Tan Kin Lian's Blog: Personal savings for your retirement

Sunday, January 06, 2008

Personal savings for your retirement

Many Singaporeans rely on the Central Provident Fund as their main source of savings for retirement.

Many have found it to be inadequate. In 1999, only one-third of people reaching age 55 had sufficient savings to meet the Minimum Sum of $60,000. The Minimum Sum has now been raised to $99,600. This is only sufficient to meet the very basic cost of living in Singapore.

For a more comfortable standard of living, you need at least two times of this Minimum Sum.

Let me share eight tips with you on how you can get adequate savings for your retirement.

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http://www.tankinlian.com/articles/savings.html

4 comments:

Anonymous said...: To plan your retirement you should seek the help of wealth planner or retirement planner, or some financial coach and not insurance salesmen.
These are the specialists who would pick the best of instruments
available to achieve your goals in the most effective and efficient means.
If you get insurance salesmen or women they would SELL you endowments or wholelife products and NOT PLAN your retirement. You will be condemned. These people will send you to the social welfare homes.
Come this saturday and sunday visit the SILVER INDUSTRY EXHIBITION AND CONFERENCE AT SUNTEC CITY to understand retirement.; January 07, 2008 10:37 AM
Anonymous said...: Let me expand on your tip #3.
Buying a product that will meet your objective is very important but very often customers are sold a product that this need is never taken into consideration. It is sold because of commission.
Many CPF members belong to the low to middle income group. They form the largest of the cohort. They are the worst off not because they do not know how to manage their money but because they don't have a good adviser to guide. The rest too don't know how to manage but they get on well because they have access to good advice.
This majority are sold or recommended products like endowments. It is well know that these products cannot help this group. In fact this group is better off leaving their money with CPF instead of being abused by insurance agents who either make little money for them or lose their money by selling them funds that are not suitable. Their needs are never the priority.
The only hope lies with CPF to do something for these poor members and to do better than what it is done now. Also to protect the members, stop allowing CPF money from being "invested" by insurance agents.; January 08, 2008 11:02 AM
Anonymous said...: Yes...

See you guyz at SILVER INDUSTRY EXHIBITION AND CONFERENCE AT SUNTEC CITY this saturday and sunday.

Thanks :)

Helmi Hakim
http://www.helmihakim.com; January 08, 2008 4:20 PM
Khiat Han Hwee Adrian said...: The word "Comfortable" is a very subjective word.

Some need $200k for a comfortable lifestyle. Some need $500k.

Find a good adviser to calculate your retirement numbers.

Be good to your adviser also.
1) Visit his office to save his time.
2) Save or invest with him or through him if you are ready to adopt his recommendations. Don't get free advices and go to your friends or relatives.
3) Don't ask for rebates or freebies for the plan that you take.; January 09, 2008 12:21 AM