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The smart guide to retiring in style

Want to start building a bigger nest egg for yourself? Here are some ways you can retire in the way you desire, without limiting your lifestyle.

The smart guide to retiring in style

Common sense and prudent planning can help you get the most out of your retirement years. Photos: Shutterstock

Though we all define retirement differently, one thing’s for sure: We all want time and space to do what our hearts desire, without worries or stress. To ensure our golden years glitter with pleasures – simple and luxurious alike – the time to take action is now. 

From reducing your liabilities to strategically taking a personal loan, here are ways you can boost your savings so you’ll continue living the good life in your retirement years.


Take advantage of time and the compounding effect of interest on your funds – start saving and growing your money early.

For example, let’s assume that you set aside a principal sum of S$10,000 in a product that earns you an interest rate of five per cent per annum. If you set that sum aside for 20 years, you’ll have considerably more than if you’d only set aside the same amount for five or 10 years. That’s the power of compound interest working hard for you.

Consider, too, products that offer higher interest rates than a standard savings account, like fixed deposit accounts.

Didn’t someone once say that the early bird catches the worm? Similarly, you’ll be able to secure a better retirement earlier if you take action sooner.

Getting an early start to saving can leave you with more money for your later years – you'll also have to set aside less each month to hit your retirement goals due to compounding interest.


Whatever timeline you may have in mind for retirement, it doesn’t hurt to gain peace of mind earlier.

While loans – initially taken to help you kickstart your dreams – can be repaid in a regular, disciplined manner, it’s always wise to save on interest payments in the long run, if you’re able to. As your salary increases, consider paying off big-ticket items like your mortgage or car loan sooner.

If you’re unable to pay off the entire loan, consider a partial lump-sum repayment – this will still reduce your total interest.

At the end of the day, early repayment frees up cash to continue building your dream retirement. Besides, there’s a certain satisfaction about owning your home or car earlier than expected!


Simplifying your life as it evolves is a smart, sustainable strategy to ensure you’ll continue enjoying the luxuries that matter to you. For example, as you get older, you may want to move to a smaller home, perhaps because your children have started their own families.

A smaller home, which can still offer the modern comforts of life, is less expensive to maintain. In your golden years, downsizing and decluttering can help you better enjoy the perks of retirement without spending extra time or resources on cleaning or maintenance.

The extra cash you get from selling your bigger home can also be used to build your retirement savings further, providing you with larger monthly payouts and cash so you can live the retirement you’ve always wanted.


Now, retirement looks different to different people.  Some may want to enjoy time with their grandchildren while others prefer to explore new places or interests. At the heart of it, we all want to be able to enjoy life’s passions – from travelling and volunteering to pursuing hobbies and starting a dream business.

For instance, your cupcakes always get rave reviews at the office Christmas party and you may be thinking about sharing them with even more people. To help you embark on your journey to becoming the next Cake Boss, you may want to enroll in a course to take your skills to the next level, or invest in equipment that will help you serve up more cupcake goodness.

Upgrading yourself, whether in preparation for retirement or simply just to be better at your job, is always good. Here’s where a personal loan can come in handy. You’ll be able to pursue your goals without dipping into your retirement savings or affecting your retirement plans.

When planned and taken carefully, a personal loan can be a useful tool to achieving your dream retirement.

So, by being smart, creative and taking action early, you are on your way to retiring well, while still enjoying your current lifestyle.

Taking a personal loan should never be about quick, easy cash, but it may be a smart choice if it helps you make your long-term goals a reality without compromising on your existing lifestyle.

Though taking a personal loan should never be about quick, easy cash, it may be a smart choice if it helps you retire in style. With HSBC Personal Loans, get the extra cash you need to achieve what matters most to you without compromising on your current lifestyle. Enjoy low interest rates, one-minute approval in-principle with your choice of fixed or flexible repayments options.

Fund your dreams with HSBC Personal Loans now.


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