You’re about to retire in the next few years - but wondering if you have enough funds to last you. Has the COVID-19 economic recession affected your retirement goals? Should you try to ride the recent stock market rally to grow your nest egg quickly? Muthu Kumar, 55, is worried about not being able to get medical insurance coverage at his age with a medical condition. Private hire driver Terry Tan, 56, talks about making a property investment mistake, and the challenges of saving as a self-employed person. Financial experts Kenneth Lou, CEO of Seedly (a personal finance platform), and Chuin Ting Weber, CEO of MoneyOwl (a financial advisory and fund management firm), advise how Terry, Kumar, and others in the same situations can work towards their ideal retirement lifestyle. (MUTHU) 00:00 Intro, and why CPF LIFE should be the foundation of retirement planning 01:50 Why it’s important to be debt-free as you near retirement 02:39 How much should you set aside as emergency funds? 03:08 Are endowment plans a good way to save for retirement? 03:59 How much you’d get in retirement, if you met the CPF Full Retirement Sum in 2020 04:48 How much critical illness coverage do you really need? 05:31 What if you don’t have enough medical insurance coverage? What do MediShieldLife and CareShield Life cover? 06:43 What to do in your 50s, if you or your spouse don’t have enough savings - from CPF Top-Ups to monetising your HDB flat (TERRY) 08:15 How much do you really need in retirement? 08:59 If you’re investing in stocks this close to retirement, some points to note. 10:30 “My retirement plan is my CPF plan”. Will meeting the Enhanced Retirement Sum provide enough for your retirement needs? 13:06 Is property a good asset to have in your investment portfolio for retirement? 14:40 Should you invest in Investment-Linked Policies (ILPs)? Would CPF interest rates give better returns? 15:43 Why it’s okay if you don’t feel like taking more investment risks To start planning for your retirement, visit https://ift.tt/2LBcHTG ALSO WATCH: What Retirement On $1,000-$2,000 A Month In Singapore Looks Like: https://youtu.be/tkpzJjYHjkU Am I Planning Right For Retirement, Even In A Recession? For Ages 30+ and 40+: https://youtu.be/KCYDIFDiHag For more, SUBSCRIBE to CNA INSIDER! https://cna.asia/insideryoutubesub Follow CNA INSIDER on: Instagram: https://ift.tt/2C3sZiR Facebook: https://ift.tt/2PPEuNA Website: https://cna.asia/cnainsider
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