Marcus and Tiffanie first met in university four years ago, and have since stepped into the working world. With little purchasing power back then, expenses were naturally more calculated.
“We had no income, so just eat at Koufu or Kopitiam lor,” shares Marcus.
Today, both parties enjoy a stable, above-average income. Marcus works in the banking industry under the IT department, while Tiffanie is in financial sales.
As much as possible, they try to cap their spending each month, saving at least half of their monthly salary. They also place small funds in various different joint accounts for investment purposes. The question though, is whether these plans are sufficient.
“We might have placed some money everywhere, but we don’t really know what they do,” admits Tiffanie.
When asked about their thoughts on retirement, they echo a similar sentiment: “Like many people, we both know that retirement planning is important. It’s definitely a concern in our heads, but we never know where and how to start.”
Their situation isn’t the exception. A recent financial wellness survey revealed that most Singaporeans are still neither equipped for financial emergencies nor well-prepared for retirement. In another study, it was found that 69% of Singaporeans felt that they would not be able to retire comfortably.
As such, young couples should recognise the importance of having discussions about retirement sooner rather than later. By identifying goals at an earlier stage, they can then start making plans and work together towards them.
For now, the couple foresees themselves having children before Tiffanie reaches 30 years old—which gives them 5 years to save up.
“It’s a bit tight if we have children now. We want to work hard and bulk up our savings first,” they tell me.