ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY! ► www.theastuteparent.com/josh-tan Purchase your online access to JOSH TAN FINANCE SUMMIT now at $79 only - 🌟 jtinvestacademy.thinkific.com/courses/JTFS Starts with Chapter 1: The Black Swan Event you must know I've realised what is being sold now to banking customers and it's a concerning trend building... In this chapter, I'd reveal it to you so that you understand the potential risk coming...
J Tan, thanks for a comprehensive retirement 101.Take comfort to share my wife and I have done most of the points you raised. Hapi to share besides financial matrix, we have a medical doctor daughter at home. Have a nice day everyone from Mr PNG
Die with too much is better than live with too little. To err at the cautious side is better and cant tell how long we will live or any rainy days will happen. Maybe u can share insight about whats the benefit for a deaccumulation plan
Saw a JPmorgan report before on 80% of retirees still have their assets like 10y into retirement Fearful of consuming it down. It really is hard to overcome. Being frugal when there is little life needing to. Having a clear decumulation plan gives you confidence on what to use and spend away. Maybe a segregated pot
Yes I do have a partner that I am comfortable referring to. I believe that their key value add is in the PLANNING ADVICE at an affordable rate of around $400. Hence dont just look at lowest priced will writing services because that may steer the work to completed hastily. If keen email to my assistant at erlyshia.tan@promiseland.com.sg. She'd guide you from there k
ISP will get too expensive after we hit above 60yo. I heard it may cost $10-15k a year. Is it justifiable for us to downgrade from high end plan (single ward in prviate hospital) to mid range (B ward in govt structured hospital) and remove the coverage for full riders? Can you talk about this in next video and how much we can save by downgrading ISP?
Hi Janice, there will be savings downgrading for sure. As long as the cons are understood (such as lower limit, lower level ward level) it can be entertained. $10-$15k may seem expensive but an elderly with a chronic condition will easily claim above $50k. Ive seen it before. Focus on the value and budget it well for retirement, such costs are unavoidable =)
Thank you for your video. Regarding the insurance part, i have retired and have no dependents, but my insurance agent kept recommending me to buy whole life plan to replace my existing plan which includes critical illnesses. Do you think this advice is good ?
Hi Mich, no problems. Share the video to someone retired also who should see. I cannot advice on what to do specifically on the question above as it requires a full analysis and understanding of details. Having said that, my gut feeling is that the idea is unlikely a good one...
We used a family doctor, cant recommend but there are many options out there to do the certification. Price they charge can vary and is a standard process imo so go with a lower cost one? LPA if not complex use form 1 and is quite simple actually. Get it done soon =)
Can I. Check I still owe $170k of hdb loan. Should I use cpf to clear off the loan.. however I need to sell off my cof unit trust investment of $250k. Now at -ve $23k. Should I keep the investment or sell off to pay the loan. Since housing loan interest rates is over 4%。 My agent told me to keep which I need a second opinion.
Hi, unfortunately I cannot advice here. The first step is to see if can refi to fixed rates which is around 3.1%. Taking losses on investment to pay off loan is hard to justify
Purpose of investing is to "make money" so if given the same situation, I will NEVER take a loss on investment just to pay off another debt/loan. Either you reprice or you refinance to a lower interest rate package (as mentioned by Josh) or you just conitnue to pay the current rate, and hope your other investments can gather enough profits to cover the interest charged onto your home loan. Not a financial expert but this is my 2c. Cheers and Merry Christmas!
I taken 30yr loan on hdb. 4A $270k Loan 222k x 30yr loan. From $1250 till now drop to $850 monthly. Im 53, I Left 7yr to go... *Must have. Highlight. Back 30yr ago. I do hv 50k whole life insurance cum illiness rider. 30 yr liao., Now $680 yr vs $1000++ compound interest. *Age 53 On 2023 year 50k is $300 monthly = $3600 ayr. Vs 30 yrs ago $680 a yr Retire on s68, singapore exchange. *Passive income.
Thanks *Josh* for making and sharing this content about retirement. He is right that too many people under consume their money and die with too much. Decumulation plan is as important as accumulation plan. ---------------------------------------------------------------------------------------------------------------- *For every dollars you earned, you had definitely made some sacrifices (time, efforts and relationships). By not spending each dollar, you are disregarding the value of your sacrifices.*
New term that I learnt - thank you for this! Decumulation hardly mentioned because it’s more of a personal “loss” if we don’t get to enjoy the fruits of our hard work, not a social problem nor Govt concern. Agree with under consumption of $, probably brought on by the fact that we all don’t know when we will die, so many take the conservative approach. Key is to take a balanced approach, need to reward ourselves.
ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY!
► www.theastuteparent.com/josh-tan
Purchase your online access to JOSH TAN FINANCE SUMMIT now at $79 only -
🌟 jtinvestacademy.thinkific.com/courses/JTFS
Starts with Chapter 1: The Black Swan Event you must know
I've realised what is being sold now to banking customers and it's a concerning trend building...
In this chapter, I'd reveal it to you so that you understand the potential risk coming...
1. Health (insurances + wills + living well + mental fulfillment) 2. Outstanding loans (housing + cut down liabilities) 3. Saving + CPF + Investment = 30 x 12 x retirement expenses/month
Josh is a saint , just one simple video like this he have already saved a lot of people from financial ruins , amazing man.. God sent indeed
Thank you for the high praise
@@joshconsultancy it's not praise , you did well
J Tan, thanks for a comprehensive retirement 101.Take comfort to share my wife and I have done most of the points you raised. Hapi to share besides financial matrix, we have a medical doctor daughter at home. Have a nice day everyone from Mr PNG
Kudos for taking care of your father when he was down with stroke
Die with too much is better than live with too little. To err at the cautious side is better and cant tell how long we will live or any rainy days will happen. Maybe u can share insight about whats the benefit for a deaccumulation plan
Saw a JPmorgan report before on 80% of retirees still have their assets like 10y into retirement
Fearful of consuming it down. It really is hard to overcome. Being frugal when there is little life needing to.
Having a clear decumulation plan gives you confidence on what to use and spend away. Maybe a segregated pot
Good points!
🙏👍
Excellent advice 👍 enjoyed your video !
Thank you! Smash the subs and see you around more =)
I’m already a subscriber for a while now 😂👌
Hi Josh, thanks for sharing on retirement, have learned a couple of good points. As for the will writing service, would you be able to share?
Yes I do have a partner that I am comfortable referring to.
I believe that their key value add is in the PLANNING ADVICE at an affordable rate of around $400.
Hence dont just look at lowest priced will writing services because that may steer the work to completed hastily. If keen email to my assistant at erlyshia.tan@promiseland.com.sg. She'd guide you from there k
ISP will get too expensive after we hit above 60yo. I heard it may cost $10-15k a year. Is it justifiable for us to downgrade from high end plan (single ward in prviate hospital) to mid range (B ward in govt structured hospital) and remove the coverage for full riders? Can you talk about this in next video and how much we can save by downgrading ISP?
Hi Janice, there will be savings downgrading for sure. As long as the cons are understood (such as lower limit, lower level ward level) it can be entertained.
$10-$15k may seem expensive but an elderly with a chronic condition will easily claim above $50k. Ive seen it before.
Focus on the value and budget it well for retirement, such costs are unavoidable =)
Thank you for your video. Regarding the insurance part, i have retired and have no dependents, but my insurance agent kept recommending me to buy whole life plan to replace my existing plan which includes critical illnesses. Do you think this advice is good ?
Hi Mich, no problems. Share the video to someone retired also who should see.
I cannot advice on what to do specifically on the question above as it requires a full analysis and understanding of details.
Having said that, my gut feeling is that the idea is unlikely a good one...
Just one thing $$$ you need for retirement
Hi any LPA agent to recommend?
We used a family doctor, cant recommend but there are many options out there to do the certification.
Price they charge can vary and is a standard process imo so go with a lower cost one?
LPA if not complex use form 1 and is quite simple actually. Get it done soon =)
Enlight Family Clinic (AMK) $25
Kingsway Medical Clinic (Braddell) $30
Can ordinary folks retire....
Certainly because retirement amount is based on expenses. Take the right steps and be frugal. The equation can work 👌🏻👍
Can I. Check I still owe $170k of hdb loan. Should I use cpf to clear off the loan.. however I need to sell off my cof unit trust investment of $250k. Now at -ve $23k. Should I keep the investment or sell off to pay the loan. Since housing loan interest rates is over 4%。 My agent told me to keep which I need a second opinion.
Hi, unfortunately I cannot advice here.
The first step is to see if can refi to fixed rates which is around 3.1%.
Taking losses on investment to pay off loan is hard to justify
Purpose of investing is to "make money" so if given the same situation, I will NEVER take a loss on investment just to pay off another debt/loan. Either you reprice or you refinance to a lower interest rate package (as mentioned by Josh) or you just conitnue to pay the current rate, and hope your other investments can gather enough profits to cover the interest charged onto your home loan. Not a financial expert but this is my 2c. Cheers and Merry Christmas!
@@joshconsultancy yes is hard to do the adjustment.
I taken 30yr loan on hdb.
4A $270k
Loan 222k x 30yr loan.
From $1250 till now drop to $850 monthly.
Im 53, I Left 7yr to go...
*Must have. Highlight.
Back 30yr ago.
I do hv 50k whole life insurance cum illiness rider.
30 yr liao., Now $680 yr vs $1000++ compound interest.
*Age 53 On 2023 year 50k is $300 monthly = $3600 ayr.
Vs 30 yrs ago $680 a yr
Retire on s68, singapore exchange.
*Passive income.
Thanks *Josh* for making and sharing this content about retirement.
He is right that too many people under consume their money and die with too much. Decumulation plan is as important as accumulation plan.
----------------------------------------------------------------------------------------------------------------
*For every dollars you earned, you had definitely made some sacrifices (time, efforts and relationships). By not spending each dollar, you are disregarding the value of your sacrifices.*
100%! 👍
This decumulation is less talked about as most ppl have difficulty even accumulating enough. But you're right that is also as important.
New term that I learnt - thank you for this! Decumulation hardly mentioned because it’s more of a personal “loss” if we don’t get to enjoy the fruits of our hard work, not a social problem nor Govt concern. Agree with under consumption of $, probably brought on by the fact that we all don’t know when we will die, so many take the conservative approach. Key is to take a balanced approach, need to reward ourselves.
Became riches man in cemetery