Am I Planning Right For Retirement, Even In A Recession? For Ages 30+ and 40+
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- Опубликовано: 7 июн 2024
- Should you start saving for retirement this early? What if you have an upcoming wedding, HDB flat or kids’ education to pay for? What if the COVID-19 recession means you’ve lost income, or your business is hit?
Entrepreneur Sharyln Neo, 40, a mother of two, and Bryce Ang, 31, who’s engaged to be married next year, share their plans and concerns; while financial experts Kenneth Lou, CEO of Seedly (a personal finance platform) and Chuin Ting Weber, CEO of MoneyOwl (a financial advisory and fund management firm), share tips on how Sharyln and Bryce, and others in their situation, can best build up their nest eggs.
(BRYCE)
00:00 Intro, and how inflation affects what you’ll need for retirement
01:33 How much of your income should you invest? Should you invest CPF monies?
02:42 Should you keep separate savings for retirement and immediate needs?
03:10 Should you start topping up your CPF as early as possible?
04:53 What savings or investments should you prioritise? Is a second property a good investment for retirement?
05:32 What about REITs?
06:29 How much should you set aside in emergency funds?
07:15 What if you can’t afford your insurance premiums?
08:37 Which liquid investments have good returns?
(SHARYLN)
10:28 The 3 must-haves for retirement
10:48 How to calculate how much you’ll need for retirement
11:22 Advice for entrepreneurs, and how much they should have in emergency funds
12:05 Advice for the sandwich generation who are supporting parents and kids - and how to manage your expenses better
13:32 Are endowment plans a good retirement plan? Should you look into Investment-Linked Policies (ILP)?
15:14 What about investing in stocks or Forex for better returns?
17:03 Is investing in property for the rental yield a good retirement strategy?
18:28 If you’re investing all your spare cash in your business, how to still meet your retirement goals?
To start planning for your retirement, visit www.cpf.gov.sg/BeReady
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Glad CNA hosted these 2 advisors from independent financial websites instead of FA from insurance companies. They gave valid insights and objective critiques, which is very rare nowadays. I would have immediately downvoted and closed the video if the guests start sprouting investment garbage from the likes at Aviva/Prudential/AXA/Manulife roadshows.
Good one.
15:48 wrong words written there. The lady actually meant trading isn't investment. She didn't mean stock isn't investment. For me stock is definitely a good investment
Kudos to CNA for not collaborating with FAs or RMs on this; the average FA or RM don't seem to understand much about finance or economics, only commissions.
Pin this please
Time in market beats timing the market!
Depends on what u buy. Great investments yes.
Low cost index funds based on historical performance, tend to go up 😊😊😊
Lendlease reit 🚀
More video like this please... this is interesting and totally relevant.
AAAAAAAHHHHHHHHHH some of these investors pre-conception of saving/investing scares me. PLEASE SAVE for your future. Average lifespane is 70+ years of age. the worlds oldest person was 118. So PLEASE Plan &* Save for the future. You could live to 118+, working at 118 age would be tough.... so PLEASE be Prepared!
Most retirement plans are all ok, but if you are getting fired/laid off by the age of 50 and you still need to cover expenses by 15 to 17 years before you are 65/67 years old before you are pensioned, what to do??? It is a common mistake that most people are making: not thinking that you can get fired for once and for all and get no more job because some companies don't just simply hire old people anymore. (at least from where I live in Europe, it is VERY common)
Great video for those just started working. 👍
Please have more similar video in the future.
Great content!
Endowment policies isn't the most ideal option now. Low cost index fund is the best!!! Always check your expense ratio when you are investing in funds, etfs, etc
Which broker/ platform do you use?
@@bsolutions525 IBKR, Tiger, FSMOne, SCB
Totally agreed wth Weber's opinion that Sharlyn had finally hit a nail to her head cos the problem of not having savings..will lead her to nowhere of her targeted retirement amt of $5K a mth.! Sharilyn must also stop risking her money on investments that she is not even familiar with.! Start savings my dear even when u r only 40 now.! Its never too late.!
Amazing agenda. Looking back the retired teacher used to tell us that new generation must find solution to overcome the retirement system. It needs to be reformed
Hi CNA, AT 15:42 the graphic should be trading not equals investments instead of stocks not equals investments 😅 big difference there
Starting your own business and constant hustling are the right way to generate better pension...
Tip for retiring early: Don't get married and don't have kid......
i’m 40 and spouse 35, my kids are 21 & 19. House loan left 6 years. No OTHER loan except that. Guess this is another tip, married young and shake leg later😂
@@kerdak so ur saying your spouse had a kid at 14? is it even possible to get married in SG at 14??
If you have property, downsize at retirement. If stretched On $$$ , go live in Malaysia, Thailand, Vietnam, your hard earned $$$ will go so much further, and just a short flight away from family
This one is cool, while you are young you work for money at the same time investing your hard-earned money early.
when you retired from the rat race your money should work for you by then.
How much money per month to get by for retirees? It depends on health condition, life style & any outstanding depth / loans. Currently, if you are healthy with no monthly long term medical expenses, and live a simple basic life of 3 meals ata day at hawker centers, HDB flat fully paid, no outstanding loans, takes public transport (MRT & buses) and may be 1 short holiday of S$800 in a year, probably S$2,000 may be possible.
Why 3 meals a day at hawkers centre? It is cheaper and so much healthier to eat home cooked meals. I love the taste and convenence of hawker food but theres so much oil.
@@charlie-ot5ug Yes. Cooking is cheaper. My parents cook and eat 2/3 of the time at home. Their total household expense is around +1k.
How much for the average flat, say two bedrooms?
Interesting sharing... I’d have further points to add for sure 😉
Yo Mr Josh, my sifu. Happy to find u here. Keep up with the videos!
@@iwanmuzaki8049 great to hear from you. I was listening in during my drive. Hope to chop out some time soon to do a fun reaction video on it lolx, stay tuned =)
Bryce, remember also to set money aside for childrens education. Enrichment classes are expensive.
Let's always do alot of good 🔥
Started saving and investing at age 20. Have $10,000 now as a student. Live like a broke college student, make wise investments and future u will thank u!
If U have children, U can actually consider topping cash into their OA when they are born...No need to wait till they stay work(+21) When they reach +30, they will thank you for your contribution to pay for their house.
Rule of thumb: Always pay yourself first before you pay your children. Saving for their future education should take precedence over housing, unless one has a fully paid property with retirement plan already well in place.
Why not into their SA? It gives a better interest (although cannot be used to pay for their house).
@@lastlightsnet Well...U can do that too. But I feel that helping them to own a house first is more crucial than their retirement. After owning a house, they can transfer their own OA to SA for retirement planning.
@@keantan24 Oh ya, it makes sense, thanks! I've been slowly topping up a bit by bit for our kid, but all on SA so far. I'll think about doing for OA, too.
No offense to all those people regarding their retirement goals...but i feel it is not worth saving up for a wedding and also having kids ...these things actually prolong your retirement goals and plans much deeper and further....by staying single without kids and commitments ..retirement can be a long earlier instead of waiting till the age of 55 to 60.
Yea. The guy that actually understands the fundamentals isn't that confident in himself, whereas the lady who is full of it is rather confident. Lol.
I think partly because she feel that she has been diligently putting side money but she didn't review endowment plans' terrible value in recent times vs other options. Also, she's a business owner and most ppl who dare venture onto that path are risk takers confident (whether misguided or not) that they can turn a handsome profit in time. Again, she's diligent and feels that being so would reward her but anyone old enough would know that the ideals of meritocracy is only partly true, so many other factors come into play.
@@sunlightdavid Er... yea, so basically she is full of crap.
Be smart, save hard where you can. Retire with enough $$ to live 25- 30 years from retirement. If you run out let the government look after you, you paid your taxes, Gov have to support you. Else immediate family members
CPF still is good with good returns
Why so many people want to buy multiple properties in SG for investment, so expensive and have a 99-year or lesser lease.
upselling and rental income
@@matreen427 I believe disposal gains of property in Singapore are taxable at a very high rate.
Rental yield is very low in spore. Price gains will be slow as govt will control it.
Do citizens get housing subsidies in SG?
Yes
can do a video for just fresh grduates/ 20+ years meh?
Mah. Not meh. 😂 Your Singlish fail.
REITs got 7%? So good.
Only 30s to 40s? What about late 20?
Bryce has to avoid the renovation and wedding money and use it to invest instead of squandering it all off away...
Nothing teaches the willing to succeed like a hard childhood and a unbeatable spirit.
hi Kenneth he did not cut it out :-)
The guy say he planning to retire before 65 ..i will not do that....slogging my ass in a job but no life during younger days sucks... i am currently intend to retire before the age of 40. Now i am 36.
I was told the Government forces all residents to start a retirement account?
All workers. Self employed people don't need to
That is a v. good Government. Everybody should save for the future as well as working hard and raising a family. When the children have a good education and married and have their own good jobs, your job is done as a good parent. Yes, I agreed with that. Then you can enjoy your retirement with the extended family.
Education is so important!
The Asian culture is you can depend on your children's help if you are struggling. But we all like to be independent! I am very glad of that. I can still give to my children and grand children. My son works very hard and wants to retire early. We retired early too.
All the best, friends.
@@wendybrierley5412 In modern Sg, many households children don’t support their retired parents. Also parents do not want to burden their children who have their own family to support. Sadly there are also a small number of heartless unfilial children who abandon their parents altogether.
You need to have at least 2 million cash if she want $5000 per month for retirement for 20 years.
That's why we all need to invest early to let the power of compound interest to help us reach that 2 million mark.
Investing in real estate? seriously? SG already in massive bubble
Singapore’s real estate also made the Singapore right now.
What qualifies the presenters to be experts? Just wondering, maybe i missed something?
Moneyowl is licensed by MAS
Tons of organizations are licenced by MAS, doesnt simply make them experts. What you say is as good as saying every licenced driver qualifies to be an F1 race car driver and/or can instruct others to drive as well. Lets just all be more discerning, thats what i mean. Regards
@@DonYang73 yes, being licensed just means they meet the “minimum” academic qualifications, and work experience (and financial requirements) to start a company to conduct certain regulated activities.
Yes there are tons of other companies, but maybe the show couldn’t get them to come here 🤔
@@embershen364 before you jump to conclusions, not saying you are, i like to clarify that i have nothing against the presenters or anyone in this video. There is much more within the question i first asked which you so hastily replied without truly deeply pondering. i am reminding people who watch this video to be more discerning in life. Dont just listen and accept. Question, listen, understand, formulate. To follow is easy and easy aint getting anyone anywhere. I wish you a nice weekend.
@@DonYang73 you are the one jumping to conclusion! You were implying that so what if it is licensed by MAS, does it make them experts? maybe you don’t understand MAS’ licensing regime, So I explained what being licensed mean, is that the company and CEO has to meet certain requirements. Then dictionary definition of expert is someone with knowledge. So it is a fact that the company here, has that knowledge. Whether a person should believe an expert or not, is up to them!
I think The reason why our govt has all these licences is for the public’s benefit, they can trust and go to the companies... if not, then why does the govt waste money and resources to develop such regimes? Then the public wouldn’t know who to believe in.
So good day to you too.
What's the point of this video when there's 0 numbers to contextualise the progress these interviewees made???
He invested CASH in unit trust??? Oh lawd..someone please educate him..
what’s wrong with that?
Buying any bonds is really lending money to someone ... Usually governments ... Despite how disciplined you may be .... The crash is coming ... Gold on to your butts ... 2008 is gonna loook like childs olay
😀🔥🔥♥️♥️
It seems need to open shop to look for job
Zil port on zilswap liquidity pool returns 10% daily payable weekly in zwap rewards also sco xcad xsgd are in pool dyor trust no one
Dont understand why there are so many youtube videos now talking about retirement. It’s a natural thing to do for every disciplined person. Unless of course you are bene to a $50mil trust fund
Its the great reset ... You will own Nothing ... And you will be happy ...
wsb
My man
@@limx6065 apes tgt stronk