You are likely to be in your late 40s onwards. You have worked hard to enjoy a retirement lifestyle that you wanted. However as our average mortality increases, there is a real danger that your retirement nest gets eroded by inflation over time.
If you have children, it could be a couple more years to fulfilling your responsibility as a parent, before they become financially independent. Most resources had been allocated to build your dream house and to support your children in the earlier stages. Finances should have stabilized in the last couple of year and you are starting to see your retirement nest eggs accumulating. However, health is catching up too. You may want to make sure your savings earmarked for retirement are protected from sudden illnesses and hefty medical bills.
For those who choose a more carefree lifestyle, you nevertheless will be responsible for your own future lifestyle. You may want to retire much earlier, but whether when you have the choice to do so will depend on how early you started your plan. Likewise, you will not want your savings to be eroded by healthcare costs and medical bills. If you wish to retire early, you will have a much longer retirement period than the usual 15-20 years from Age 65. You may want to consider how to best allocate your assets to ensure that they can last for as long as you are enjoying your retirement.
Priority: Hospitalization -> Critical Illness Protection -> Retirement Planning
Other Considerations: Legacy Planning
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Wee Khai 