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...]
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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...]
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...]
Majority lacks a written comprehensive financial plan, says FPSB
FPSB recently conducted a global survey among 19 markets. A total of 19,092 adults took part. Among those surveyed in Singapore, it was found that: Only 1/3 have a written comprehensive financial plan. The top two priorities are: owning your own home (60%) and free from debt (58%). Only 4% were willing to pay fees for financial planning services in excess of S$1,500. Majority (68%) were … [Read more...]
Nearly half have not started planning for retirement, says DBS & Straits Times
A recent poll conducted jointly by DBS and Straits Times reveal that: 48% have not even started planning for retirement. Among the remaining 52% who said they have started planning for their golden years but felt that it may not be enough. In addition, the top concern is not having enough sources of passive income, followed by outliving one's savings, and inflation. In a second poll … [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...]
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