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Charles Ng

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Charles Ng

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Charles Ng

  • Answers (9)
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Retirement

Savings

FIRE Movement

CPF

Savings Accounts

Investments

Lifestyle

What is the ideal retirement age and how much should you have before you retire?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 26 May 2020
1 way to look at this is what will you be doing when you retire? Would you be living the retirement life on your own or with your partner? What would be your commitment when you retire, eg your house, kids, parents or other bills like insurance? Then you can calculate your cost of living. Let's say we lived till age 90, and you retire at 60. you need 3k per mth x 12 x 30 is 1.08mil. plus inflation will be closed to 1.5mil. if 2 pax will be 3mil. however, this amount is excluding your cpf and I assumed its drawdown monthly with no increment/interest. if you have 1mil and gain a 4% per annum, you will have 40k per year which should be able to cover the 3k plus inflation cost of living.
ūüĎć 0

Endowus

Investments

Why don't you make your portfolio like the CPF Life scheme but with a regular drawdown - with no guarantee? Doesn't this sound like a good plan?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 13 Mar 2020
You can try annuity. Put in X amount for X years and get Y amount for Y years. got guaranteed and non guaranteed projections also. If you can u can staggered different plans so can enjoy constant payout.
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Investments

Supplementary Retirement Scheme (SRS)

What can I do with funds in SRS account and how to optimise the returns?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 09 Jan 2020
I would suggest getting annuity and treating it like another CPF Life. https://www.interestguru.sg/best-srs-retirement-plans-wealth-accumulation-singapore/
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Investments

Stocks Discussion

Recommendations on portfolio tracker?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 03 Jan 2020
Can try stocks.cafe
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Income Tax

CPF

What can I do to reduce the taxes for next year? Is my estimated tax payable correctly calculated (based on IRAS 2018 Excel Calculator)?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 20 Dec 2019
SRS - you can withdraw anytime with penalty. dollar for dollar tax relief CPF top up - stuck until retire. dollar for dollar tax relief Donations to approved org - 2.5x donated amount. do note some have minimum amount to qualify.
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CPF

SG Budget Babe

Property

HDB BTO

Loans

Should i apply for a HLE Loan or a Bank Loan for my BTO?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 20 Dec 2019
I think if HDB loan can service up to 90% while Bank can only go up to 75% and 5% must be in cash.. end up i think you would be paying more cash with bank loan. If HDB had reduce the loan sum, i would think bank wouldnt loan u more than what HDB would also. Nonetheless, you can use websites like redbrick to find an agent to assist in comparing all the different bank loans.
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CPF

SG Budget Babe

Do you plan on topping up medisave to 60k in 2020? Why?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 20 Dec 2019
In general, i would prefer to top up MA out of the 3 account is because there's is higher chance i will be able to use it now than SA. Any future contribution from work to MA when max will be spill to SA i think, so your SA will grow faster also. OA is mainly use for property, and if i have cash to top up to OA, then might as well use cash to pay property, then when i sell i will get back in cash as well. Another reason is the tax relief if you need it.
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Retirement

By what age do you hope to be able to retire by?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 17 Dec 2019
Aim to semi-retire by 50, and then find a job i like and not for the money. if unhappy or too challenging, then im free to change role/job and not held on cuz i need to pay bills. dont think i will stop working tho.
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CPF

This year is coming to an end. Would you advise me to top-up MA or SA to enjoy further tax relief?
Charles Ng
Charles Ng
Level 3. Wonderkid
Answered on 20 Nov 2019
If it's just between these 2 options, then i would top-up MA 1st, provided it has not reached the cap and if it fits the following: "For MA top up (voluntary contribution), your tax relief is given to the lowest of the following: - Voluntary cash contribution directed specifically to Medisave Account or - Annual CPF contribution cap for the year, less Mandatory Contribution (MC) - Prevailing Basic Healthcare Sum(BHS)^, less the balance in Medisave Account before the voluntary cash contribution." Reason being, MA currently has more use if you are below 55 - medical, insurance etc. and once you hit the MA ceiling (which will be increased to 60k soon), any future CPF contribution from you and employer will go to SA, which will grow even faster.
ūüĎć 0
Level 3. Wonderkid
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