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...]
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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...]
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...]
Majority of Singapore investors are not progressing towards retirement goal, says Legg Mason
According to the Global Investment Survey 2015 by Legg Mason Global Asset Management, it was found that: The majority (63%) of investors in Singapore, compared with only 22% globally, are not progressing with their goal of “avoiding depending on others in retirement.” Almost half (45%) of the respondents expressed they are very or somewhat lacking confidence that their CPF savings can help … [Read more...]
Many have advisers but few really relied on them for advice, says Blackrock’s survey
In a survey done in August 2014 by Cicero Group & commissioned by Blackrock, it was found that: Singaporeans (59%) lagged behind its Asian counterpart (69% average) when come to saving specifically for retirement. The top reason for not saving specifically for retirement was due to the high cost of living (61%) and the second top reason was not earning enough money (43%). In fact 70% … [Read more...]
Case study on simple integration of retirement & special needs planning
A client of mine has a daughter who suffers from Down syndrome. He wants to do some special needs planning for her but is not prepared to go through a thorough estate planning service because he has yet to decide on how to deal with many of his assets. Hence, he and his wife do not wish to write their wills (yet). They are also not prepared to go through a very detailed planning with me … [Read more...]
Few Singaporeans have formal retirement plan: Citibank survey
It new survey by Citibank found that: Only 31% had a retirement plan. 47% consistently saved at least some of their pay. Lacks financial knowledge, eg only 23% knowing exactly what to do if they were given a lump sum for investments. The higher the income, the likely to have a formal retirement plan. 61% said they would pledge some of their assets to buy insurance. Source: Few … [Read more...]
Analysis of CPF Changes 2015 & my very long commentary
Recently, it was announced that there will be CPF changes. The CPF Advisory Panel has made a number of recommendations. The recommendations are in 10 separate documents! To help my readers figured out what is happening, I have combined all the 10 reports into a single document. All page number mentioned in this article refers to the PDF page number of the combined document. So when I say page 11 … [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...]
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