The Last 7000 Days!
It was held on 14th Oct 2021 evening. See what we have discovered in this webinar.
Before I move on to uncover the details, I would like to give a big thank you to my attendees who are willing to participate in this poll. If not, I would not be able to share with you the insight from this retirement webinar.
The result of the poll reflected that 76% of the participants had started their retirement planning. This is very encouraging!
More than half of the attendees believed that they would have their CPF Life (based on Full Retirement Scheme) paid out from age 65 onwards.
Currently, the full retirement sum (FRS) is $186,000 at age 55 and the annuity paid out would be $1430 - $1,530 from age 65. (source : CPF Board)
We can observe that 2 in 10 might not be able to meet their Full Retirement Sum (FRS), as reflected in the poll.
And about 3 in 10 are unsure if they can meet their Full Retirement Sum.
We probably have a group of mature audiences attending this webinar as 40% are approaching their retirement age in less than 10 years’ time or shorter.
I would suspect some might need to defer their retirement age, up to another 5 additional years due to lack of retirement funds.
However, we have a good pool of "younger" audiences who have more than 15 years or more to accumulate their retirement funds.
Let’s do some calculations.
We have someone at age 45 and going to retire at age 65, i.e. 20 years of fund accumulation.
He is willing to set aside $1,000 per month for the next 20 years of disciplined savings. In addition, he wants to set aside a lump sum of $50,000 that is earmarked for his retirement.
Assuming we can have a financial vehicle that drives a rate of 4.5% annual return, then the calculated sum would be "FV [20 yrs, 4.5%, pmt=$12,000, lump sum=$50,000, BGN]" = $513,983.
With this half a million, at a dividend rate of 4%, he would have about $1,667 monthly spending (without considering the CPF Life paid out), as long as the selected financial vehicle promised to provide him that rate, forever and ever, plus not draining away this half a million capital.
For sure, we cannot promise the consistent dividend paid out, as there are many factors to consider to make sure he is able to meet his intended retirement objectives. One obvious money erosion would be due to inflation. Another might cause capital reduction due to medical expenses during old age.
Henceforth, retirement planning might sound simple, but it’s certainly not so straightforward by punching out those numbers in the financial calculator.
So know your numbers! Know yourself!
To prevent disappointment, be informed and plan well so that, in the near future, retirement integrity will not be taken away from you.
Finally, I cannot stress more that the result generated from this webinar’s poll is definitely not conclusive as we are not conducting a retirement survey for research work.
Nevertheless, the result has definitely provided me with some insight into their retirement mentality. It will certainly empower me, together with my fellow retirement planners, to help our wealth-beings who want to be better prepared for their retirement years.
Feel free to join our next webinar on 3 November 2021 at 8 pm.
Unlike the webinar conducted on 7 Oct 2021, I will be sharing with you one case study of how satisfied one of our client is, to achieve his intended retirement goal!
In this webinar, you will witness for yourself how he endorsed his money gap, and how we have developed specific retirement strategies to fill his gap.
Can’t wait for the know-how?
Secure your seat for “The Last 7000 Days” today at https://us02web.zoom.us/meeting/register/tZIscOqpqT0tHNfNu8YlI3gXxZ6P-ZOYuBca (This link will expired on 3 Nov 2021.)
Info page: https://retireinstyle.mystrikingly.com/ (on-going)
“Enjoy your retirement and not retire from your enjoyment!” - unknown.
See you at the webinar.
Chew Hock Beng is a Certified Financial Planner, Chartered Financial Consultant, Chartered Life Underwriter & Chartered Family Office Specialist. He has community involvement experience and has held appointments like Honorary Treasurer & Exam Board Chair with Financial Planning Association of Singapore (FPAS), Education Sub-committee with IFPAS, PSG Chairman. Hock Beng is a certified IBF instructor with Financial Perspectives and an Adjunct Trainer with Falco Academy. Currently he is managing a team of independent financial adviser representatives, providing training, mentoring & coaching.