Inadequate savings for retirement

The Sunday Times have an article that showed that many people have inadequate savings for retirement. Why is this the case? The same question was posed to me by a journalist recently. I gave the following reasons:

1. People spent too much money on their property.
2. They got a poor yield on their savings in life insurance policies, due to the high charges which takes away more than 30% of their accumulated savings
3.  They were badly advised by insurance agents to switch from an earlier policy to a new policy, incurring the high upfront charges again. This can occur several times during a working lifetime.

Better late than never. Consumers should be educated to avoid bad investment decisions.  They should spend $12 and 12 hours to read my book, Practical Guide on Financial Planning.  This book also contains tips to the consumers on:

a. What to do with their existing life insurance policies
b. What should they do with their future savings?
c. How should they invest their money during retirement?
d. What type of life annuity should they pick?
3. How much should they spend on a property?

They should advise their children to start their working career on a proper footing and avoid making the same mistakes. Order online.

Tan Kin Lian