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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

We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.

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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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LEARN MORE ABOUT: Qualified Retirement Plans

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As retirement approaches, many individuals start to question whether they have saved enough to sustain their desired lifestyle during their golden years. One individual, who has diligently saved up $1.08 million, is now contemplating whether this amount is sufficient for his retirement needs or if he should consider topping up to the CPF Enhanced Retirement Sum.

While $1.08 million may seem like a significant amount of money, the reality is that the cost of living continues to rise, and healthcare expenses in particular are on the increase. With life expectancy also on the rise, it is crucial to ensure that there is enough savings to last throughout one’s retirement years.

The CPF Enhanced Retirement Sum is a government scheme in Singapore that aims to provide individuals with a monthly payout in retirement. By topping up to the Enhanced Retirement Sum, individuals can potentially receive higher monthly payouts during their retirement years, giving them added financial security and peace of mind.

In considering whether to top up to the CPF Enhanced Retirement Sum, the individual must assess their current financial situation, lifestyle needs, and expected expenses in retirement. It is important to take into account factors such as inflation, healthcare costs, and long-term care needs when making this decision.

While $1.08 million is a substantial sum, topping up to the CPF Enhanced Retirement Sum could provide the individual with a more secure and comfortable retirement. By taking advantage of government schemes and planning ahead, individuals can better prepare themselves for their post-retirement years.

In conclusion, while $1.08 million may be a significant amount of money, it is important for individuals to carefully assess their retirement needs and consider topping up to the CPF Enhanced Retirement Sum if necessary. By taking proactive steps to secure their financial future, individuals can enjoy a more comfortable and worry-free retirement.