Retirement Savings Plan?

[kurt111494]

Hi guys,

I have recently bought some insurance products mostly for Protection. However for savings, I am quite apprehensive about getting insurance plans.

Does anyone here have any suggestions for long term savings for retirement? Many have often suggested not to go for insurance retirement/savings plans, so I'm not sure how I can go about saving for retirement.

Please don't PM me if you're an insurance agent. If you feel that your info is really valuable, you can reply me openly and share the info with everyone. Thanks.

 

[dendii]

You can start by opening those saving accounts with banks like BOC, OCBC 360, UOB One for higher interest by fulfilling their criterias.

And you can start by learning about investing, and start off by investing into ETFs as a safety net.

 

[akwl88]

Diy ur savings for retirement

1) emergency funds
2) investment
3) cpf

 

[kurt111494]

You can start by opening those saving accounts with banks like BOC, OCBC 360, UOB One for higher interest by fulfilling their criterias.

And you can start by learning about investing, and start off by investing into ETFs as a safety net.

Diy ur savings for retirement

1) emergency funds
2) investment
3) cpf

Thanks for your replies guys. So the general consensus is still NOT to buy any insurance savings/retirement plan?

 

[wealth_farmer]

It's not to say "NOT to buy" those products, but the emphasis is more on that you HAVE to educate yourself on investing for retirement so that those insurance products are not your ONLY option.

Once you've educated yourself, then BTIR becomes accessible to you and you also understand why most people in MM forum doesn't like investment-linked insurance products.

Start by reading the Shiny Things thread here and get a better idea what's suited to your needs. Never ask a financial advisor or insurance agent for advice before you've done your homework, because like what Warren Buffett says, "You never ask a barber if you need a haircut."

Thanks for your replies guys. So the general consensus is still NOT to buy any insurance savings/retirement plan?

 

[akwl88]

Thanks for your replies guys. So the general consensus is still NOT to buy any insurance savings/retirement plan?

I will say strongly do not buy. Once you buy, the only one retiring early is the person who sold you the retirement/savings plan, NOT YOU.

 

[havetheveryfun]

if is purely for retirement.. just top up ur CPF is the best compared to buying any plans

 

[kurt111494]

if is purely for retirement.. just top up ur CPF is the best compared to buying any plans

Hi sir, able to elaborate why it is the best?

 

[Darkzi0n]

To put it simply.

ILP is rotten chicken rice. Eat Liao bad for health.
Endowmwent is normal chicken rice but sold at $10 per plate. It serves the purpose of filling ur stomach, but at extremely high cost.

 

[exterminazn]

I feel the key is to savings is discipline and of coz, starting early coz of the compound interest.

The mentioned products will be useful if you were to put aside the specific sum of money monthly.

 

[exterminazn]

To put it simply.

ILP is rotten chicken rice. Eat Liao bad for health.
Endowmwent is normal chicken rice but sold at $10 per plate. It serves the purpose of filling ur stomach, but at extremely high cost.

Agree with ILP being rotten.

Mind sharing what are some of the instruments which have decent yields and yet, ensuring the holder putting aside a sum of money religiously?

 

[koja6049]

CPF is the safest bet.

But if you can afford it, try to buy properties. Land scarce singapore coupled with projected 6.9million population will always ensure that you have a decent rental income and property gains.

 

[SBC]

CPF is the safest bet.

But if you can afford it, try to buy properties. Land scarce singapore coupled with projected 6.9million population will always ensure that you have a decent rental income and property gains.

Agreed with property investment.

Target for 2nd property as soon as possible.

 

[cscs3]

Thanks for your replies guys. So the general consensus is still NOT to buy any insurance savings/retirement plan?

Is never a good plan. You get best return from CPF.

 

[exterminazn]

Hi sir, able to elaborate why it is the best?

There are pros and cons for every product, what's most important is the instrument suits to your needs.

I believe for CPF being good is due to its relatively guaranteed high interest. However, what's bad is that the money can't be withdrawn.

If you require something flexible, those bank or insurance savings plan may be suitable for you