Certificate in Retirement Adequacy Planning (Cert. REAP)
Retirement is an inevitable and critical life event that we will experience in our lifetime. Unfortunately, Singaporeans do not appear to be adequately prepared for retirement, even though they desire to be financially independent and comfortable after the age of 65.
One of the chief concerns of retirement is financial independence when we no longer can continue working due to old age. Besides the CPF LIFE Scheme, there are several financial strategies and products that will enable financial security.
Key survey findings and statistics
A recent survey conducted by a local Bank found that only a quarter of the 1,000 survey respondents had any sort of financial plan to sufficiently meet their retirement needs. However, over three-quarters of respondents stated that one of their long-term financial goals was to retain enough earnings to fund a comfortable retirement. The survey findings also revealed that:
- Many are unaware of how or where to start planning.
- The main obstacle to financial planning is a lack of clarity about the appropriate financial products.
- Some are facing setbacks in retirement planning due to insufficient savings that can be deployed to investment for retirement.
- Most respondents hope to have a monthly retirement income of around $3,500, starting at the age of 65. However, they also underestimated the amount they need to save to fund their desired lifestyle.
The professional guidance of a Financial Adviser Representative (FAR) with a Certificate in Retirement Adequacy Planning (Cert. REAP) can be expected to be invaluable in overcoming barriers to achieve a secure retirement.
Objectives of the Course
The Certificate in Retirement Adequacy Planning (Cert. REAP) program enables you to enhance your knowledge and proficiency in the area of retirement planning and assist clients in understanding the implications of postponing retirement planning or a lack of preparedness. As a practitioner, you will be equipped with competency and skills to complement what the Singapore Social Security framework can offer in terms of CPF LIFE, while offering comprehensive product solutions that support your client’s retirement planning objectives.
Who is the course intended for?
This course is useful for FARs seeking to acquire specialized knowledge of retirement adequacy planning in Singapore and gain a foothold in the market segment.
Upon completion of the course, you will be able to advise, educate and empower clients towards financially-secure retirement, and establish yourself as a trusted, credible and knowledgeable professional. You will learn how to:
- Create engaging retirement conversations and follow a systematic methodology to educate clients on retirement planning
- Explain the challenges and importance of retirement planning to clients.
- Effectively handle objections and misconceptions about retirement planning.
- Guide clients on the available government schemes such as CPF LIFE, SRS, Enhanced Lease Buyback, which support retirement planning
- Convey the common mistakes resulting from a lack of retirement preparedness
- Recognize the various methods of structuring retirement funding strategies and implementing cashflow management strategies
- Assist business owners with retirement planning considerations and solutions
- Quantify retirement needs and devise appropriate solutions to realize the desired retirement funds
- Strategize and implement pre-retirement, post-retirement and risk management plans
- Assist with estate planning requirements and tools for retirement
- Apply the principles and framework learned in this course to generate cross-selling and up-selling opportunities through the holistic financial planning approach
Duration of Course: 1 Day (7.5 Training Hours) + Online Assessment (MCQ) + Certificate of Attendance
Attendee will receive the Certificate (REAP) upon passing the online assessment
Course Fee: *Special Price* for Corporate Students: Call us to find out!
1) IBF-FTS funding (must pass assessment for claim) - up to 90%*
OR 2) Skills Future Credit – up to S$500 credits*
* 90% funding is applicable for Singaporean aged 40 and above. 50% funding is available to all other qualifying applicants. Term and conditions apply. Please refer to the official website for full details.
Course Facilitator: Mr. Ronald Wong