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Retirement

Making sure you have enough for the later years

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DBS

DBS digiPortfolio

Robo-Advisors

Investments

Savings

Fresh Graduates

Lifestyle

Retirement

Savings Accounts

Stocks Discussion

Dbs digiportfolio?
You have a long investing horizon! Just take your time to understand the product and read up more on other investment vehicles to see which will suit you best. These days (as compared to my time), there are a lot more sharing among people online on how they're investing, so you can get some insights, which can be helpful in shaping your direction. I recommend joining the Seedly Facebook group for a start, as the discussions there are quite robust. All the best!
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Investments

Property

Loans

Retirement

CPF

Savings

Family

SG Budget Babe

MileLion

What are the significant expenses ahead that I should start planning for, as a young guy who is getting married soon? Wedding, housing, car, kids, parents etc. How are you planning for retirement?
Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 24 Dec 2019
You name most of them already. As for the planning for retirement part, i am actively expanding my knowledge on investing so that i can improve the rate of returns on my savings by being able to invest effectively and efficiently
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Investments

Retirement

Investment Linked Policies (ILP)

Insurance

I am 59, planning to put in place a retirement plan. I have been proposed Manulife InvestReady - Wealth and need some feedback on this product on the pros and cons. Is it worth getting into it?
Ng Kwok Fei
Ng Kwok Fei
Level 2. Rookie
Answered 3d ago
Thanks and appreciated the feedbacks on InvestReady - Wealth Am currently looking at putting in 100-150K for my retirment plan. Targetting monthly payout for 20 years starting from age 65. Monthly payout $1200 achievable ? Any recommendations for considerations ?
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CPF

CPF SA

Retirement

Savings

Hi there, I am 59 years old this year and currently have $310k in OA, $18k in SA and have already set aside the FRS sum back in 2016. My house is paid off entirely and no plans to upgrade anymore. Any advice in my situation?
Hi Anon, 1) You can't move OA to SA after RA is created, only OA to RA. This will give you a higher CPF Life payout but the money moved will no longer be able to be withdrawn as a lumpsum unlike now in OA. 2) Yes you can. 3) There's no cap in SA. The only cap of FRS is for top ups and moving OA to SA before 55. Now that RA is created you can't top up SA directly via RSTU. Only via Mandatory and Voluntary Contribution up to $37740 per year split into OA/SA/MA.
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SeedlyTV S2E08

Retirement

Savings

CPF

Savings Accounts

Once you reach 65, how would you use the CPF you have accumulated?
Malvin Tan WP
Malvin Tan WP
Level 4. Prodigy
Updated 6d ago
My tendency to save and invest money should not change after 65 years old, i guess i'll be a happy guy with a little more silver on my head when I sit back and watch the zeros increase.
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General

Savings

Retirement

Lifestyle

What do you think of the plan to save enough to stop working in the 30s, before going back to work in the late 30s to build up money again for retirement?
Malvin Tan WP
Malvin Tan WP
Level 4. Prodigy
Answered 6d ago
Very interesting questions, to be honest i've never thought about this even though i have heard that saying thousands on times. i dont think any novel idea will get accepted easily by people especially if those people are the HR on the other side of the table deciding if they should recruit you or the other guy "who is a much safer" choice. I guess you should specialize in a self-employed kind of niche role. I would add why not have bi-annual year long breaks ? seems like that would strike a balance between "intermittent retirement" whilst staying relevant to the economy
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Retirement

Investments

Savings

I'm 36 this year. Is 1mil enough for retirement at 60? This is for me alone, my wife will have her plans to reach her 1mil. Both do not include cpf. Any advice?
Hi anon, Off the top of my head, you should be safe. You might want to just look at your planning with respect to income generating assets. Ultimately, if something does not provide an income for you, it's not really something you can rely on in retirement. There are many income assets, while I won't cover them here, you should look at projecting your current expenditure pattern 25 years forward, factoring in inflation and possible lifestyle changes in retirement (some people want to go on multiple holidays a year in retirement, for example). Looking at the those expenses, compare that against your expected income from your assets, and you will know if you'll be ok. $3K a month, inflating at 2% a year, will still be $4900/mth when you turn 60. The question is, will your expected income streams at 60 meet this requirement? If not, you'll have to dip into your cash reserves, and if so, how long will it take for your cash reserves to decline to zero? Two broad types of income assets exist: Promised based and risk based. You have assets like CPF LIFE and private annuities in the first category, and stocks, REITs, bonds, etc in the second category. Aim for a good mix of both.
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Retirement

Savings

Supplementary Retirement Scheme (SRS)

Investments

DBS

I have some monies sitting in my DBS SRS account. I’ve been meaning to invest it properly but haven’t looked into it till now. Any suggestions?
Gideon Ng
Gideon Ng
Level 4. Prodigy
Answered 6d ago
Hi it depends on how much you have in your SRS! If you have around $10k, you can consider Endowus. If you have just a small sum, you could consider just placing it in StashAway Simple for the time being which earns you 1.9%. It's much better than leaving it in your SRS account! You can choose to invest through the DBS Invest Saver as well, though you can only invest in the unit trusts portion. You can also choose to do DIY investing, though I'm not that sure how it really works. While you are researching on things to invest your monies in, I would suggest to leave it in StashAway Simple for the time being so that it's earning much better returns!
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Savings Accounts

Investments

Family

Retirement

Wedding

I am 24 years old with 50K in my traditional account (POSB). Where should I put my savings to maximise them? I would like to save for housing/wedding/car. Any advice?
JC
JC
Level 5. Genius
Answered 2w ago
Adding on to what ZhiHao said, you could also consider Elastiq by etiqa. Gives you a guaranteed 1.8% interest rate for 3 years and you're able to withdraw the money from day 91 onwards. https://www.tiq.com.sg/product/universal-life-insurance-elastiq/
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Supplementary Retirement Scheme (SRS)

Retirement

Savings

What are the benefits of SRS? I'm finding a lot of cons, not a lot of pros. Any advice?
Takingstock @
Takingstock @
Level 6. Master
Updated 6d ago
It's a tax deferral scheme and is more beneficial to high income earners by granting tax relief which lowers the income tax they have to pay. I came up with my own guidelines sometime last year, which is to use my incremental tax rate x annual income to determine the amount to set aside for tax relief. Example say Benny earns 7k salary per mth, 12 mth + 13 mth bonus = 91k. After deducting the cpf relief, Benny's incremental tax rate is likely to be 7% on chargeable income (between 40-80k). In this case, I would advise Benny to consider doing tax relief of 7% x 91k which is about 6,300. For this amt, it might be better to just set all of the 6,300 in cpf retirement sum top-up (risk free 4% plus no future tax liability). Benny would save 7% of 6300 = 441 on next year income tax bill. Consider Charlie who earns 9k per mth, with 13 mth bonus, annual salary is 117k. Charlie's incremental tax rate is probably 11.5% for chargeable income between 80-120k. So I would recommend doing tax relief of 11.5% x 117k ~ 13.5k. I would further recommend first 7k into cpf retirement sum top-up, and the remaining 6.5k into srs, which allows him to do a regular savings plan of 500 per mth, possibly using those robo advisors doing index investing. Charlie will save 11.5% x 13.5k = 1550 on next year income tax bill. When Charlie reaches 62, assuming Charlie did this over 20 years, and the funds grew 200%. The srs pot would be 6.5k x 20 x 3= 390k. He could withdraw 39k each year and only need to pay tax on half the withdrawals. Assuming tax rates don't change, and he is not working, he only needs to pay less than 350 of income tax on the 39k withdrawal, each year for 10 years. So Charlie would have 1550 x 20 years = 31,000 of tax savings over the 20 years but pay less than 3,500 of taxes between 62 to 72. How would this not be a good deal? Note: the numbers are agar agar, so please don't troll me. =) Note 2: To be fair, the tax savings on the srs contributions would be 11.5% x 6500 x 20 = 14,950. The balance of tax savings would be due to the 7k cpf top-up, which increases your SA and allows you to have more payout from frs without incurring tax.
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