Asked by Anonymous

What are other ways to plan for retirement other then depending on your CPF? ?

I'm asking this as I have a friend mid 30s, who is a full time freelancer and has no intention to put any cash into CPF. She is worried that when she reaches an age where she can't work anymore and no income in her old age.

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  • Bang Hong
    Bang Hong
    38 Answers, 60 Upvotes
    Answered on 17 Dec 2018

    I will go for either

    1) Retirement plans from Insurance companies

    2) Build-my-own by buying into Bonds (30%) and Dividend stocks (70%)

    These 2 will help me to fund my retirement. As you mentioned your friend is a ful time freelancer, this demographic personnel usually won't put money into CPF, thus the above 2 recommendation is for your friend's consideration.

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  • Loh Tat Tian
    Loh Tat Tian
    238 Answers, 341 Upvotes
    Answered on 17 Dec 2018

    Then she should be reducing all her taxable income (if any) as a freelancer. Or even wake up her idea that CPF has a 3.5% to 5% interest that can form part of her retirement. Or better yet, maybe she should be increasing her income to pay heavy tax (so to benefit from RSTU and SRS).

    Why would you be worried if you have a plan. You are worried only if you have none right?

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  • Daniel Ling
    Daniel Ling
    44 Answers, 71 Upvotes
    Answered on 17 Dec 2018

    Fat bank account. Private retirement plans.

    Or wake up and realise that cpf is not really a terrible deal.

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