We are living longer and the official rules around retirement are shifting to keep up. Careers are less stable and our income might not be as steady or predictable as it was for past generations.

We need a personalised plan to make sure we are covered no matter what the official rules are.

While we may prefer to keep working, the choice isn't always up to us.

Our health might decline, our employer might let us go, or industry changes might make it hard to find a job on our terms. Planning ahead ensures that if we are forced to stop working, we are financially safe.

A good retirement plan protects you from running out of money later in life. Without a proactive strategy, your retirement savings may be exposed to three key risks:

• Longevity risk – when you outlive your nest egg

• Healthcare risk – Medical needs increase as we get older and a single healthcare episode can quickly drain years of savings

• Inflation risk – Rising living costs steadily reduce the purchasing power of your savings

CPF provides us with a strong reliable foundation for our retirement. But for many Singaporeans, a large portion of CPF savings go into housing, leaving the actual portion allocated for retirement surprisingly low. We need to intentionally build up our CPF retirement income layer, while growing other assets.