary Retirement Scheme or SRS).
In this step, it is imperative to project these future income streams accurately. Our consultants will assist you in determining whether your expected income will adequately support your desired lifestyle during retirement, allowing for adjustments if needed.
Retirement planning in Singapore must consider specific risks prevalent in this context. Our consultants will assist client in assessing key risks, which include:
Identifying and understanding these risks are essential for crafting a retirement plan that can withstand unforeseen challenges. Strategies for managing these risks may involve insurance coverage, diversified investments, and prudent financial management.
Based on the analysis of current resources, future income projections, and risk assessment, a personalised retirement roadmap is developed. This roadmap outlines tailored strategies and actions to achieve your retirement objectives within the Singaporean context. Elements of your personalised plan may encompass:
Your personalised retirement roadmap serves as a comprehensive guide, offering a clear and adaptable path to achieving your retirement goals while navigating the unique financial landscape of Singapore.
AWM’s retirement planning process involves a thorough analysis of existing financial resources, projected income streams, and potential risks that could impact the your retirement journey.
Armed with this information, AWM develops robust retirement strategies, which may include diversified investment portfolios, pension planning, and Social Security optimization. This approach ensures that you can enjoy your golden years with the confidence that your financial future is well-protected.
Legacy planning goes beyond financial matters; it encompasses your personal desire to leave behind a lasting impact on your loved ones, charities, or causes close to your heart.
AWM consultants understand the emotional significance of legacy planning and collaborates closely with you to ensure that your values and aspirations are reflected in the strategies.
The foundation of effective legacy planning begins with a meticulous examination of your current assets. In the Singaporean context, this analysis encompasses a wide range of assets, including:
This comprehensive assessment provides a clear picture of your asset portfolio, facilitating informed decisions about their distribution in the future.
Once you have a thorough understanding of your assets, the next step is to develop a well-considered strategy for their distribution. In Singapore, asset distribution can take several forms, including:
Each of these strategies carries its advantages and considerations, and the choice will depend on your specific objectives and the nature of your assets.
Based on your analysis of current assets and your chosen asset distribution strategies, a personalised estate plan is developed. This plan outlines the specific steps and legal documents required to ensure the smooth and efficient transfer of assets to your chosen beneficiaries or causes. Elements of your personalised estate plan may include:
Your personalised estate plan is a comprehensive document that provides clarity and instructions for the orderly transfer of your assets, minimizing potential conflicts and legal challenges.
The first step in legacy planning is to identify your wishes for asset distribution and establish an estate plan that safeguards their wealth and minimises tax implications.
AWM’s professional estate planning partners, Precepts Legacy Pte Ltd and SimplyWills Pte Ltd, work diligently to create wills, trusts, and beneficiary designations that align with your personal goals. These instruments help avoid probate, maintain privacy, and ensure a smooth transfer of assets to your desired beneficiaries.
Additionally, AWM can help you integrate philanthropic endeavors into your legacy plan, allowing you to support charitable causes that resonate with their values. By structuring charitable giving, you can make a meaningful impact while potentially benefiting from tax advantages.
AWM recognises that protecting a legacy requires mitigating potential risks and uncertainties. To safeguard your wealth and assets, AWM consultants are equipped with the knowledge to advice on appropriate insurance coverage, such as life insurance, long-term care insurance, and liability protection.
Life insurance can be a valuable tool in legacy planning, providing beneficiaries with financial support upon the your passing. Moreover, long-term care insurance can protect against the high costs of medical and caregiving services in the later stages of life, preventing a significant drain on the legacy.
Retirement and legacy planning are two pillars of a comprehensive and secure financial future. Ascendance Wealth Management understands the significance of both elements and is dedicated to empowering you to achieve your retirement goals while preserving your legacy for future generations.
In just 20-30 minutes, our AWM consultants can help you gain more clarity on the steps you should take to plan for your retirement, and protect your legacy for future generations to come. If you have any questions, schedule a consultation and we will help you out.
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