Thinking about your future self? Start planning now

IT STARTED out as a casual conversation about K-pop and food. But then, the tête-à-tête I was having with my friend pivoted to the more sombre topic of retirement, and upon revealing the cache he set aside for it - a six figure sum - an unwelcome pang of envy hit.

Admittedly, I have had a lot of well-meaning advice from my seniors at work (most of whom have since retired) about saving for my golden years. But the notion of saving for my future self - a "stranger" 40 years later - seemed far-fetched. So, like any YOLO millennial, I squandered my earnings, and am now playing catch up.

The reason why it's so arduous to save for a "stranger", says Victor Seah, senior lecturer of psychology at Singapore University of Social Sciences (SUSS), is that there is a large psychological distance between the current and retired self.