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PFF Panel 1

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PFF Panel 1

CPF

Seedly PFF 2019

What is the difference between saving for retirement via a insurance plan compared to placing it in a SA. Which is better?
LG
Lee Gek Lan,Financial Consultant (NTUC Income)
Level 3. Wonderkid
Answered on 26 Apr 2020
Insurance plan offers you protection coverage such as death, disability coverage, coverage depends on the types of savings insurance plan that is purchased, as different insurance plan may come with slightly different protection coverage. the best thing about putting into savings account is it allows more flexibility and liquidity in your money withdrawing. but savings account most of the time does not come with protection coverage. so the key maybi to put some money for your liquidity needs, and to set aside some money for your retirement savings and protection needs with a good insurance product
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PFF Panel 1

Seedly PFF 2019

CPF

CPF SA

Cheng Chuan says we can save $1M in 35+ years for retirement. But now with CPF Life how do you take the money out?
MT2020
MT2020
Level 7. Grand Master
Answered on 09 Mar 2020
A retirement summ will be set aside for cpf life. The remaining money you will be able to take it out.
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PFF Panel 1

CPF

Seedly PFF 2019

By 65, you will have 1m. But how much can you actually get out ? CPF will give you the 1M out in how many years? Will you be able to take out that 1M out?
MT2020
MT2020
Level 7. Grand Master
Answered on 09 Mar 2020
You will be under the cpf life plan and depending on the scheme you choose, you will get different payout rates.
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PFF Panel 1

Seedly PFF 2019

CPF

Loans

Property

Savings Accounts

If I were to have cash on hand ($30k) and cpf-oa @ 2.5% ($30k) and am taking up a bank loan at 1.5%, would it be advisable for me to clear my housing loan or let the cpf remain in OA or invest in ?
Zuhdy Farhan
Zuhdy Farhan, Consultant at Jna Real Estate Pte Ltd
Level 3. Wonderkid
Answered on 03 Mar 2019
Using your CPF for housing will deplete your cash proceeds from the sale of your flat in future. Because: Sale proceeds = Sale price - outstanding loan - CPF used - CPF accrued interest The more CPF you use, the less cash you receive = more money locked up in CPF. Therefore unless you are sure that you will be staying in this flat for the rest of your life, it is more advisable to not use it for housing wherever possible. Feel free to contact me for more information.
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PFF Panel 1

CPF

Seedly PFF 2019

How did you manage to deposit $130000? Did you do it in one lump sum or over time. If so over how much a span of time and how often do you top up?
MT2020
MT2020
Level 7. Grand Master
Answered on 09 Mar 2020
If you mean investing, i would prefer to invest over a period of time as i do not want to time the market. Also it allows me to buy the dips if there is any.
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Health Insurance

PFF Panel 1

Seedly PFF 2019

Insurance

National Service (NS)

I'm 21, getting out of NS and into university. I currently have a whole life plan and ILP. Should I consider canceling the ILP, switching to term life and getting health insurance? What type of insurance should I get?
Hi Anon, If you're leaning towards cancelling the policy do so after you've gotten in a new coverage. For critical illnesses there is a waiting period for claims. An alternative would be to do a premium holiday on your ILP. At a younger age, insurance charge is very low and can actually provide you some years of coverage with the funds inside. Get your health insurance coverage first and then a term plan. We have done plan comparisons on our website before and I'd leave some for you AXA shield: https://www.theastuteparent.com/2019/01/axa-shield/ AIA shield: https://www.theastuteparent.com/2019/11/aia-healthshield-gold-max-and-riders-revision-starting-11-11/ Raffles shield: https://www.theastuteparent.com/2018/12/raffles-shield-details-and-case-studies-that-you-must-see/ For term plans, there are ways to fit you a best fit too. If you're keen, drop me an email at [email protected] or look for a qualified adviser. PS: Learn how to invest your first $1,000 in this tutorial https://youtu.be/pYBrj8xwR54
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Lifestyle

PFF Panel 4

PFF Panel 1

Seedly PFF 2019

Assuming u are truly financially independent at 62 yrs old, what would u do on a daily basis in SG? It seems boring to retire in SG...
Kwok Marlina
Kwok Marlina
Level 3. Wonderkid
Answered on 18 Mar 2019
I don’t see the need to limit or restrict myself in Singapore. I found meaning in life through giving, so probably I would involve myself with activities that allows me to give, Be my knowledge, experience or even fund to the less fortunate.
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PFF Panel 1

Seedly PFF 2019

CPF

What happens if CPF changes their policies which affects the current interest rates? Do you think there should be a ratio of how much you should place into CPF and keep as ready cash?
Frankie Aufhauser-Rappaport
Frankie Aufhauser-Rappaport
Top Contributor

Top Contributor (May)

Level 9. God of Wisdom
Answered on 27 Feb 2020
Though CPF seems a safe choice possibly if applied ultra-longterm excess money could better be put into passive global or U.S. index ETFs like tickers: VT, or VOO to mention just examples (at least the past performance seems super-successful compared to other asset allocation choices like f.ex. bonds or mutual funds/unit trusts
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PFF Panel 1

Insurance

Seedly PFF 2019

At what age do we start to buy Insurance for hospitalization or death? Is 24 years old too early (given that parents are the only dependents who are financially independent)?
Insurance for hospitalization should always be bought as early as possible. Children are not immune to hospitalization. Death coverage however, is a nice to have if one does not have liabilities. If one's parent's are dependent on a working child providing income streams, then the child should insure himself/herself. If not, it's not strictly necessary.
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PFF Panel 1

CPF

Seedly PFF 2019

CPF SA

Should priority be given to clear our HDB housing loan using cash (which can be paid off from the CPF OA over 20 years), or to use this cash for investment or CPF top-ups to the SA ?
M
Mark
Level 4. Prodigy
Answered on 20 Nov 2019
I would prefer to top up the CPF SA to full retirement sum as that would provide me some assurance and a safety net for the future. I would probably rush to clear the housing loan. (On the basis that one’s job is fairly stable)
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