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

[@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 🙏

[@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.

[@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

[@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

[@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 👍

[@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

[@lynnchua1890]

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

[@joshconsultancy]

Can. Depends on income and/or asset

[@lynnchua1890]

Thanks

[@kelvidpang1460]

Hi Josh, have been following your video for some times and first time left you comment. 1.6mil are not entire his net worth because the capital gains of the investment property is not accounted for.

[@joshconsultancy]

Valid point. Thank you for the support =)

[@zohanrock]

2:52 why does lawrence look like a vampire.

[@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?

[@MaikaiLoh]

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).

[@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.

[@yenjinso2775]

The Home AI link doesn’t work

[@joshconsultancy]

I tried its ok - joshtan.link/homerai

[@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

[@AG-so4gl]

Geo Arbitrage. Early retire. Go live in Malaysia or Thailand. Have your savings work hard for you. Smarter not Harder.. I did it with 1.5 mill, live very comfortably

[@joshconsultancy]

Congrats :)

[@Laodong-r3m]

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

[@nickkeong7392]

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

[@joshconsultancy]

Thank you of the high praise =)

[@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?

[@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.

[@steventay5834]

Both husband and wife can retire liao

[@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 =)

[@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

[@marinekong235]

Tell me if I am ready to retire in 2026 (age 60): By then my wife and I will have $2m ($1m in cash, $300k in shares, $600k is FD and $100k here and there). 1 HDB current value $400k and 1 condo $2m. Met FRS of $190k for both. Some money in OA ($200k) and insurance policies with current Surrender Value of $200k. A car at current second hand selling price of $120k. No loans to pay. Household expenses about $3.5k.

[@joshconsultancy]

Hi, I’ve some further questions 1) what kind of account is the cash in? For such an amount if it’s not generating much interest, it could be a waste? 2) what do you think about Singapore savings bonds and Tbills 3) is the hdb or the condo rented? And how much rent income? 4) which year was your condo bought and how old is it today? 5) what are your biggest household expenses? Could list some biggest items?

[@marinekong235]

@@joshconsultancy 1. Currently both of us have about $750 in FD. $300k in shares that I either trade or keep for dividends. 2. No experience with it 3. I stay in the condo, HDB rented out at $3k a month - no loans for both properties 4. Condo bought in 2000, leasehold and still have about 60 years remaining - recent transacted prices about $2m in the same development 5. Household expenses are - groceries, eating out at coffeeshops with occasionally at a restaurant but nothing fancy. Utility bills, maintenance for the properties - probably less than $3k a month. 6. Biggest spending will be vacations - probably $30k a year - to Europe

[@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….

[@Laodong-r3m]

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

[@Laodong-r3m]

@@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.

[@hbu8012]

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

[@Luvmafammie]

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

[@joshconsultancy]

It can be way simpler and good enough =)

[@Laodong-r3m]

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

[@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👍

[@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

[@martinyong8944]

Ngmi