It is coming to end of the year. Those who wish to save on taxes are now thinking of tax saving measures such as Supplementary Retirement Scheme or better known as SRS. By default, SRS contributions remain as cash. In fact, the majority of SRS monies are sitting idling as cash. If you wish to make the money work harder, it is necessary to invest the money. This article explains three ways on how … [Read more...]
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3 common excuses to delay retirement planning
In the HSBC’s latest global report, Generations and journeys, a whopping 59% of retirees is using cash savings/ deposits to help them fund their retirement. There were other worrisome findings highlighting the serious retirement gap such as: Pre-retirees expect to save for additional 9 years as compared to current retirees. Many retirees wish they had started saving earlier. 21% of … [Read more...]
(Another) 4 reasons why Singaporeans and you cannot retire
There was a report that an aircraft technician was worried that he may be force to retire when he turns 65 years old this Saturday. This is because the re-employment age ceiling will increase from 65 to 67 only on 1 July next year. The technician wants to continue to work as his two sons have yet to finish their tertiary education. Apparently, there are others in similar shoes as him. (Source: … [Read more...]
Widespread financial illiteracy on retirement planning, says CPF Advisory Panel
It was reported that Singaporeans are suffering from the lack of financial literacy. The problem is actually widespread despite Singapore scoring tops in mathematics. “There is a difference between being educated and being financially literate”, says Professor Benedict Koh of Singapore Management University. Source: … [Read more...]
CPF Lifetime Retirement Investment Scheme unlikely to achieve economies of scale
I wrote the following letter to the Straits Times on 5 August 2016 which expresses my opinion on the CPF Lifetime Retirement Investment Scheme: I am glad that the Government will be introducing the Central Provident Fund (CPF) Lifetime Retirement Investment Scheme (LRIS) ("Simpler investment scheme to grow retirement nest egg"; yesterday). However, more needs to be done to ensure the … [Read more...]
Get Full Report on CPF Life with Escalating payouts and the Lifetime Retirement Investment Scheme
The government announced that it has decided to introduce two new CPF schemes: CPF Life with escalating payout feature and the Lifetime Retirement Investment scheme. CPF Life with Escalating payout There will be a new CPF Life plan in which its payout increases at 2% per annum. Below is an illustration on how the CPF Life with Escalating Payout looks like: The blue color is the CPF Life … [Read more...]
3 Reasons Singaporeans Cannot Retire
Do you know that a survey shows that Singaporeans comes up number one in financial literacy? The strange thing is that in the same survey, it was found Singaporeans failed in retirement planning! The survey was done by Mastercard Index of Financial Literacy (2015). May I propose 3 reasons why Singaporeans fail in retirement planning. Reason #1: Overleveraged Singaporeans are overleveraged. … [Read more...]
Why private banking clients have no asset allocation skills?
A UBS survey among high networth individuals in Singapore and Hong Kong revealed interesting findings: 62% of investors admitted that they did not know how much to save for retirement Only 1% claimed to have begun to plan for retirement Asset allocation is the same regardless of the difference phases of retirement planning. Asset allocation is something like: 60% in stocks 40% in … [Read more...]
Women likely to be financially worst off after retirement
The latest survey conducted by HSBC Future of Retirement (Healthy New Beginnings) Singapore Report reported that: 32% of women say that their actual financial situation got worst after retirement compared to retired men (26%). 34% women say that their actual overall health got worst after retirement compared to retired men (18%). A higher proportion of working women (60%) do not know how … [Read more...]
A whopping 65% of retirees’ saving will not last, says NTUC Income’s survey
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...]
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