Should you start saving for retirement this early? What if you have an upcoming wedding, HDB flat or kids’ education to pay for? What if the COVID-19 recession means you’ve lost income, or your business is hit?
Entrepreneur Sharyln Neo, 40, a mother of two, and Bryce Ang, 31, who’s engaged to be married next year, share their plans and concerns; while 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), share tips on how Sharyln and Bryce, and others in their situation, can best build up their nest eggs.
(BRYCE) 00:00 Intro, and how inflation affects what you’ll need for retirement 01:33 How much of your income should you invest? Should you invest CPF monies? 02:42 Should you keep separate savings for retirement and immediate needs? 03:10 Should you start topping up your CPF as early as possible? 04:53 What savings or investments should you prioritise? Is a second property a good investment for retirement? 05:32 What about REITs? 06:29 How much should you set aside in emergency funds? 07:15 What if you can’t afford your insurance premiums? 08:37 Which liquid investments have good returns? (SHARYLN) 10:28 The 3 must-haves for retirement 10:48 How to calculate how much you’ll need for retirement 11:22 Advice for entrepreneurs, and how much they should have in emergency funds 12:05 Advice for the sandwich generation who are supporting parents and kids - and how to manage your expenses better 13:32 Are endowment plans a good retirement plan? Should you look into Investment-Linked Policies (ILP)? 15:14 What about investing in stocks or Forex for better returns? 17:03 Is investing in property for the rental yield a good retirement strategy? 18:28 If you’re investing all your spare cash in your business, how to still meet your retirement goals?
