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Frequently Asked Questions

  1. What is Face Your Future all about?

    Face Your Future aims to help users visualise their desired retirement lifestyle and be aware of the estimated amount needed to enjoy their silver years.

    The Face Your Future experience leverages facial recognition and artificial intelligence technologies to instantly help users visualise their retirement future by estimating the user’s current age, and creating a future portrait of the user at retirement age. Face Your Future’s personalised approach includes a proprietary algorithm that estimates the user’s retirement cost based on his/her choice of retirement lifestyle. Users can customise their lifestyle choices in Face Your Future, define their retirement preferences, decide when they want to retire, and visualise how they may look like in their golden years.

  2. How can Face Your Future help me in Retirement Planning?

    Face your future is an engagement tool that calculates an estimate of your retirement expenses based on the lifestyle you choose. It is designed to help you understand approximately how much you need for retirement. Face Your Future encourages you to initiate further and more detailed planning for your retirement.

  3. How does Face Your Future estimate my monthly retirement lifestyle expenses?

    Your retirement cost estimates are derived using our proprietary algorithm and on a baseline bundle of goods. The algorithm uses the current cost of goods and a projected inflation to estimate costs of living when you retire.

    Relevant to retirees in Hong Kong, the baseline bundle of goods was built from a study conducted by faculty from National University of Singapore and Nanyang Technology University, Singapore, which is cited below.

    We also used expense data and expense indexation information from the Economic Intelligence Unit (EIU). This information was used to ascertain costs of goods for items to complement the study cited above as well as the relative costs of goods in Hong Kong.

  4. What are the assumptions made in computing my monthly retirement lifestyle expenses in Face Your Future?

    The retirement estimates are based on current costs of goods and an annual inflation rate of 3%.

    Users can choose from three retirement lifestyles:

    1. “Basic” - a basic retirement covering personal and household expenses
    2. “Standard” - a retirement with some indulgences like travel and dining out
    3. “Luxury” – an elevated lifestyle with more indulgences like travel, leisure, dining out and entertainment

    Face Your Future assumes that you are debt-free in retirement and own your place of living. There is no provision made for housing, rent and repayment of loans.

Citation:
Ng, Kok Hoe; Teo You Yenn; Neo Yu Wei; Ad Maulod; Ting Yi Ting. 2019.
What Older People Need in Singapore: A Household Budgets Study.
Singapore: https://whatsenoughsg.wordpress.com