How To Maximise Your CPF And Your Children's CPF | Interview With 1M65 Loo Cheng Chuan
ฝัง
- เผยแพร่เมื่อ 26 มิ.ย. 2024
- I've invited Loo Cheng Chuan who runs 1M65 and 4m65. Some years back I was a critique of 1m65 but along the years, I've changed my view. CPF is indeed a predictable path to building wealth and retirement planning in Singapore.
Today, I interviewed to ask him more on his perspective on a few financial topic such as the power of compounding, CPF limits and retirement planning mistakes he has heard.
0:00 Introduction
2:24 Q1 How do you teach your kids about money when they were younger?
Strategies to teach and demonstrate money and compounding to your children.
8:10 Q2 How do you spend your time in semi-retirement?
11:28 Q3 Can you get CPF from more than one employer?
There is an annual limit of $37,740 per employer.
Are there strategies?
15:12 Q4 CPF Full retirement sum FRS will be raised by 3.5%pa, your thoughts?
Full retirement sum FRS affects how much you can cash out from CPF at age55
26:22 Q5 What are some retirement mistakes and questions that you have been asked on?
Visit 1M65 TH-cam: / @1m65
#1m65 #cpf #frs #retirement #retirementplanning
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Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
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Thanks Josh and Mr Loo. I am in both your channels for some time already and have benefited from your sharing. Hopefully, more people will gain knowledge from both of you.
No probs Tara, yes do share the financial literacy concepts that we teach. Cya around
Awesome interview!!
Thanks Kelvin. Chat again soon too
Great interview session. Very beneficial. thank you Josh !
Glad it was helpful =)
Thanks for sharing and creating meaningful content.
Glad you enjoyed it, share with someone who should hear =)
Nice interview with Mr Loo, Josh!
Thanks Chris 👍
Unfortunately I cannot achieve at this point. I hope younger ones will plan early. Good to have wealth that you can help others with. Give and help others when you retire.
Yes agree. Ive started JOSH TAN BURSARY even though I dont have an astronomical amount of excess funds for retirement
J Tan my children topping up SA with cash regularly
J Tan teaching children about achieving social mobility through education is another way. Eg parents general degrees children made it to medical MBBS
Yes education is one. Think critical thinking is another in the future world where jobs are different
J Tan, hapi to share we achieved 2.91M59
Nice! Plan how youd be depleting it and be happy to consume it Choon Bing, you earned it
Thanks Josh, apart from putting money into kids account. Some cash is good to buy etf for their future right? Could u advise which is better? S&p 500, Shanghai index or VOO？
Any diversified investment works. The hard part is to stay patient and be able to accept ups and downs. This video might interest you ~ Top 8 Best Investments To Own For Life! (Featuring the best ETFs and unit trust funds) - th-cam.com/video/qDZ5N5WOayg/w-d-xo.html
Hi Josh, can a person below 55 continue to topup above FRS?...if not what else can be done to continue growing??
Top up to SA via RSTU (if you are
the tough part is when the 2 parents have different opinions/values about money..
J Tan hapi that my wife and I aspiration of children made it to medical MBBS come true
past performance does not equal to the future.
My parents made their fortune solely from property investment and they have done really really well.
CPF is a safe and sure bet but the return 4% was unattractive and long wait. But for the last 10-20 years things have changed, interest rate was in the negative territory you have to take more risk and be more aggressive in your investment strategy to get a return, but most people are afraid to.
after all, no one has crystal ball of the future, for me i like diversification, and most importantly patience.
agree. Diversify and patience is key
I am totally with u. A friend was amazed by 1M65 and asked me how it works. My reply to her was, "if u know it and follow it, u will be as poor as $1M. But u have more than $5m with your stronger FQ." She did well in property investment. 1M65 is not good enough.
How can I open cpf accounts for my kids? I can't find it in website.
Singaporeans its automatically opened. I wrote this article to view it online www.theastuteparent.com/2022/02/how-to-check-child-cpf-medisave-online-teach-compounding-interest/amp/
You can top up SA. For income tax relief, there's still MA.
Im aware, both can be easily filled when income builds up for a period
First :)
Yes =)
Hi Josh, if I put $10k in my 18yo daughter sa, how much is the compound interest when she reach 55?
Compound it at 4%pa
@@joshconsultancy don't forget government can always change the rules. Like put a limit on how much you can keep in SA. Reduce the interest rate after a certain amt.
I want to top up my cpf MA voluntary to 60k,
what's your view
If youve spare cash, likely a good idea. If you're still working, you might want to space out over a few years as there is a $8k tax relief cap. Hope it helps
Hi Josh, any reason why top up SA for my son particularly? Can I top up MA instead since both are giving 5% for the first $60k and excess MA will be spill over to SA in future when my son started working.
Valid Edwin =) Personally I prefer CDA> MA > SA www.theastuteparent.com/2019/10/is-topping-up-to-your-childs-cpf-and-medisave-a-good-idea/
Thank you for the clarification.
@@joshconsultancy why do you prefer ma over sa
@@fool1124 ma can still be of use in medical and insurance. SA cannot be tapped for anything
@@joshconsultancy but SA will be convert to RA after 55 and which can be used to generate retirement income.
what's the point of putting in more $ when there's no chance u can use it all?
Amounts above FRS at age55 is liquid, familiar?
@@joshconsultancy yeah i know, but what about the amount inside FRS?
So can a retiree 65yrs old with a million dollar cash invest in SP 500?
I have never invested in US stocks before.
Never too late to start but there must be a mindset for learning and mistakes. It starts by challenging any concerns you have on why investments have not been made till now
Can. But are you ready to lose any money? There is so much talk about investing today, but they talk as if, you will never lose
I think u need a competent financial consultant to plan for you (or DIY learning). Because you are at a stage where u may need to draw down on ur investments and if not done well, you may see yourself needing to draw down when ur investments crash as part of natural up-and-down cycle.
The dividends from S&P is not high and doesn't generate the necessary cash flow a retiree needs. Moreover, the dividends are taxed at 30%. It is good for long term capital gains. As a retiree, it be better to diversify and invest in safer income generating instruments like REITs, business trusts and wholesale bonds. These are relatively safer and more forgiving in nature which are more suitable for retirees. Maybe annuities... but I don't like their yield.
☣After hearing cpf haters and cpf lovers i realise 1 thing:
1. Haters of Haters are also not entirely correct because they think the haters Can Only Be Wrong.
A. Higher gains investing outside cpf. This is not falsehoods but has risks. CPF SA 4% true, its safe and quite high interest.
My point is, there is No Right or Wrong answers.
So, Mr Loo is also wrong only when he say it as if He Must Be Right. 1m65 is a great way. No doubt. But haters of haters are also not wise. Many Roads lead to Rome. Haters has a point too. Their point is entirely valid too and has risks. For those not wanting any risk or worms in civil service, of course CPF is a great way for retire. For private sector people too.
Loo hates the protesters for valid reasons but by Hating he is already wrong as he shows lack of Wisdom. One can retire WITHOUT any CPF if you can earn enough money . So while his 1m65 is great, he must not think that those who criticise the CPF MUST ONLY BE WRONG.
By hating the haters only goes to show Lack of Confidence in your 1m65 or support for 1m65. Hey, capable people do not need 1m65 nor cpf.
Do you all get me?
Think I do.
I used to hate on the idea of building 1m via CPF. Confessed that to Mr Loo. I've also learnt maybe my way of thinking doesn't suit everybody.
By hey if an idea has their share of supporters and haters, then it is a worthy idea to explore
@@joshconsultancy Yes, 1M65 is great idea and very safe And alternatives are also alternatives and many have gotten very rich not going the cpf route. Many self employed people may appreciate more liquidity while those happily employed should adopt 1m65. Of course, many self employed also top up their cpf. There is no right or wrong.
Just understand this, $1mil doesnt make you rich, neither does $2mil or $3mil. 😃😄 only comfortable thats all. Ultimately, its about balancing the money you have with what you want to spend on. Say eg. If you have $30mil networth but you are still staying in a HDB, whats the point? The true value of money is extracted when it is spent, so the key is spending it well to keep your life balance.
true value of money is to buy time.
if you have alot of money, you dont have to work, and that unlocks your time to do other things. time is after all the msot valuable commodity!
True happiness can still be found where ever you stay, agree? =P
True happiness is to enjoy your passions in life. Not specifically to send money
Typical Kiasu parents
If theres excess cash if there is...