Singapore Financial Planners

If you’ve been planning for your retirement , you’d probably know that CPF Life’s monthly payouts might be insufficient for you to sustain the lifestyle you’d like. You look for ways to boost your savings and hear about your friends talking to you about saving their income in their SRS accounts. Here’s what you need to know about SRS and how it can help you with your retirement savings. What is the Supplementary Retirement Scheme (SRS)? SRS is a savings program that you can voluntarily join that will increase your savings before reaching the official retirement age. This scheme was designed and introduced by the government to help you get ready for retirement in advance. Maybe you think that you already have your CPF since it fits the meaning of a retirement plan. But the CPF is a mandatory saving scheme that is designed to give retirees a standard income after their retirement. Your CPF may not be sufficient if you want to spend on additional luxuries. To add to the fact that CP...

What Is a Regular Savings Plan (RSP)? RSPs are simply defined as monthly investment plans. It helps consumers set aside a fixed sum of money for the future on a regular basis. With these monthly plans, you can invest into your choice of assets such as stocks , Exchange Traded Funds (ETFs) , or Unit Trusts . These monthly investment plans are used for various reasons including saving for your child’s future, for a family vacation, for the increasing costs of living, and even for retirement. RSPs are offered by various banks in Singapore such as DBS, POEMS, OCBC, and many more. With the ease of technology, you can even start a savings plan online. For example, DBS allows you to set up your regular savings plan easily with digibank online. RSPs are not to be confused with savings plans offered by insurers, although they sound the same. Savings plans, or endowment plans , are generally capital guaranteed and you’ll have to make regular savings for a fixed number of years. RSPs converse...

The Manulife RetireReady Plus (III) is a regular-premium participating endowment plan that provides retirement income benefits. Although classified as a savings plan, this plan is designed to help you plan for your retirement – similar to what an annuity plan is. Criteria Minimum premium of S$694.24 yearly. No medical underwriting needed. Features Policy Terms As RetireReady Plus III is a plan that helps you prepare for retirement, naturally you are able to select the retirement age, the guaranteed monthly income amount (GMI), and the income payout period which you desire. The table below shows the retirement age and income payout period available for selection. Retirement Age 50 55 60 65 70 Income Payout Period 5 years 10 years 15 years 20 years Lifetime You are also able to select from 4 different premium payment terms of 5, 10, 15, or 20 years. If you have the ability to, you can also choose to make a one-time single lumpsum premium payment. Assuming...

Everyone knows how important having a savings account is for your financial stability. It helps you manage how your cash flow is spent and what kind of goals you need to set up for yourself in the future. For most of you, your parents most likely opened a savings account for you when you were young. Some people use this savings account for the rest of their life for all kinds of expenditures, while others open up multiple accounts. Before we delve into savings accounts Singapore banks provide, let’s see what actually is a savings account. What is a Savings Account? A savings account is a bank account at any retail bank. You put your savings into the bank account, and the bank will pay you some interest from the money you have deposited. Some banks may require the account holder to have a minimum balance amount, regular deposits, or a fixed period before making any withdrawals. Advantages of a Savings Account Your money is safe and secure with the bank with virtually no risks ...

Today there are various forms of investment offered by banks and financial institutions. Stocks , bonds , and mutual funds are common types of investment that you will hear most. But rarely people talked about fixed deposits. It’s a form of investment that is low risk in nature. Fixed deposit is the type of investment that guarantees the total return of your capital after a specific period, with interest. Well, at least it’s insured for up to $75,000 under the SDIC . However, it will not accrue huge profit, unlike other forms of investment. But if you are a first-time investor and have inhibitions about risking away your hard-earned money, a fixed deposit might be for you. Through this article, we will help you get acquainted with fixed deposits and in sorting out the best fixed deposit accounts for you. What is a Fixed Deposit? A fixed deposit, also called a time deposit, is one of the safest forms of investment. Here is an example to understand how a fixed deposit works: Let...

The Manulife ReadyBuilder is classified as a savings endowment plan which provides you with much flexibility with withdrawals and the option to transfer to your children. Criteria Minimum premium of S$1,159.33 yearly. No medical underwriting needed.   Features Policy Terms Under Manulife ReadyBuilder, you can choose from 4 premium payment terms 5, 10, 15, or 20 years. If you can afford to, Manulife also accepts a single lump-sum premium payment under this plan. The table below shows the corresponding minimum premium amount for your selected payment term. Premium payment term Minimum annual premium amount (S$) Minimum sum assured (S$) Single 9,909.09 10,900 5 years 4,645.22 25,200 10 years 2,325.79 24,500 15 years 1,741.94 24,300 20 years 1,159.33 19,200 The above table is set out under the assumption that the person insured is a 24-year-old female, who is a non-smoker. Premium Allocation Since minimum premium amounts are net, which me...