They saved up $1.08M, is it ENOUGH FOR RETIREMENT? Should he TOP UP TO CPF Enhanced Retirement Sum?

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Today we've a case where an engineer has saved up more than $1M as a sole breadwinner. He may need to send son overseas and is concerned if he has enough for his retirement.
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0:00 Introduction
1:20: He is savvy
3:05 Top up to ERS in CPF RA
4:53 Is it enough
9:10 HDB and condo
12:45 Rent cashflow
14:25 Son's needs
17:25 Learning points
#retirement #cpf
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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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[@joshconsultancy]

🏠 SPECIALLY FOR YOU - $5 NTUC voucher to try Homer AI today for FREE! - joshtan.link/homerai Consult OHMYHOME Today to sell your property! - joshtan.link/omh Today we've a case where an engineer has saved up more than $1M as a sole breadwinner. He may need to send son overseas and is concerned if he has enough for his retirement. ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY! ►‌ www.theastuteparent.com/josh-tan Article : www.theastuteparent.com/2020/07/start-with-a-small-wholelife-plan/

[@Aks5151]

Good video. And hope his son gets into Local uni, then his savings and investments looks all good.

[@joshconsultancy]

Thank you 🙏

[@ctk8487]

Thanks for sharing. Just a suggestion for your client to double-check if they can meet the intended uni's country residency requirements (since they are considering to stay there for a few years)

[@joshconsultancy]

Not a client (where advice is much deeper and with handholding of action plan - if keen email to [e-mail]) but a fan who has volunteered to be a anonymous case study 👌

[@bkoh1771]

Yeah say if Australia, I don't think the couple can follow his son over. They may need a retirement visa which I think they may not get it. It's not so simple ( to move with the child and save on rental cost). Each person visa is approved separately. The child is on an Education visa (assumes he gets it) and the parents on separate visas individually.

[@Fr.VeniceLAI]

Opine, Equity Investments into the SG Stock markets for dividends, would likely be volatile in the coming few years, as PRChina economy woes would start to show its revaluation and negative impacts into South-East-Asia Countries, esp. for countries like Singapore where PRChina is the single Largest Importer and single Largest Exporter for Singapore Trades and also esp. exposures to PRChina's Capital Markets. That's just my 2-cents worth. Also, SG property & real estate is not a sure winning bet. Need to prepare for some contingencies, these days, and not just place investment projects only specifically basing to current trend-line of Singapore rather good strong growth ...without some deeper thinking about PRChina issues.

[@nickkeong7392]

Josh, really enjoyed this episode. Highly resembles another KZbin - Caleb Hammer’s financial audit.

[@joshconsultancy]

Thank you of the high praise =)

[@arare5678]

So josh, u think maxing out the ERS next year is a good idea?

[@joshconsultancy]

For them yes because he already believes in it and understands the money to RA is locked up. Pros and cons, do weigh for your situation k

[@reddotdiva]

Question: How did you get to an expected $4K payout a month per pax from the ERS balance shown in this video? When I went to the estimation calculator on CPF's website, it only gives me much less than $2K monthly payout for about a similar balance. I am of a similar age range. Did you do a video on the ERS payout estimations that I've missed?

[@joshconsultancy]

New ERS from 2025 is 2x FRS. The less than $2k you saw is likely FRS now. Hope it answers

[@reddotdiva]

@@joshconsultancy I keyed in the numbers for 2x FRS in the CPF calculator, based on 2022's FRS. I think it's low because of gender, and because the higher payout came by in 2023 for the next 5 years cohort of people turning 55 yo. I could be wrong, I dunno.

[@ryanyoutube7315]

And the interest earn in RA is not counted towards ERS limit

[@joshconsultancy]

Not. ERS is the limit on topping up. Hope it clarifies k

[@twong6531]

Hello this is a hypothesis study. I am a banker and DBS does not offer 3.6% fixed deposit. In fact, DBS takes the highest yield FD to a 19,999 limit.

[@joshconsultancy]

Noted on DBS max online FD amount

[@zohanrock]

2:52 why does lawrence look like a vampire.

[@EventH]

Can just do Monash Uni in JB? 50-60k RM per year.

[@joshconsultancy]

Curious, in general how do sg employers view the certs there?

[@EventH]

@@joshconsultancy I heard the monash msia mbbs is NOT recognised by spore medical council

[@kwlam2733]

One cannot own another property if he owns an HDB flat. In this case, the HDB flat could be bought before the condo. So, he is not possible to but an oversea property without selling HDB flat. Am I right?

[@user-id7jx5wm2k]

He can rent an overseas property. Doesn't mean need to buy.

[@joshconsultancy]

I believe you can buy overseas property after the hdb flat. Declaration is at point of hdb purchase - disclaimer it’s my understanding

[@eugeneleeproperty]

After one has reaches the minimum occupation period (MOP) of hdb, one can buy a private local residential property or overseas properties without restrictions and without selling the existing hdb (not considering absd obstacles here in this comment).

[@Phonedumb]

Can retire already... just that the allocation of investments need to be tweaked abit to provide more cash flow in the interim 5 to 6 years, till cpf life starts paying out

[@joshconsultancy]

Agree 👍

[@yenjinso2775]

The Home AI link doesn’t work

[@joshconsultancy]

I tried its ok - joshtan.link/homerai

[@steventay5834]

Both husband and wife can retire liao

[@lynnchua1890]

Can he still take term loan on mortgage when he is near 60?

[@joshconsultancy]

Can. Depends on income and/or asset

[@lynnchua1890]

Thanks

[@pbng07]

How many uncle and aunties can save enough 1mil? But i see many retire happily with simple lifestyle.........

[@idatan4853]

Josh - on your recent video on retirement sum of 341K how did you get the payout of 4K per month on retirement?

[@joshconsultancy]

Hi not sure which one you’re referring. Is it the how much you need for retirement with calculator video?

[@idatan4853]

Nope - it was the couple who had 5 rm HDB and condo for rental. His RA was at 341K however his wife was still in SA something like 200 plus k n you suggest he tops up his wife’s account then when payout at retirement they get 4K each . I m jz curious how you got that amt? I enjoy your KZbin subjects and hv recommended to some of my friends👍

[@moussecakemaker4344]

Depend on what kind of lifestyle one would want or how contented you are at retirement. You want a high flyer lifestyle in singapore then 1 billion would only be touching the treshold of high flying 😂

[@joshconsultancy]

Moving goal post haha. It can be way simpler and good enough. Thats what I preach =)

[@wendyshoowaiching4161]

US$1.5 to $2 million is enough for 2 person in Malaysia. Summary ideal figure 1 person US$1 million is ideal count

[@joshconsultancy]

Thats a big amount, how do you come out with that figure?

[@silentbliss7666]

No one sees a huge problem of this typical investment of Singaporean? The person appear to be diversified in investing but everything are derivatives - stocks, equities, bondsnd cash even. Very vulnerable during an economy crash

[@joshconsultancy]

There is a lot of guaranteed CPF and cash

[@hbu8012]

More of us need to follow 1M65 Mr Loo to live in JB lol.

[@DonYang73]

No way, $1.08mil cant retire. Basically will end up living very sadly. Singapore is just getting crazier by the day. Watch out

[@joshconsultancy]

Can, got way. Its a function of expense expectations

[@candywisdom]

Good vibe. This reply stands strongly ❤​@@joshconsultancy

[@DonYang73]

Can, a very sad kind of retirement loh….

[@pbng07]

i retired in my 40s less than half of this....depend on ur lifestyle and spending....

[@pbng07]

@@DonYang73 If u think after retirement cannot enjoy high end dining in restaurant...going expensive holidays, staying five star hotel, cannot shop ur luxury items....then i think u are having sad retirement. You have inflated lifestyle when young and cannot cut back when u get older.

[@martinyong8944]

Ngmi

[@Luvmafammie]

Think at least need 5-7m these days to truly retire

[@joshconsultancy]

It can be way simpler and good enough =)

[@pbng07]

u are the reason why financial advisors like Josh Tan love ppl like u

[@choonsengteo9694]

Not enough la. We need at least 10 millions.. That’s why we need to increase bigger CDC vouchers.

[@joshconsultancy]

In this case is relative to his expectations. we dont need 10m. Let's share the right messages

[@shastasilverchairsg]

I'm wondering how those old aunties and uncles who work as cleaners, retail, F&B etc cope? I don't think they can even manage to save 500k with a lifetime of low wages... seems to me like they're essentially screwed and can never retire, or have to retire to a very spartan lifestyle where the most they can afford is hawker center fare.

[@joshconsultancy]

Question is Enough for his circumstance and expectations Yes there are many different comfort levels of retire amount needed that the old uncles and aunties can aim for 🙏

[@DonYang73]

Its very tough for many of these old folks , say to say.

[@DonYang73]

Very tough for mny of these old folks, sadly

[@JH-py7bi]

Then some joker will come out and say they’re just doing it for exercise.

[@pbng07]

how much these sinkie uncle and auntie can save to have 1 mil for retirement? But I seen these sinkie aunties and uncles retire happily....without 1million.. maybe u are more screwed having debts to pay when u cannot enjoy eating at hawker. ...but hawker food are the most delicious compare to ur stupid fast food and restaurant food.