Topic: 3 Costly Mistakes to Avoid in Retirement Planning. Date/time: 16 September 2017 10am (SGT). Duration: 1 hour. URL: https://www.facebook.com/ifaonduty/videos/10155631561946303/ Synopsis: I will be speaking live in facebook and I will be addressing the most common but costly mistakes people make for their retirement. I will also show how actual individuals plan for their retirement … [Read more...]
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A retirement product to be avoided at all cost (This post comes with an IRR calculator)
Not too long ago, I met a client who purchased the most horrible retirement product on planet earth. Apparently, his relationship manager used a Universal Life policy as a retirement product. The internal rate of return (IRR) ranges from -3.29% (and the policy terminates after 11 years of payout) to 2.69% (which the policy has still cash value after 15 years of payout). The upper limit of the … [Read more...]
CPF Life Standard default plan is the worst of the two (22 June 2017 update to the new booklet)
This article was originally written in 8 July 2014 and has been updated to reflect the latest changes. Question: "Wilfred, can you take a few minutes to look at an example of a CPF life annuity plan generated using the CPF LIFE Payout Estimator? A typical screenshot is as attached. Look at the big gap between the bequest amount and the little difference in the monthly payout. Did I overlook … [Read more...]
Dementia and Financial Planning (Facebook Live)
More than 1 out of 2 senior citizens are predicted to suffer from dementia resulting in partial or total lost of mental capacity. Like all financial planning matters, planning for this eventuality has to start young. In this video presentation, I will discuss what are the things in insurance and retirement planning you have to do while you are young in order to prepare for this … [Read more...]
Why Retirees Tend to Invest in Ponzi?
Recently, there was a report that there was a Ponzi Scheme in Australia which many investors suffered large loses. The company was alleged to have got investors to invest in property development. But this turn out to be a scam. A Ponzi scheme is actually a scam where investors are paid an income or a return using money from new investors. Most of these investors were from Singapore. 900 over … [Read more...]
The risk of using investments for retirement are often underestimated
In this article, I want to write about a little-known danger when using investments to support one’s retirement. Very often, I hear of clients using stocks and REITs as a source of income to support their retirement years. I do not have any problem with that except that they underestimate the risk of using such instruments. At the end of this article, I will show you that a portfolio of … [Read more...]
Tokio Marine TM Retirement GIO is inferior
Question: "Wilfred, my friend recommended me the TM Retirement GIO as a form of annuity. Can you comment on this product?" Answer: The TM Retirement GIO is an inferior annuity. I randomly select another annuity that has similar parameters as the one that was quoted to you for comparison purpose. Let’s call it as Product X. The TM Retirement GIO that was quoted to you by your friend has … [Read more...]
Only 7 per cent confident to save enough for retirement
According Standard Chartered’s The Emerging Affluent Report - The Race to Save, a shocking low number of Singaporeans are confident enough to save for retirement. In fact, only 7% was confident. As I looked at the detailed report, what I found even more shocking is that only 34% of those who are in the age 45 – 55 placed retirement as their top saving priority. Comments: May I suggest … [Read more...]
Why people pay top dollar for a short remaining HDB leaseshold?
Recently there was a few news articles on people who bought old HDB at high prices (Buyers who pay high prices for old flats face reality check). One person was quoted by Straits Times paid a whopping $700,000 3-room flat at Whampoa which has a remaining HDB leasehold of only 55 years. Apparently, it was the third highest price paid last year in terms of psf for HDB with less than 60 years of … [Read more...]
1/3 going to run out of money although majority are optimistic about retirement
The title of this article was not mistake. This was taken from a recent survey conducted by Manulife Investor Sentiment Index (source: Young Asian adults likely to face cash crunch in retirement, Straits Times 7 March 2017 ) in which 89% of young adults said that they are optimistic about retirement despite the fact that 30% of them saying they expect to run out of money later in life. Another … [Read more...]
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