How much is enough for retirement in Singapore?

[starlight1968sg]

Revisiting the topic on annuity again, is there a need for an annuity to address the longevity?

[lee_yl]

https://www.8days.sg/sceneandheard/entertainment/joyce-cheng-s-hongkong-apartment-revealed-is-set-to-receive-her-12736312


Something to ponder over....

Just read an article that the late HK actress Lydia Shum left an inheritance of $11m for her only daughter, Joyce Cheng but Joyce can only inherit it after she hits 35yo. Her mum also left her a trust fund which pays her S$3,600 per month.

Earlier, Joyce said she was so poor as she was only left with $4.50 in her bank but she has since picked herself up and now, she’s a F&B entrepreneur.

I think it’s a good idea to set up trust funds to dole out monthly allowance and only inherit big ticket item when the kid has attained maturity (35yo?).

I can’t give my kids S$3,600 per month but maybe $300 (enough to buy Gardenia/Sunshine bread for a mth ). Too much monthly allowance and kids may just choose to rot at home.

[Nebbermind]

lee_yl\" post_id=\"1976497\" time=\"1589769400\" user_id=\"17023:

https://www.8days.sg/sceneandheard/entertainment/joyce-cheng-s-hongkong-apartment-revealed-is-set-to-receive-her-12736312

Something to ponder over....

Just read an article that the late HK actress Lydia Shum left an inheritance of $11m for her only daughter, Joyce Cheng but Joyce can only inherit it after she hits 35yo. Her mum also left her a trust fund which pays her S$3,600 per month.

Earlier, Joyce said she was so poor as she was only left with $4.50 in her bank but she has since picked herself up and now, she’s a F&B entrepreneur.

I think it’s a good idea to set up trust funds to dole out monthly allowance and only inherit big ticket item when the kid has attained maturity (35yo?).

I can’t give my kids S$3,600 per month but maybe $300 (enough to buy Gardenia/Sunshine bread for a mth ). Too much monthly allowance and kids may just choose to rot at home.

What happens if the daughter donch live till 35? The govt jiak the money?

[phtthp]

Maybe go to the next of kin, or go back to her Daddy (Adam Cheng), if there is No will

[MrsKiasu]

,

[MrsKiasu]

leeyl you have enough units to give them 1 each to collect rental and that is more than enough for gardenia bread liao on the unit given, can set something like cannot sell etc can or not arh?

[starlight1968sg]

I think settling up a trust or trust fund isn’t cheap.

[MyPillow]

starlight1968sg\" post_id=\"1976531\" time=\"1589779005\" user_id=\"14025:

I think settling up a trust or trust fund isn't cheap.

yah i think so , may nned to have the multi millions to start a Trust fund fund first

[lee_yl]

Trust funds I think annual fees around $5K for all the administrative overheads.


I think no need multi-millionaire lah, if can on hold the big ticket items till kids reach 35yo, meanwhile give some monthly allowance, I think it’s a good idea.

If the kid is small, pass inheritance to the dad, who knows what kind the stepmother the kid would get? No guarantee lor. Or if both parents passed on only left the kid, quite likely most of the inheritance would be gone when kid hits 21yo. Thus, we can consider putting something on hold til kid hits 35yo. Of cos, if we still around till old age, then there’s no need to “activate” trust.

[sharonkhoo]

If you don’t engage a professional trustee, it may not be so expensive? I believe you can always appoint a friend or relative to be the trustee. Of course, if it’s a huge sum that needs to be invested and managed, then I guess it’s best to have a professional handle it. I do think the 35yo is a bit old, but perhaps the trustees can be authorised to release larger sums along the way for expenditure on approved items (e.g. further studies, wedding, housing?).


Whether or not the parents are alive, I think it’s a good idea not to give kids too much, too soon. Gives them an incentive to work and budget.