5 BIG RETIREMENT PLANNING MISTAKES | WHY $1,379 PER MONTH IS NOT ENOUGH FOR RETIREMENT!

[@joshconsultancy]

✅ ENGAGE Josh Tan on a fee for financial planning to build towards for your retirement! ►‌ www.theastuteparent.com/josh-tan

[@pereirakelvin67]

Yes quite true I'm 55 this year spending expenditure about $1000 car patrol included. But I invested in stock more than I spent. Right now what I earned is what I spent.

[@stancmng]

I agree with the points raised. Holding cash in retirement is better than a property which requires regular maintenance spending. Interest only instruments like bonds and FDs will not cover inflation that keeps rising and the actual inflation is way higher than officially rates. Lifestyle also feature in the amount you need which the $1300+ does not take into consideration.

[@joshconsultancy]

✋🏻 . Ya and Many elderly w fixed dep are persuaded to take endowments that may be too long in hopes of better yield

[@pereirakelvin67]

Thanks bro 🙏 this is an eye opener.

[@joshconsultancy]

No probs kelvin, share with a friend looking to understand retirement too =)

[@pereirakelvin67]

@@joshconsultancy most of them already retired some kick the bucket 🪣 as for me enjoy your video on KZbin. Keep it up the good job. Oh yes did forwards your video to some of my friends after watching it.

[@FOSoon]

Thank you for this information through your experience and expertise.

[@joshconsultancy]

No probs :) share w a friend who should hear too

[@MrKevinliow88]

Hi Josh, thanks for your very informative video. Are you able to explain more in depth about the CPF housing refund. what happens if you withdraw before selling your house?

[@joshconsultancy]

Hi Kevin no probs. Are you referring to refunding back CPFOA used for property? It cannot be withdrawn before selling house

[@MrKevinliow88]

I think you need to check on the CPF website. You can actually make a voluntary housing refund even before selling your HDB.

[@jasonlim4512]

healthcare and housing costs will probably be the biggest unknown. we can adjust leisure if no money but unable to control when we fall ill, or when gov will raise medical costs. even if living in hdb, gov can increase town council fees anytime.

[@joshconsultancy]

Hi Jason yes true. I do think hdb town council cost won’t escalate much: if low income gov actually has a lot of vouchers like u-save schemes and stuff

[@ackc1204]

When we grow old, we eat less and spend less on entertainments (maybe just kopi with friends). Real worry is health. I am more spread out with Insurance (life, Annuity, investment), stocks, bonds, commodities, and some savings. My plan is for at least $2k+ from 65yo onwards if possible. As for kids, sorry...I will just tell them they just need have to live what they can afford by themselves and be independent. They need to find ways to earn instead of spend. 😁

[@joshconsultancy]

Hey ackc, if your kids come and your reject them? really or not... they know what you have and you can't fake to be broke 😁 joking! Agree that health is a worry. Stay fit and healthy and cya around =)

[@ackc1204]

@@joshconsultancy Depends on what they requesting. If they want to borrow money to buy big house or do nice reno, I would reject. Frankly we are not rich parents who can afford to pamper them this way. At the age to form a family, they are big enough to assess their own means. But sadly I am still seeing parents treating their 30yr old son like a 3 yr old.

[@joshconsultancy]

@@ackc1204 agreed ✋🏻

[@sharonfoo1850]

Are you able to touch on annuity plans for retirement? if it's a good option and is it better to start early? would love if you do a video on this

[@joshconsultancy]

Ive this "Leveraged Annuity Plans 🤔 How it Works And What Are The RISK To Watch Out For!" kzbin.info/www/bejne/ioC9oqSogr2KeaM

[@TheRedDotInvestor]

Very relevant points!

[@joshconsultancy]

Thanks TRDI :)

[@ChrisTang787]

IMO own stay property is only good for legacy. For regular income maybe a multi asset (mix of equity, bonds and commodity) Income fund will be more suitable… what’s your opinion?

[@joshconsultancy]

Hi Christopher, somehow multi-asset income funds underperform. Haven’t seen any rank well in my filters. Ive preferred to build with a mixture of bonds and some equity funds that don’t produce dividends. But ya agree that home property for legacy

[@ChrisTang787]

@@joshconsultancy thanks… I would have thought multi-asset UT will have give more sustainable income with some upside. what’s your recommendations for bond funds?

[@bungabunga7368]

John , any video about writing will ? Ty

[@joshconsultancy]

Could you email me at [e-mail], Ive someone to suggest

[@holypunk12]

If you buy one nasi lemak at may be 4.50 at that time.. you can split it and eat it over 2 days...like that way you can survive ! Once in a while you can buy briyani from 7 -elevan also.. not enough ah..

[@joshconsultancy]

Nasi Lemak is coconut holypunk! PLEASE DO NOT keep overnight haha! =)

[@holypunk12]

@@joshconsultancy 😁

[@DonYang73]

If you get stuck in properties at an old age, your children may love you if they are fully paid. If not they may hate you. haha. Liquidity is what you need at old age. Property just a roof over your head

[@joshconsultancy]

Agreed DY =)

[@vvvv5287]

I on annuity plan. I was told that the interest that I have, will not be part of the monthly payout and can be taken out after 20 years. In other words, my annuity is 23 years and not 20 years.

[@joshconsultancy]

Hi VV, not too sure on your question. If there is interest, did you buy a leveraged annuity? Check this tutorial Leveraged Annuity Plans 🤔 How it Works And What Are The RISK To Watch Out For! kzbin.info/www/bejne/ioC9oqSogr2KeaM

[@jayden8963]

This is where earning in Singapore and retiring in a different country comes handy.

[@joshconsultancy]

Any plans on your side to share?

[@jayden8963]

@@joshconsultancy I am dual citizen India and Australia. So I earn here and spend in more cost effective property markets. My SG property probably will be my retirement plan as I might still visit SG for free healthcare.

[@jayden8963]

For example, my two properties in Mumbai (1Mn SGD) generates 5200 USD/month. My two properties in Brisbane (1Mn SGD) generated and 3700 SGD/month. Four properties combined, cost 2Mn SGD, gets me10. 5K/month SGD in return. My SG property is 2 Mn, 1600 sqft, 4BR dual key could potentially generate a 5000 SGD/Month. That's half the returns compared to foreign property.

[@hbu8012]

$1400 per month for a HEALTHY LONE WOLF (No car & no loan) Single above 65 will give a comfort level of 6.75 / 10 ..... WITHOUT any overseas holiday. $1400 is the CRITICAL threshold at this point of speaking. If you need to buy once off big items like new PC or change HP for that year ..... must suffer a bit. Also this $1400 does not factor in boozing, smoking, casino & KTV sex.

[@joshconsultancy]

Agree on the front part, uneasy about the end part. Lol to each their own. Cya around hotzz

[@vv8899us]

Hi Josh , can you try to make a video on semb marina rights - subscribe or let go analysis. Thanks

[@joshconsultancy]

Hi vv, I cannot give specific advice. And semb is pretty complicated. Ive some food for thought in KEPPEL CORP SHARES, IS IT A BUY NOW? 🔥 MAY MERGE WITH SEMBCORP MARINE! kzbin.info/www/bejne/rGbFdY2PfNB9lac

[@yaomingsg1]

Totally disagree on your comment on property investment..

[@joshconsultancy]

Hi Marc, ok, whats you POV?

[@DonYang73]

Ridiculous lah. I need at least 10 times that amount.

[@joshconsultancy]

Curious DY, what do you spend with $14,000 a month?

[@DonYang73]

@@joshconsultancy the more the merrier. My retirement target monthly income is $20k to $25k. Dont have to spend it all, just very kiasu, thats all.

[@raytan1661]

You may need to work until you cannot move in this case..

[@DonYang73]

@@raytan1661 Nah…..Fact of the matter. Already achieved that and more. But still young , just continue until 55

[@mrt9986]

The report could be biased. If it is correct, cpf life will be enough

[@joshconsultancy]

Hi T, it is for basic needs. CPF life pays out only from age65. To retire, build cashflow that comes before that. Hope it answers and cya around =)

[@money3ss]

The budget $1379/2350 for single/couple is for the lowest 10% of the population. Grossly underestimate to match with standard CPF Life payout (FRS- Full Retirement Sum). Looking at the individual breakdown of expenses (table cannot be pasted onto the comment) is ridiculous. Don't even talk about not meeting the CPF -FRS, inflation, underestimating longevity, contingency expenses, out of pocket medical/hospitalization and old age home.

[@joshconsultancy]

Hi Ronald, but the survey featured from rental to private estate elderly

[@money3ss]

@@joshconsultancy Yes, quite a wide base. Mimicking the UK Minimum Income Standard Approach to arrive at the baseline budget of retirees. The methodology used is such that if anyone of the group objected to certain expenses it will not be included to arrive at the basic needs of retirees.

[@money3ss]

Interesting how the report rationalize that it is meant to be mindful of frugality

[@money3ss]

@@joshconsultancy Good to remind pp that it is only for the very basic need - way below reasonable average retirement need