S3E04: The Brain Behind - How Will the Closure of Your CPF Special Account Affect Your Retirement?
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- เผยแพร่เมื่อ 28 ก.พ. 2024
- The CPF changes announced during Budget 2024 have been receiving a range of opinions on the ground as Singaporeans who had "Special Account shielding" on their minds, question their next steps when it comes to retirement planning. Given the unpopular opinions, is this the right move to make for the primary purpose of the CPF? What do these changes mean to you as a young accumulator or a near-retiree?
In this week’s Money Wisdom episode, our CEO, Chris, encourages us to dig deeper and to ask ourselves what the original intent was for the monies left behind in our CPF balances after turning 55, should these changes not have been announced in the first place. That would give us a good idea of the next steps to take.
Here is the link to the podcast on our website: providend.com/s3e04-how-will-...
You can read Chris' article in The Business Times on this topic here: providend.com/planning-for-yo...
The philosophy of sufficiency serves as the anchor for everything we do here at Providend-whether it's planning for our clients, investing for them, or providing advice. Sufficiency is about having enough, but the question remains: when is enough truly enough? How do we find contentment in life, and what does contentment mean? To find out more, you can watch this earlier podcast episode: • S3E02: The Brain Behin...
Stay tuned for our next podcast episode, where we will be going through a client case study!
Music courtesy of ItsWatR.
The host of this episode, Jin Lee, is an Associate Adviser at Providend, the first fee-only wealth advisory firm in Southeast Asia and a leading wealth advisory firm in Asia. Find out why we charge a higher fee than Robo-Advisors here: providend.com/heres-why-we-ch...
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Providend is very excited to share that we are now ready to extend our service offerings to the younger accumulators who are looking for holistic, independent, conflict-free wealth advice!
For this group of younger accumulators, we know that it is not easy to make retirement planning a priority when other financial goals - buying a first home, for example, or saving for a child’s education - appear more pressing. Learn how we can help here: providend.com/our-clients/acc...
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I must say that Jin is getting better and better in moderating the flow. Enjoyed the podcast very much.
Thank you for encouraging Jin and us, have a lovely weekend ahead!
Very well explained good job. Not like other TH-camr take advantage of situations and make few videos even before parliament had settled down. U r right actually only a small group of people r affected with little impact.
Thank you for taking the time to comment and we appreciate your encouragement. Have a restful weekend ahead.
Christopher and team should work with MOE to do a short Financial talks to Secondary schools students. Why wait to be a working adults to learn financial planning. Could start from either lower or higher Secondary , basic financial learning like compound interests, inflation, loans and maybe, CPFLIFE ? Ha .. ha ...
Thank you for taking the time to comment and giving us your feedback. Have a restful weekend ahead.
I agree. Not many parents are financially literate. Consequently, their kids learnt the hard way when starting adult life, going through debts and unable to invest since young. I wish organisation like Providence, who put the people's interest at their heart, can provide financial literacy to kids. Thanks.
Agree. Shd be in the school curriculum. Children ought to be taught some basics fr primary sch onw
Very well explained Christopher👍. At least you dwell on the changes and let it settle in 1st before coming on to explain to the audience. Unlike some youtubers. Agreed that we can get emotional on the changes but dont act on emotions. Thanks once again🙏
will react emotionally when voting.
will keep a cool head when it comes to plotting next move with my money 😊
Thank you for taking the time to comment and encouraging Chris. Have a restful weekend ahead!
@@ocswoodlands Thank you for taking the time to comment!
You are a good person
Thank you for your kind comments!
Very good. Thanks!
Thank you @manuelgonzales2570 for your kind comments and taking the time to reply!
If I hv cash, will top up our ra to 4 × brs next year. Just let remaining cpf money stay at oa for few more years.😊
Thank you for taking the time to comment. Have a blessed weekend ahead!
If one don’t mind the slightly lower monthly payout on the basic plan as compared to standard plan, would it be more beneficial to opt for the Basic plan ? Is there risk that the Basic plan be removed ?
Hi @sinyeetan28, thank you for your comment.
If one doesn't mind slightly lower monthly payout, it would be more beneficial to opt for Basic Plan because it will leave higher bequest to beneficiaries as compared with Standard Plan.
Hope this helps and have a good day ahead!
Very balanced view, I heard 2 opposite camps.
Thank you for your encouragement!
Great video! Thanks Christopher. May I humbly suggest that you advise your TH-camr friend to cool down and stop ranting frivolously.
People who are affected by the closure of the SA are the richer folks who may have to other resources for retirement
Thank you for taking the time to comment and have a great weekend ahead!
I don't mind they increase the goal post size rather than shifting the goal post further which will disrupt cashflow planning 😅
Thank you for taking the time to comment!
We work hard for it & giving 4% after deducting FRS from SA is a fair deal. We don't have a pension system in this country .
It’s helps me when RA excess $ will be transfer to OA .. I don’t have to pay a single cent out of my Outstanding hdb loan … .. let in run in CPF -OA 2.5% 😊 No need to take risk on Stock market …Companies can collapse but CPF don’t collapse 😂
Lol if the “primary” purpose of CPF is to give S’porean a comfortable retirement sum ..why use for housing, education etc
The guest is singing the G’s song and focus on SA shielding closure
Talk nuts ....everything need changes ...our health changes when gets older ..but our cpf money got lock and does changes from long release to longer release
Topping up ERS…goalpost won’t change? 😂
fool me once, shame on you; fool me twice, shame on me
My only question is why CPF pushes the drawing out time limit more n more years giving excuses that we are living older n older? Dont one think that many ppl near 70 or 75 yrs old cannot really enjoy much rite? Some even got sick n not fully fit to enjoy . How can they lock out money and always changes ??? Is 10 years changes ..not 5 years .
only $ in your ATM account is your $. money in CPF is for shiok show only.
I throw away your book money wisdom. Big nonsense statement about a chef should eat his own cook before serving others. This is liken to financial advisors should buy their own plans before selling to others. A blatant disregard on emphaty towards others with u riding on the high horse.
With such statement, u disregard the industry profession. A chef cooking situation and a advisor financial situation is totally different. U mean somebody has to purchase before he or she can sell such purchase to others? What a fallacy
No need to be so rude. Poor self-control.
@@cathhl2440 the book itself is dishonorable and blasphemy. You mean a horse owner who just started his business and is not able to afford cannot sell his good horses?
The statement of a chef eating his own cook is in a complete situation where the food is perishable and not a delayed gratification product. Its cheap and affordable. A horse owner may not have the financial means to own his own horse at first but he is selling good horses. The book also claim buy term and invest the rest. What if the investment failed and the customer left with absolutely no cover for backup??
The money wisdom book is full of errors and wrong concept. Disregarding advisors who just started out in the industry, showing no empathy towards others except riding his own high white horses. Extremely rude!
@@cathhl2440 i read that sentence and i throw the book into the rubbish chute. Less than $30 rubbish book
Dear firefly4325
I am sorry you feel that way but thank you for visiting our podcast and also attempting to read the book. Have a blessed evening and take care.
Chris