Planning Right For Retirement, When You're In Your 50s (And In A Recession)
ฝัง
- เผยแพร่เมื่อ 18 มิ.ย. 2024
- You’re about to retire in the next few years - but wondering if you have enough funds to last you. Has the COVID-19 economic recession affected your retirement goals? Should you try to ride the recent stock market rally to grow your nest egg quickly?
Muthu Kumar, 55, is worried about not being able to get medical insurance coverage at his age with a medical condition. Private hire driver Terry Tan, 56, talks about making a property investment mistake, and the challenges of saving as a self-employed person.
Financial experts Kenneth Lou, CEO of Seedly (a personal finance platform), and Chuin Ting Weber, CEO of MoneyOwl (a financial advisory and fund management firm), advise how Terry, Kumar, and others in the same situations can work towards their ideal retirement lifestyle.
(MUTHU)
00:00 Intro, and why CPF LIFE should be the foundation of retirement planning
01:50 Why it’s important to be debt-free as you near retirement
02:39 How much should you set aside as emergency funds?
03:08 Are endowment plans a good way to save for retirement?
03:59 How much you’d get in retirement, if you met the CPF Full Retirement Sum in 2020
04:48 How much critical illness coverage do you really need?
05:31 What if you don’t have enough medical insurance coverage? What do MediShieldLife and CareShield Life cover?
06:43 What to do in your 50s, if you or your spouse don’t have enough savings - from CPF Top-Ups to monetising your HDB flat
(TERRY)
08:15 How much do you really need in retirement?
08:59 If you’re investing in stocks this close to retirement, some points to note.
10:30 “My retirement plan is my CPF plan”. Will meeting the Enhanced Retirement Sum provide enough for your retirement needs?
13:06 Is property a good asset to have in your investment portfolio for retirement?
14:40 Should you invest in Investment-Linked Policies (ILPs)? Would CPF interest rates give better returns?
15:43 Why it’s okay if you don’t feel like taking more investment risks
To start planning for your retirement, visit www.cpf.gov.sg/BeReady
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I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@rachealhubert74 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@rachealhubert74 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@rachealhubert74 I will give this a look, thanks a bunch for sharing.
@@Patricia-Margaret Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Contentment sometime is the biggest gain.. Wisdom words indeed.. 😊
this kind of content is 1000 times better than shopping, travelling, eating programs. besides, these kind of personal finance contents are more sharable because there's too little of it around, compared to shopping, travelling, eating.
Can we have more of such informative videos or talk/show? Taiwan has produced lots of finance related shows. Pls!
Thank you! Very informative, shared this video with my family and friends.
Awesome video! Hope that those that’s not so investment savvy follow both these uncle’s footsteps rather than listening to untruths about CPF being spread.
Hope to see videos that involve some of people that do not plan early for retirements. The 2 examples given are those well planned.
Yes, that would give a broader perspective
Should I let Graham Stephen know about this?
I super love all the financial videos. The advices are also very good!
Agree!
Excellent video sharing mistake that people made while trying to built their retirement nests and also, the precious comment from the experts
I top up to max too. Almost 55 now,. My CPF total balances at 2020 was 30% more compared with 2017.
Bro go for dividend pay up funds (passive income) as our age catching up we got no time for growth funds.
If you've just picked up an endowment plan in the past 5 years, you may want to relook into it as the % gains mentioned is often not guaranteed, the management fees can often eat up most of it leaving you to near or slightly above your principal.
one of the most constructive education video.well done.
wow this video shd be spread widely.. it is awesome
Great video.
Hope to see more similar video by CNA inside in the future.
you can join Seedly Personal Finance Community to ask questions and discuss there as well =)
Contentment is a bigest gain, insightful term. I agree 👍
CNA please have more of such topics
I second this. Otherwise most people would be stuck in a rat race to look good for Instagram only.
Blessing SG. 🙌❤
quote" contentment is the biggest gain"
16:16 WORD. Contentment is the biggest gain. Don't be blinded by greed in the quest to support your life goals
Good advice! An asset is not really an asset unless it gives u income
Thanks CNA for the video.
Can i request for such financial advisor video for foreigners living in Singapore
Lease buy back isn’t a good deal, it’s more for those who have no other options
why's that so?
more of this topic please
Why is medisave in 2021 can't be topped up, after 55? I've checked cpf website and medisave top up scheme has been "quietly" removed. What has happened?
Nice vid, but with inflation I think a safety margin its more like 5K for a retired couple
I was a bit surprised they don't discuss about health insurance and these cost went up really high after 65 isn't?
I am shielding my SA and once RA is totally top up, I will withdraw all OA amount out for cash and then sell off the bonds which will go back to SA.
can do a video for just fresh grduates/ 20+ years meh?
Very important topic!
Will there be one for different age groups?
Yes, there is another one for 30s - 40s 😊
I am not worry so much about my finances but l had to be careful of conmen who tell beautiful stories to scam people.
I buy beaten down good bluechip stocks with good divenden. I had strong holding power, up or down, to sell or buy I decided. I control the stocks l bought, not the market force which is not up to me. If down l buy , lf up l sell. I decided. I don't follow any so call guru
Most pp underestimate their expenses & overestimate their income
A stable job with consistent income and cpf savings throughout the 50 year career life is fundamental and assurance of good retirement and old age. Dont gamble or invest to do business as you are putting your hardearned money and future into wind. (Not Win!)
Good advised👍👏 from both of you guys.
I invested 60% of my nett worth cause I don't need the money and I don't want to leave it in the bank sitting ideally where inflation take place. I invest in dividend fund that I get my passive income to beat the inflation.
which fund do you invest in?
@@XenolVlatriX mostly blue chip and some reit from Singapore
Then bear market, eat up yr principal....prepare to cry..
Oh.... Contentment, will it prevent learning? I’d have further points to add 😉
In time to come, those above 35 years of age do not have to work. Selling off their million dollar HDB homes will take care of early retirement. Who knows, we may even be like the USA with citizens living on the streets. They call it a 'lifestyle choice' when homes become unaffordable, though still very affordable according to official narratives, for some folks. With every family having two or three HDBs, ie the elderly and two kids, even renting out one home is good enough to tide them through.
In time to come, Singapore will be a retirement paradise. Citizens do not have to work till 65, just live on the rental of their properties at age 35, and do not have to work after that. Now with HDB flats selling above a million dollars happening a dime a dozen, life is really so good that not many think it necessary to work, with all the added subsidies thrown at them. They are even asking for applications to participate in various schemes. No wonder so many foreigners are rushing for citizenship.
Can CPF forever to pay out 4% interest on RA?
Really depends on gov. They can easily change the rates and withdrawal age so this is one reason why i prefer to invest the money elsewhere instead of direct cpf top up.
@@temasekb I hold similar views to you, however we cannot escape CPF so why not embrace it? After all CPF can be viewed as an instrument similar to bonds, though yes we don't receive any 'coupons' up till the age of 65. The guaranteed 2.5-4% is very attractive and since it is recommended that one should always have some bonds in your investment portfolio, the idea of maximizing your CPF seems pretty good.
@@temasekb If i am not mistaken, I believe PM Lee said in National Day Rally 2019 retirement age will only be raised to 65 by 2030 and CPF Life payout will remain the same at 65.
yes it's forever
@@WbZ-sb9si that’s what they said to tge previous cohort at55.
So you want us to put more money into the cpf so gic and temasek can earn more.
just buy tesla stock and hold for 5 years.
When you are 55 now and getting $2000 in 10 years' time is not much.
Even $6000 is not enough if you have lavish lifestyle. However if you are thrifty and have a simple lifestyle $1500 would suffice...when you are debt free.
@@daveylim9725 Cliche and not contributing much. Note that CPF Life income does not increase.
So that $2,000 you receive in 10 years' time will remain $2,000 over the next 30 years of your life.
With profundity shall i add that you lacked sagacity when in fact as people age they consume less and less...how much can a 75 year old consume ? As you age your wants diminish and most expenses are medical and will be well taken care by insurance bought earlier. The simple meals do not cost much. Do not assume all levels of society are as capable as you to earn huge sums of money at high stress and at the expense of their health. There are many segments of society that are simple minded, contented with simple things in life. Your original idea that $2000 will devalue in 10 years is the one that is truly cliche because you assume all other factors are constant while they are not. You are the one not thinking and not contributing. Don't be a cliche...
@@daveylim9725 let's hope for your sake you're right.
@@daveylim9725 2000 in 10 years is worth less than 1500 and people even at age 70 consume much more than 1500 for any form of comfortable retirement and we haven't even gone into the medical expenses that will increase as one gets older so i'm sorry to burst your bubble but CPF by itself really isn't enough for retirement.
Wrong race can apply
The belligerent driver morphologically stare because edge hypothetically provide notwithstanding a bent hole. doubtful, truculent wall
Hope to see videos that involve some of people that do not plan early for retirements. The 2 examples given are those well planned.