10 Uncomfortable Truths About Retirement That You Need To Hear...
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
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Today, we will discuss about 10 uncomfortable truths about retirement that very few mention. Know these and be better prepared.
#retirement #retire #retireinsg #earlyretirement #retireearly
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0:00 Introduction
0:20 When you will die
1:25 Die earlier than you think
2:49 Medical expenses
4:53 How much is enough
5:53 Leaving too much behind
7:00 90% of income
8:24 CPF Life is not enough
9:28 No investment is bullet proof
10:32 Risk in retirement
11:40 Struggle
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About Josh Tan:
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.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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The more we know, the less happiness.
Properties are illiquid. Selling it isnt as easy as people think
Good video. Planning for my retirement which is just 8 years away
Thank you. Congrats =)
The truth, the whole truth and nothing but the truth. 😊
Life is indeed a journey and how we make the best out if it.
Yes agree
Great stuff, Josh
from a retiree.
Thank you for the high praise
Josh, the cpf escalating plan. The increase is 2-3 % means the payout is like $50 more pm. It wont be able to solve anything in absolute terms. Tats why most ppl choose basic
Hi, it could solve dun worry. $50/m more seems little i know but if see it as $500/m more after 8years? SG core inflation is 2-3% historically although the food prices which is what we see everyday inflates higher
I am retired now but not in Singapore. Too expensive. You are right about identity, it took me a while to struggle on that but i learn to yolo like the youth.
Where are you based in now?
Check yr present country health care system & cost for foreigners 🤔
The second truth on Die earlier than you think happened to my late colleague who died at the age of 60. I remembered the day before he passed away I was working with him in the company and then the next day when I come to work I received the bad news of his deceased.
🙏
Thank you Josh. A good insightful video 👍🏻
Personally I don’t believe our life expectancy is 83.+yrs old. If can live healthy and have a quality life till 65 or more is a bonus and blessing 🙏🏻
Good to plan and hope for the best! Most importantly is to LIVE IN THE PRESENT ❤
Thank you for the high praise Christopher.
Yes quality of life is important than the absolute age we live too and yes LIVE IN THE PRESENT =)
The potential problem for cpf life if we goes into double digit interest rates that make cpf life way behind
That scenario is not worth worrying. If we get that in the long term, a lot would have broken already
would Josh also do a video clip about,
11. Retirees that have been cheated of their Life Savings through "wrong" investments
12.Retirees who lose their Mental Capacity, before they can actually enjoy the proceeds of their Life Savings
13. Premium-Financed Policies for Retirees. Is the higher promised leveraged returns, worth the risks ?
Thanks
Good suggestions =)
11) This would be the opposite of "Point 9 some risk is worth to take" I guess it largely depends what investments were made. If they were lost to scams it is regretable. If its lost to financial investments or business, it depends on how risk was managed
12) Very good point
13) Financing when interest rates were low are worth it. However, the amount taken should be comfortably covered by cash so that in event like now when interest spikes, there is an ability to pay it off
Be careful on leveraged policies. Don't be caught with your pants down. There is a big difference between leveraged investments (which you control) vs leveraged policies (which you don't control but rather at the mercy of the plan you purchased)
What can u suggest for retirees who have spare cash
This unfortunately needs to be customized to situation 😅
I would instead challenge the norm and introduce you this discussion - WHAT IF YOU PUT ALL YOUR RETIREMENT CASH INTO EQUITY?
th-cam.com/video/EcrZCNRF2y8/w-d-xo.html
I nearly died a few times, and I have to say it is the most liberating experience ever.
All our worries go away
Dont care if our 50 billion port goes to up or down
Dont care about US Fed interest rate decision
Dont care if Ah Long splash red paint on the front door
Nothing else matters, free as a bird.
Or maybe I am so doped up on oxy, ha ha ha
I agree on diversification, however when one gets older one may no longer be able to effectively manage a diverse portfolio. CPF Life looks promising but it is illiquid and rules may change in the future. Retirement is a difficult topic as there are just too many unknowns/uncertainties.
Valid points Edmund =)
Before retirement do your LPA & Will first. Yr CPF Life payout is enough to pay bills & groceries monthly. Its yr ROI or Dividends or Saving or FD interest maturity that will let u do recreational stuffs like hobbies, travels etc. Live well, eat well & b stress free & go for health screen twice a yr. Relax & live yr day full 🤭
Agree!
Your kids will be super stressed as your life purpose will depend on their life events even if you are not intentionally pressuring them.
Do spare a thought on this.
生死有命，富贵在天。All existence is impermanence, we manage what we could, leave the uncontrollables to the divine. Worrying too much that beyond our means yield nothing fruitful.
What about sandwich generation and work to support parents and children buy zero saving, like live on pay cheque to paycheck. 😅
That’s sandwich gen not uncomfortable retiree truth haha 😅
"Don't know when u will die". BUt doesn't matter, right? All have to die. When, doesn't matter.
The title should be "10 Uncomfortable Truths About getting old that you need to hear". It is not about retiremenet but aged.
We need to have a guarantee "Reservoir" ready for retirement. My target at age 55. CPF SA =500k. CPF RA = 500k.
Your Parents Are Not Your Emergency Fund.
Children Not Your Retirement Fund.
Build your own wealth and start early.
Agree
"Retirement" has become a dirty word in Singapore already.
Many will find it very hard to retire on time, let alone comfortably. The retirement sum is constantly raised every year. When you sell your flat lease, you might still have to return your own money into your CPF account (Seeessshhh) and the Govt siphon your CPF money to pay for ever more expensive HDB flats.
Like a financial cancer, the damage is spreading wide and fast.
Many use various desperate measures (no thanks to the ill advice spread in the newspapers and social media) such as "topping up CPF", using your CPF funds for investing in unit trusts (likely lose money!), etc.
Topping up your CPF is the worst ever. You already struggle to make money. Then you dump your hard-earned cash into your CPF thinking it will help you retire with higher interests given. 😂😅 I always laugh at this gullible thinking.
All that beefed up CPF account will eventually be channelled away into the Govt's deep pockets when a couple buy the ultra expensive flat lease.
I can go on and on with this topic. Good luck to those youngsters who will be marrying soon. Be prepared to be saddled in huge housing debts for decades.
For parents with young kids, good luck too. Your finances will be sucked away in this one of the world's most expensive city, or I call it "LHL's golden playground".
I’m a young parent w young kids. No problems so far.
Yes gov is imperfect but hey most of the journey to retirement is still determined by one’s own efforts along the way
Point 4 and point 5 can be contradicting. I plan based on generating 4% investment returns and living within it. But by doing so, it becomes inevitable that I’ll leave too much behind, invested capital is not used at all. Personally I would prefer point 4, more worry free.
Yes if 4% dividends are sufficient that will be great. However, that also means the capital needed may be very large. The only way to reduce the amount needed is to plan to consume it down. At least some...
Hi Josh. Enjoying all ur videos only 1 thing, can you don’t put weird face or open ur mouth that oddly? It’s weird. Thanks
Haha oops