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Retirement

Insurance

Lifestyle

Endowment Policies

Are retirement/endowment plans from insurance companies a good way to grow retirement income? Or are there better alternatives?
Hi anon, If you are looking at ensuring guaranteed income, then besides CPF Life, retirement plans are another alternative to supplement your retirement portfolio with guaranteed income. In my view, CPF Life is the best annuity there is and you should work on getting that maximized first. Some people may be apprehensive with going for the Enhanced Retirement Sum, so at least work on having the Full Retirement Sum set aside. At the same time, you can consider having private annuities/retirement plans supplement what CPF Life will provide. As an asset class, annuities and retirement plans are not impacted by market risk, which means the income stream they provide you will be guaranteed and predictable. Thus, when there is market turmoil or your investments are not doing so well, you do not need to liquidate them to raise money to fund your retirement. I would recommend that your guaranteed income sources be sufficient to cover at least your basic expenses in retirement, and some kind of 'laddering' be done so that your guaranteed income steps up over time to combat inflation. The rest of your income streams can come from other sources, and those will likely be variable sources such as stocks and UTs. But that's another topic altogether.
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Payments

Seedly

Savings

General

Lifestyle

Is nobody bothered by the fact that Seedly doesn't have an Export function after almost 4 years?
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered 6h ago
Hey friend! Thank you so much for asking this question and we take all feedback very seriously :) I chanced upon this question and decided to reply personally as well. Here are some thoughts! - We currently have no plans to export transaction data from Seedly - But we are still around, no worries, I can promise you on that - If we do anything to our company down the road, we promise that we will let our users know way in advance and also most importantly ensure a smooth transition out to other platforms Overall, we run a very transaprent and accountable business and will always put our users first. Appreciate your understanding and confidence in us. Cheers! Happy to answer questions if you have any as well :)
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Property

Resale HDB

Family

Lifestyle

I'm a Singapore citizen, while my Fiance is a foreigner. We plan to buy a resale HDB and take the Single grant. However, we have some doubts, could you advise?
N
Ninja
Level 6. Master
Answered 19h ago
Can i have your age? Because hdb terms and conditions sometimes falls in the age category for foreigner. Example is non citizens spouse scheme, couples with a ltvp and local spouse can purchase in non mature estates but only if they are 35 years old
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Insurance

Lifestyle

Fixed Deposits

Savings

Savings Accounts

When should I buy an endowment plan/insurance plan, and how much should I have in the bank to keep paying the premiums?
Cash Flow Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a Guide: Understanding Your Personal Cash Flow Rainy Day Funds As insurance premium is part of cash outflow, therefore we need to account for this amount in our emergency funds. If you are paying for your insurance on a monthly basis, then you should set aside at least 3 to 6 months of the total insurance premium. If you are paying for your insurance premium on an annual basis, then I will suggest for you to create a budget to save up the amount. Here is how I do my budget: How I do My Budget: How to create a Monthly Budget Healthcare Insurance Healthcare insurance is always a top priority for most people. This is because medical inflation has hit 10% in 2019. Therefore, you should get it while you are healthy. More Details: Is MediShield Life enough in Singapore? Integrated Shield Plan Singapore: A Starter's Guide Life Insurance Next, we need to protect your future income earning ability. This is when we look into life insurance options. More Details: What is a Term Insurance Policy? What is a Participating Whole Life Insurance Policy? Term vs Whole Life Insurance Singapore How much insurance coverage should You have? As a general rule, 10% to 20% of your annual income on healthcare insurance and life insurance Basic Life Cover = 10 times your annual income Critical Illness Coverage = 5 times your annual income Endowment We will need to understand more about you and your goals before we evaluate whether an endowment will be suitable for you. Fixed Deposit Similar to endowment, we need to understand more about your financial goals in order to determine whether we need short-term liquidity. If so, max out the yield from the higher interest earning account before you look into fixed deposit. All in all, you should spend quality time to understand yourself and how you wish to plan for your future. Thereafter, we will know what is the right tool to use to achieve your goal. I share quality content on estate planning and financial planning here.
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Education

Lifestyle

Undergraduate

To the undergraduates, what were some lessons you learnt? Before starting university, what are there things you wished you had done/prepared in advance for?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
I haven been to uni yet but I'm preparing for it. Maybe you can use for reference and share your ideas too. Personally, I hate debts. It's been well known in Singapore that many of our graduates came out to the society with huge university debt. With the huge amount of debt, a graduate student will be spending the next few years working to pay off his debt and have minimal savings. Thus the first thing is to prepare for the fees. School fees, hostel fees, etc. It will be great if your parents are able to afford and pay for all your fees. 1 less thing off your mind. But unfortunately, I'm not as fortunate. The easiest way for me to get the fees out of the picture will be Scholarships / Bursaries or even Bonds with companies. Thus I actively look for opportunities for the above options. Next, will be on your university lifestyle. - Hostel? - CCAs? - Side hustle for additional income? - Internships during sem breaks? Lastly, I think managing your expenses and savings during university will determine your 'starting point' after university. If you spend extravagantly, on like entertainment and stuffs (which is normal with peer pressure), you will end up with 0 savings. However, if you can learn to resist peer pressure, it help you cultivate the habit of saving, etc. Of course, I'm not saying to avoid all of them, but to manage them carefully and perhaps set a monthly budget for entertainment.
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FIRE Movement

Savings

Investments

Lifestyle

What has been the number 1 challenge in your personal finance journey?
Jennifer Franslay
Jennifer Franslay
Level 4. Prodigy
Answered 1w ago
Just started working full time this year, so itll be having the lack of funds to invest more!
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SeedlyTV S2E02

Investments

Lifestyle

Career

What got you interested in investing and at what age did you start putting in more time and effort into it?
Amanda
Amanda
Level 5. Genius
Answered 1d ago
I started being interested investment for one reason: to grow my money. Coming from a not so well to do family, I know that I have to work extra hard to get out of the poverty cycle. Regarding your qn on whether or not you should go full time investing, I would suggest to build your career first. For investments, you will need an sizeable capital to get a significant sum of gain. Unless you are thinking of doing full-time trading, which you will need to understand a lot on technical analysis and etc. :)
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COVID-19

General

Lifestyle

Career

Education

Circuit Breaker will officially end on 1 June and we enter into three phases of reopening. What are your thoughts on the new initiatives? And is it of any disruption to you?
Summer
Summer
Level 5. Genius
Answered 1d ago
While I am glad that we are progressing, amid taking little steps, I am still a little impatient tbh of the long recovery time. When all of this began, I honestly thought it was something short term and of a smaller scale, not an international crisis. It is tough times not being able to dine outside and just enjoy the freedom of being able to hang around anywhere with your friends, as even stopping for a quick chat now can be something illegal haha. But I'm sure we will make it there :)
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Lifestyle

Payments

Credit Cards

COVID-19

What financial product or tool do you find the most important to you during this COVID-19 period?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
To me, not much difference. Life goes on as per usual. Spending on necessity, saving up for investments, monthly DCA. On side note, I also reviewed my insurance quarterly. Abit overdoing it but good to keep up with the market.
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COVID-19

General

Lifestyle

When June 2 comes and Circuit Breaker ends, are you still working from home or would you have to return to the office? I'm not looking forward to it, wondering if I'm the only one feeling so?
Jia Min
Jia Min
Level 5. Genius
Answered 2w ago
Hello, I would still be working from home! Pros and cons of working from home, but I feel the pros outweigh the cons for me haha. I'd rather work from home too. Time saved on travelling to the workplace is a game changer!
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