5 BIG RETIREMENT PLANNING MISTAKES | WHY $1,379 PER MONTH IS NOT ENOUGH FOR RETIREMENT!
A survey discovered that elderly Singaporeans need $1,379/m for survival. This is the finding for age group 65 and above.
Those in age group 55-64 need $1,721/m for survival. The figures includes holiday and social activities
0:00 Introduction
What are the findings from this survey. Elderly couples need less.
1:10: Focusing too much on property
Properties are illiquid and may still have mortgage loans.
Renting out a room for cash flow is not as simple a decision
VIDEO - If I have $1m in cash would I buy a property • IF $1M IN CASH, WOULD I BUY PROPERTY NOW? ...
2:35 Depending too much on fixed deposits
This applies also to instruments with guarantees.
Overall interest rates globally has dropped. And the biggest fear that it may stay low for years.
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4:03 Not factoring extra cost
A new house or a new car may come about in retirement years.
Helping children with wedding and their own marital homes.
5:21 Not factoring increased healthcare cost
Medishield life has raised its premium and will likely increase again some years down.
Plan carefully on long term care. Important articles to read
1) Careshield Life – NEW Updates On Changes And Incentives For Your Family! https://www.theastuteparent.com/2019/...
2) Find Out The TOP Cause For Careshield Life claims And Disability Needs! https://www.theastuteparent.com/2020/...
7:38 Not factoring in inflation
$1m cannot last for expenses of $50,000 for 20years.
Solution is to get escalating payouts from endowment plans and CPF LIFE.
Also buy assets that can get more returns down the years.
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We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus. It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
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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 to help you kickstart your journey towards financial freedom.
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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