The DBS Bank survey of 1,000 Singaporeans and Permanent Residents showed that: 75% are not following any financial plan for retirement needs Many do not even know where or how to start planning 24% of the respondents felt that financial products are barriers to financial planning 23% felt they do not have enough funds to start investing People underestimate the funds they need for … [Read more...]
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The Real Singapore: Evidence on little understanding on financial planning from stolen article
Recently one of my old article entitled Man lost almost his entire HDB property to siblings due to poor financial planning got “stolen” and was published without my permission on The Real Singapore website and shared on their facebook page. I was going to write to the editor of The Real Singapore for copyright infringement when I got shocked with the reaction of the commentators. The reaction was … [Read more...]
Retirement Planning: Difference between Wealth Accumulation & Monetisation
This video explains the following Difference between wealth accumulation and monetisation. 3 classes of monetisation assets. Why retirement planning is a lifelong process. When it is too late to plan for retirement. For those who prefer to read, the following is the transcript: I want to talk about Retirement Planning and specifically on Wealth Accumulation and … [Read more...]
55% worried about their ability to save enough for retirement, says AIA
A survey conducted by AIA shows that: 55% worried for their family’s ability to save for enough for a comfortable retirement. Singapore‟s middle class desires a retirement savings of US$898,330. 70% of the middle class believe that children should be responsible for financially supporting their parents in their old age. Source: AIA Survey in Six ASEAN Markets Finds Middle Class Place … [Read more...]
S’pore one of most costly cities for the young, says Knight Frank
According to Knight Frank Cost of Living Index (Sept 2014): Out of 20 cities, Singapore is 5th most expensive place for graduates Singapore young graduate would have a surplus of 9.91% their net salary left at the end of every month once living expenses are covered. Young graduate in Hong Kong would have a deficit of 4.61% of salary after living expenses are covered. Sources: S'pore one … [Read more...]
Lease Buyback Scheme – a viable financial planning tool?
Announcement was made on 3 September 2014 by Prime Minister Lee Hsien Loong during his National Day Rally speech that the scheme would be extended to four-room flats. What is the Lease Buyback Scheme? Is it a viable financial planning tool? Under the current Lease Buyback Scheme, flat owners sell the tail end of their lease back to HDB while retaining a 30 years lease. The following is an … [Read more...]
ST forum: Guarantee CPF Life solvency for peace of mind
The following letter was published in Straits Times Forum page on 13 August 2014 regarding CPF Life solvency: Guarantee CPF Life solvency for peace of mind THERE is merit in removing the Central Provident Fund Minimum Sum cap ("Call to remove cap on CPF Life top-ups"; last Wednesday). There are those who have met their Minimum Sum but wish the cap can be removed, so they can get bigger … [Read more...]
Only 1 in 5 confident their CPF will meet their retirement needs, says Manulife
A survey done by Manulife shows that: Only 1 in 5 is confident their CPF retirement account will meet their retirement needs because … 47% feel the CPF savings will not be sufficient to cover retirement expenses and 44% feel the CPF returns are too small Source: One-in-five Singaporeans confident CPF will meet retirement needs - Manulife survey. … [Read more...]
ST forum: Exercise caution on CPF private pension plans
The following letter was published in Straits Times on 31 July 2014 regarding CPF Private Pension Plans: I URGE the Government to proceed with caution in allowing Central Provident Fund members to invest in CPF private pension plans ("Private pension plans an option: Tharman"; July 23). In 2004, the CPF Board solicited1 feedback from industry players and the public on giving CPF members the … [Read more...]
CPF private pension plans – sure way to lose money
CPF Private Pension Plans to be revisited? Some Singaporeans have been pressing the government to give a higher return in their CPF savings. Perhaps under pressure, Deputy Prime Minister Tharman Shanmugaratnam surprised participants[1] of the Institute of Policy Studies forum on CPF and retirement adequacy that for those who can shoulder higher risks and want higher returns, the CPF private … [Read more...]
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