How much is enough for retirement in Singapore?
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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 . -
MP
My top priority is to ensure my retirement is settled so as not to burden my daughter etc. Of cse the money I can't finish using would be hers. I won't think for her kids unless I hv a lot extra
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tyeogh\" post_id=\"1938114\" time=\"1569598210\" user_id=\"94399:
The \"fairness\" issue is tricky, and depends on how your family defines fairness, and the aspirations of the 4 kids. I only have 2, and they have very different personalities and aspirations. In a way, it's good that I have only 1 who was eager to go overseas. My other girl is not willing to venture far - not even willing to stay in hostel or go on an exchange programme, let alone go overseas for 3-4 years! Saves a lot of money for us now. We know that, given her needs, we will probably need to help her more and longer financially in the future, so I guess you can say that's \"fair\", but thankfully the sisters don't measure fairness to the exact dollar. I guess if both had wanted to go overseas and we couldn't fund both, then they would have to get scholarships or both stay local. As I told my younger girl when we were debating go/no go, there's always the possibility of exchange programmes or a Master's programme (on scholarship or personal savings) down the road. Anyway, the comparison is not just local vs overseas - the cost of a local Med degree is not necessarily less than the cost of a 3-yr degree overseas!
4 children kind how? Any advice???lee_yl\" post_id=\"1938082\" time=\"1569590938\" user_id=\"17023:
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 ! -
starlight1968sg\" post_id=\"1938134\" time=\"1569629919\" user_id=\"14025:
Yep agree too . Some more I have two - scarli many grandkids - how to plan for so many ...
MP
My top priority is to ensure my retirement is settled so as not to burden my daughter etc. Of cse the money I can't finish using would be hers. I won't think for her kids unless I hv a lot extra
A boy n girl are v different needs , diff cost.
Do u have a gd / ok GE agent To introduce?
I bought small ge product fr OCBC before but no follow up - I know sometimes ge runs promo - I dun mind considering -
499,800 with a 4.75% return gives u 23,740/annum which is 1,978/mth. With the policy, it only gives 1,470/mth. The missing bits is probably the management fee paid.
A direct investment into DBS, UOB also gives a dividend yield of 4.8%, with no management fee needed and shares are deposited into CDP account and can be inherited by children. Would that not be a better choice?
No doubt there will be argument about share price fluctuations. If focus is on monthly income, then price fluctuation shouldn’t matter…not to forget there could be price upside too…
Just sharing an alternative view… -
There is no one size fits all financial pdt for retirement bec each financial situation is unique. Just go with the one you are comfortable with and diversity your pdts and sources.
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