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 in retirement.

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. Our retirement projection figure is based on national average and 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 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 Jakarta, 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. This includes cost of groceries, eating out, leisure, transport, health care, and other personal and general household expenses that reflect population averages. We further applied expense data and expense indexation information from the Economist Intelligence Unit (EIU) to ascertain relative costs of these goods (and other applicable cost items) in Jakarta.

   The retirement estimates are based on current costs of goods at a projected annual inflation rate of 3.98%.

*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