Hi, I am 55 years old. I would like to ask at this stage of life. My children's are about to finish their University studies soon. What can I start to plan for myself financially? Thank you.?

Hello, are you healthy at 55?

If you are,
1) please check that you have medical insurance
2) calculate how much you need for retirement (based on the lifestyle you want)
3) calculate how much you're getting from your current assets and cpf
4) take the difference between 2) and 3) to identify the shortfall/ surplus

If there's no shortfall, congrats! If there is then you can either adjust your expectations for retirement or to decide on doing some investments or earn some side income.

If you're not healthy, you can skip step 1 above.

If you like an example for me to illustrate what I've shared, please let me know in the comments! :)

Hi,

In my opinion, there are few bases you need to cover first:

• Medical insurance (hospitalization, accident, long term care, etc.)

• clarify with cpf your payout level and available withdrawal amount

• Legacy planning for your family, via assets or insurance or both. (will formation and communicating your plans)

After you've done those, you could diversify to receive regular payouts or intensify into a business or endeavour you are passionate about. Remember to ensure sufficient funds for your base.

Some alternative options to managed funds, annuities, endowments and its equivalent include but not limited to;

• fixed deposits in MYR for 3 - 4%
• masternodes for 5 - 8% yield, potential capital appreciation
• crowdfunding 9 - 12%

From experience, my personal take is to sit with 50% cash and wait for the great financial sale to happen.
These are my opinions and not to be taken as financial advice.