How much is enough for retirement in Singapore?
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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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slmkhoo\" post_id=\"1938136\" time=\"1569632322\" user_id=\"28674:
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![/quote]This topic headache ah. Should parents treat each child fairly?
4 children kind how? Any advice???tyeogh\" post_id=\"1938114\" time=\"1569598210\" user_id=\"94399:
[quote=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 !
When I had 2, the answer is Yes. When the 4th came, the answer is less clear.
Every child is different. It is hard to execute. Eg my eldest is bright. I gave her 2 tuition at PSLE. Chinese bec we dont speak it at home. Maths, to challenge her. She was happy.
When No.2's turn came, she had 4 tuition bec not so bright. Eldest complained not fair. Said she lost out doing well in Sci bec of the lack of tuition.
I changed tact to be fair. For no.3, I continued 4 tuition. Fair, right?
Then found him to be strong in English, Maths & Sci. He complained why must go tuition when he is scoring >80 for all. He hated it. Good point tho. I scratched my head.
How to be fair??? What is fair? -
All the savings related policy like to illustrate 3-75, 4 , 4.75% etc
I think since I worked till now, the policy insurance forecast din hit high of near 4 % , I may have seen abt 3-25% in the annual letter fr my PRU plans -
Dunno I forget le, coz not impactful delicious int rate at all.
Thus , must bear in mind, the monthly passive income is based on insurance company projected income at near 4 % - which in reality is always at least 30% lower (?) … -
Take projected values in Benefit Illustrations as a pinch of salt. I look only at Guaranteed Values. Even so, if the insurers kaput, the Guaranteed Values also worthless
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tyeogh\" post_id=\"1938169\" time=\"1569639505\" user_id=\"94399:
This topic headache ah. Should parents treat each child fairly?
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!slmkhoo\" post_id=\"1938136\" time=\"1569632322\" user_id=\"28674:
[quote=tyeogh post_id=1938114 time=1569598210 user_id=94399]
4 children kind how? Any advice???
When I had 2, the answer is Yes. When the 4th came, the answer is less clear.
Every child is different. It is hard to execute. Eg my eldest is bright. I gave her 2 tuition at PSLE. Chinese bec we dont speak it at home. Maths, to challenge her. She was happy.
When No.2's turn came, she had 4 tuition bec not so bright. Eldest complained not fair. Said she lost out doing well in Sci bec of the lack of tuition.
I changed tact to be fair. For no.3, I continued 4 tuition. Fair, right?
Then found him to be strong in English, Maths & Sci. He complained why must go tuition when he is scoring >80 for all. He hated it. Good point tho. I scratched my head.
How to be fair??? What is fair?[/quote]maybe tell them go by 'needs'?
your kids are so ON, like to go for tuition..mine nego not to go for tuition..We (esp dh) quite fair to them when come to buying 'toys' for them.. in fact dh is the who always remind me need buy for the other kid when buy for this kid.. else I will go by buy what they need/desire.. clothes/shoes, if ask them, everything no need to buy.. fair/not fair to them if they were to speak out is usually about the adults' attention and affection on them..still young quite simple minded now.. But I do hear from friends who have more grown up kids, mentioned that eg if let the younger one go for higher education worry the elder one not happy etc.. but to me still go by what they desire ba..
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