It was reported that 65% of retirees feel that their savings will not last through retirement. This survey was conducted by Nielsen commissioned by NTUC Income. In addition, retirees say that one of their main sources of income is from their children. Also, among the younger Singaporeans who were surveyed: 20% of the 25 to 35 year-olds listed saving for a first property as their main … [Read more...]
Why you should NOT select your CPF Life plan at 55
CPF Life has undergone another change. Before the CPF Life change At age 55, the CPF Member has to choose whether he or she wish to enrol in the CPF Life Standard Plan or CPF Life Basic Plan. After the Change With effect from 1 January 2016, the CPF Member does not need to select his CPF Life plan until the payout age. So when should you select the CPF Life plan? Here is what I did. I key in … [Read more...]
Only 36% believe they can retire comfortably, says DBS-Manulife Retirement Wellness Study
In a survey called the DBS-Manulife Retirement Wellness Study released on 5 January 2016, it was found that: 2 in 5 Singapore residents are not confident about their retirement preparations. 56 per cent of those who have started retirement planning have not sought any form of advice. Only 36 per cent believe they can retire comfortably with their current savings and investments. 30 per … [Read more...]
Case study on CPF Retirement Sum Topping-Up Scheme resource optimisation
One of the most time consuming task I have to do for comprehensive financial planning is often related to the allocation of limited resources. Under comprehensive financial planning, there are a number of conflicting needs namely retirement planning, children’s education and property purchases. For example, if one would to overcommit to a large property, it may jeopardise one’s retirement as … [Read more...]
FREE personalised retirement planning analysis report for those 40 & above
I created a new retirement planning tool for those who are 50 and above to help them plan for their retirement. This new tool is FREE. The tool is capable of generating automated preliminary assessment so that you will know immediately whether are you able to retire. This article explains the limitations of existing retirement planning tools commonly used by the financial industry and a … [Read more...]
Millions of dollars of retirees’ money lost in property scam
It was reported that $60 million worth of investors’ money was lost in a property ponzi scam right in Singapore ("Investors caught in $60m ponzi scam", Straits Times 24 May 2015). Ms Leong Lai Yee was alleged to have run an elaborate scheme of getting investors to invest with her and promising a guaranteed return between 10 to 48% over a period of 4 to 8 months. Investors whom she targeted … [Read more...]
CPF: How to Accumulate $1m in your CPF by 57?
I read online that there are people who wants to achieve $1M in their CPF by 65 years old. However, I found that it is possible to do so by 57 WITHOUT even attempting to top-up extra money in CPF. Before I show you the calculation, it is necessary to understand some CPF jargons and limits. The following definitions were copied from CPF website: CPF Annual Limit The maximum amount of CPF … [Read more...]
No advice given, few documentation and non-disclosures but earns easy money
Here is an example on how a financial adviser sold a life insurance product. The following is a scanned image of a section of the KYC: In the KYC, the client declared "I do not want any advice from my adviser.". Has anyone ever wondered why a client does not want any advice if the product is purchased from the adviser? When the client declares of not wanting any advice from the … [Read more...]
HSBC The Future of Retirement: 78% worried about not having enough for retirement
HSBC made a survey called “Future of Retirement” and it was found that: 1/3 of Singaporeans expect their standard of living to fall when they retire. 78% of working-age Singaporeans are worried about having enough money to live on day-to-day in retirement. They expect their savings to only last 13 out of 23 years in retirement. 15% of the working-age surveyees believe they will never … [Read more...]
Case study to generate passive income for retirement planning
In this article, I would like to give a description on a case I worked on to help my clients monetise their existing assets in order to provide for a retirement income. My clients – husband and wife – were going to be 55 years old. Personally I felt that this age may be a little old to start a retirement plan. But it is better late than never. The couple expected their expenditure to be … [Read more...]