Retirement

Making sure you have enough for the later years

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Retirement
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Feb)

    355 Answers, 600 Upvotes
    Answered 1d ago
    1) High capital guarantee 2) Flexible payout 3) High Projected Yield (above 4%) 4) Pays out for life (If you want shorter, get a retirement plan - the difference is that a retirement plan pays down your capital to 0, while a lifetime annuity protects your capital) 5) Benchmark it against CPF Life. (Many people think CPF Life is the best, but it may not be. It's definitely bloody amazing, but I can confidently say not the best - start another private annuity early enough and you can contribute lesser premiums to get a higher projected payout with 0 capital loss, unlike CPF Life) Start one as early as possible. It's one of the best ways to receive a guaranteed passive stream of income for life. Even dividend income and rental income are active streams as you have to manage your assets, unlike the annuity.
  • Asked by Anonymous

    Josh Tan Jian Liang
    Josh Tan Jian Liang
    30 Answers, 43 Upvotes
    Answered 1d ago
    With a retirement plan, you get guaranteed income , ideally in a monthly mode so that you can cover your core expenses. Kind-of like a low risk passive income source. These are FIVE retirement plans to look at now They are the following (You may click to get the brochures) 1) AIA Retirement Saver III : III is the newest version 2) AVIVA MyRetirement Choice : Choice is the newest version with most flexibility 3) AXA Retire Happy Plus : Plus is the newest version 4) Manulife Retire Ready Plus : Plus is the newest version. Sold in DBS 5) NTUC RevoRetire Retire : Previous version was a different plan name In the post is a detailed explaination of the various plans. https://www.theastuteparent.com/2018/08/5-best-retirement-plans-that-will-give-you-guaranteed-income/
  • Asked by Anonymous

    Yong Kah Hwee
    Yong Kah Hwee

    Top Contributor (Feb)

    526 Answers, 707 Upvotes
    Answered 2d ago
    Invest in income stocks or bonds!
  • Asked by Anonymous

    Junus Eu
    Junus Eu
    34 Answers, 97 Upvotes
    Answered 4d ago
    If it was an emergency fund for a loved one, in a heart beat. It's a good deal. But if the $10M was for travelling the world or buying overpriced ostentatious luxury items, likely not. Coming from someone who has done a fair bit of travel, and bought overpriced things herself, the best things in life tend to be free (cliche but true). It would be ironic if the person who took the $10M splashed the whole thing on a round the world trip on first class, and then collapsed due to old age right before boarding the plane. A little morbid, but food for thought ;) After all, we all can check how much money we have in the bank account, but no one can check exactly how much time we have left.
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Feb)

    355 Answers, 600 Upvotes
    Answered 6d ago
    I've mentioned this a few times but when starting out with a small portfolio, don't get caught up with percentages. Look at the absolute dollar figure return. Even if you invest 100 a month, and in the first year you make 10% return, that's still only a $120 growth. That's something you can earn over the weekend taking a part time job. When you don'y have a lot to begin with, spend more time earning additional income because the risk you take to earn that $120 is a lot. Small investments add up yes, but it's also important to extract the most economic value from yourself as well. You don't have to rush things. Grow your capital first, save 6 months of money as an emergency expense, and when you have about 10k in excess, then start investing.
  • Asked by Anonymous

    Gabriel Tham
    Gabriel Tham, Kenichi Tag Team Member at Tag Team

    Top Contributor (Feb)

    509 Answers, 871 Upvotes
    Answered 2w ago
    The only way to use SRS for tax relief is to deposit cash into your SRS account. If you have maxed out all other avenues of efficient tax relief, then SRS can be an alternative. There is still a limit to SRS contribution. When you decide to start withdrawing from SRS, you get subjected to enjoy 50% discount on income tax applied to the withdrawn amount. https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Special-tax-schemes/Supplementary-Retirement-Scheme--SRS-/Tax-on-SRS-withdrawal/ Withdraw 20k a year, you will be in the lowest income tax bracket
  • Asked by Anonymous

    Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic

    Top Contributor (Feb)

    398 Answers, 529 Upvotes
    Answered 2w ago
    If you plan to retire by 40 or 50, you can still do it. You dont have to follow the SIngapore retirement age. Unless you decide to retire later for whatever reason. You can make sure that your investment are less volatile when you are older and nearer to your retirement age. So that you wont have trouble retiring at your target retirement age when market downturn happen close to your target.
  • Asked by Anonymous

    Dawn Fiona
    Dawn Fiona
    124 Answers, 208 Upvotes
    Answered 2w ago
    Haha when I was single and even after I got married, I was in the smaller house camp. Now with a kid, I realised I prefer a bigger space because I want to have a teaching (and later study) room for him. Plus my husband is the only son so we need to have our in-laws stay with us to look after them. And I'm the only one supporting my father. Therefore now we need a minimum of a 5-room flat, if not bigger. 1 room for us, 1 room for kid, 1 room for in-laws, and 1 room for my dad. But I'm also in early retirement camp (hopefully before 45). So how to answer your question ah, I also dunno lol.
  • Asked by Anonymous

    Mic Mc
    Mic Mc
    8 Answers, 8 Upvotes
    Answered 2w ago
    No. generally. too much of the premium would already be sunk. you would only be taking back less that a fraction of what you paid up. so might as well enjoy what protection your past self has purchased.
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

    Top Contributor (Feb)

    355 Answers, 600 Upvotes
    Answered 2w ago
    Yes, what you're looking for is better risk adjusted return and diversification for capital preservation especially when you're closer to your retirement year as well. I'll also look at building up annuity payouts to form a baseline for retirement needs.
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