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

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!

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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]

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!

[Aks]

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

[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?

[twong]

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.

[kelvidpang]

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.

[ctk]

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)

[kwlam]

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?

[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

[zohanrock]

2:52 why does lawrence look like a vampire.

[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.

[arare]

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

[lynnchua]

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

[AG-sogl]

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

[EventH]

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

[ryanyoutube]

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

[nickkeong]

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

[marinekong]

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.

[Laodong-rm]

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

[wendyshoowaiching]

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

[silentbliss]

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