How much is enough for retirement in Singapore?
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lee_yl\" post_id=\"1938072\" time=\"1569589016\" user_id=\"17023:
Buay tahan. If indeed the girl has no intention of returning to SG, and not repaying back her parents’ $750K. One day, the two old folks will become govt’s liability and it will be tax payers’ responsibility to look after them[/quote]But hur, some parents ‘give’ unconditionally for the love of their kids. Then when they announce (meet a good opportunity - job, bfrd, residency, etc) then most parents won’t want to hold their kids’ opportunities right? Unless these parents state clearly a LOAN to be repaid for their retirements.
Hv a frd whose girl insisted in doing medicine. Applied for SG to do medicine but failed to secure a place. Offered to do dentistry but she insisted in medicine. Parents hv to sell off pte property & downgrade to raise funds for her studies downunder as he’d hubby lost his job & even his bz a year later. Now she’s doing internship but does not wanna return to SG.Estéema\" post_id=\"1938060\" time=\"1569586945\" user_id=\"66413:
[quote=Iluvmygals post_id=1938054 time=1569586263 user_id=26453]Singapore now has a lot of distance learning for degree....don't really need to go overseas for uni degree especially if the degree are pretty general....take example business or accountancy..accountancy can take ACCA...so can do local....
Of coz if kid really want to be a doctor and can't do local.....haiz...that's 750k....that one have to sell house and write loan agreement with kid leow.....
Human nature don’t usually see fr other’s point of view. It’ll be excuses dishes out or alternatives like they can depend on other siblings or both still hv CPF, home, etc.
So my rule for myself is best don’t overly indulge in the kids other than providing the basics. I don’t wish to be weak & fall into displaced compassion & love unless I’ve enuf to provide limitlessly & w/o regret if I decide to provide. I only do exceptional if the child is exceptional & pursuing sth meaningful to not just self. That is for ano round of deep thot. -
Estéema\" post_id=\"1938078\" time=\"1569589923\" user_id=\"66413:
I feel that those with only one child will be more likely to be the ones who give unconditionally.
But hur, some parents ‘give’ unconditionally for the love of their kids. Then when they announce (meet a good opportunity - job, bfrd, residency, etc) then most parents won’t want to hold their kids’ opportunities right? Unless these parents state clearly a LOAN to be repaid for their retirements.lee_yl\" post_id=\"1938072\" time=\"1569589016\" user_id=\"17023:
Buay tahan. If indeed the girl has no intention of returning to SG, and not repaying back her parents’ $750K. One day, the two old folks will become govt’s liability and it will be tax payers’ responsibility to look after them
Human nature don’t usually see fr other’s point of view. It’ll be excuses dishes out or alternatives like they can depend on other siblings or both still hv CPF, home, etc.
So my rule for myself is best don’t overly indulge in the kids other than providing the basics. I don’t wish to be weak & fall into displaced compassion & love unless I’ve enuf to provide limitlessly & w/o regret if I decide to provide. I only do exceptional if the child is exceptional & pursuing sth meaningful to not just self. That is for ano round of deep thot.
For those with 2 or more children, if I can cough out the money to send 1 child overseas, then I must be fair to the other child, so need to prepare to cough out the same amount to support the sibling(s).
Else, all stay put in local Uni ! -
Yes so bc I have 3 gals hahaha impossible to fork out $750k each for an Ireland Med degree…
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Cloud Cloud\" post_id=\"1937623\" time=\"1569547595\" user_id=\"160688:[quote=\"Cloud Cloud\" post_id=1937623 time=1569547595 user_id=160688]
If one needs some cash for an emergency, can consider to remortgage the property to take out some cash while still selling the house in parallel (never mind if it takes 9 months to find a buyer).
Property is illiquid. Especially during downturn. Took me almost 9 months to sell one property.
Cpf only start payout from age 65. Ideal to have annuity fund which start payout from age 50 or 55.
No money for annuity plan now. All thrown into property.[/quote]
Sudden termination of annuity plan to cash out the money, if I’m not wrong, will incur administrative charges and penalties. CPF Life does not allow for termination to cash out money, isn’t it also considered “illiquid”?
CPF Life is the only annuity plan backed by the our Govt. Am I right to say that no private annuity plan’s returns can beat CPF Life’s?
My money is also in property too. If I have extra cash, I will go for CPF Life Enhanced Retirement Sum.
I do not think I need another annuity plan to kick start when I’m 50yo as DH has no intention to retire that early. -
hercules\" post_id=\"1937641\" time=\"1569550005\" user_id=\"14947:
I am curious about this “Legacy” type of annuity plan. I will ask my insurance agents more about this type of product.
LEGACY TYPE
Pay $200,000 single premium
Wait for x number of years (still assume 5 years)
Received $10,000/year for life.
During lifetime, can give/assign the policy to a third party (such as I assign each to my siblings and kids).
Each continues to receive $10,000/year for life.
After each dies, the $200,000 +1% nominal death benefit goes to their respective beneficiary (it’s usually capital guaranteed after x number of years.’Usually’ coz so far I know they are so but maybe there are alternative plans out there that may not be so.)
If I don’t assign before I pass, then policy terminates and $200,000 + 1% given to my beneficiary.
$200K single premium keep for say, 5 years, I will get $10K/yr FOR LIFE until I pass on and I can still assign this plan to my beneficiary to continue collecting $10K/yr for life??
The illustration you shared on legacy annuity seems a bit too rosy? I vaguely recall a friend mention that for a single premium legacy annuity plan, the projected total return is capped at twice the single premium. If you want to leave something as a legacy, why not consider a term insurance type with a rider add-on?
I am wondering whether I am able to collect 20 years of payouts and then I assign it to my 3yo great grandchild, say who could live till 83 yo, wa, then the insurance company has to pay another 80 years of $10K/yr, what does the insurance company earn? :?
Just curious, when you mention that the bulk of your money went to many private annuity plans, to enjoy a total of $10k/month passive income, how much cash did you have to set aside in the first place? $2mil-$3mil? -
lee_yl\" post_id=\"1938082\" time=\"1569590938\" user_id=\"17023:
4 children kind how? Any advice???
For those with 2 or more children, if I can cough out the money to send 1 child overseas, then I must be fair to the other child, so need to prepare to cough out the same amount to support the sibling(s).
Else, all stay put in local Uni ! -
I hedge my foreign university fees exposure by encouraging both kids to go to poly as there are exemptions so that costs will be reduced.
Of course I always tell them that I can only afford local and they will need to get a scholarship if they want to go overseas. But if push come to shove, then bo pian.
There are many pathways now to getting a degree so going overseas is really a last resort. -
lee_yl\" post_id=\"1938113\" time=\"1569597907\" user_id=\"17023:
Can check with you agent to ask what kind of annuity products market is available now (mine are no longer available).
I am wondering whether I am able to collect 20 years of payouts and then I assign it to my 3yo great grandchild, say who could live till 83 yo, wa, then the insurance company has to pay another 80 years of $10K/yr, what does the insurance company earn? :?
Below is a newer product that is similar (not exactly the same) as mine .
https://postimg.cc/ygRQ7hxZ
https://www.manulife.com.sg/resources/signature_income_eng.pdf
The product maybe is more suitable for someone who wants to liquidate a property at closer to retirement age and shift to a smaller dwelling, to have a regular income to incl legacy (else buy endowment type annuity to benefit self). A big chunk of money in hands is always a bad idea. Shop for the right product at own risks. -
YL
This legacy insurance is not new and a few insurers including GE are promoting.
The pdt seems to spread over 3 generations. And since it involves a huge sum upfront and am unsure if I want to plan that far ie till my grandchild, this type of pdt is not on my radar yet though I must say the pdt is gd to hv for legacy planning. -
starlight1968sg\" post_id=\"1938128\" time=\"1569627584\" user_id=\"14025:
Statl, yah true when I was intro this pdt by bank , I was confused too coz we yet yo think n plan that far .
YL
This legacy insurance is not new and a few insurers including GE are promoting.
The pdt seems to spread over 3 generations. And since it involves a huge sum upfront and am unsure if I want to plan that far ie till my grandchild, this type of pdt is not on my radar yet though I must say the pdt is gd to hv for legacy planning.
If I get a inheritance or Toto 1 mil now n I want to save it down - I will really consider this. Seem a bit ex to me , the most plan till kid generation only can’t do to grandkids too far , not in radar too
The pdt I see was prudential fr bank wealth manager , I din get to see fr outside market insurance agent - they sell mostly annuity plan ?
Also I wonder which is the safest insurance ?
Only GE n income are local - GE back by OCBC - I would prefer local agency for such a legacy big sum .
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