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The RETIREMENT thread
- Thread starter Leongsam
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Why is a "vehicle" needed to pass money to kids.
Why can't money be passed without the use of a vehicle? :*:
Why is a "vehicle" needed to pass money to kids.
Why can't money be passed without the use of a vehicle? :*:
Having an insurance company pay out benefits to your kids is a better return than just letting the cash sit in the bank.
If your will is done right, you can also use life insurance to provide financial protection to your various mistresses. Of course, don't let your wife find out about those extra policies whilst you are still alive.
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I've done the sums and that is not the case. Most sane people buy real estate for their children AND mistresses.
No insurance policy I know pays the same sort of returns that I get from my investments.
What ROI are you using?
In life insurance, your dependents enjoy a higher ROI if you die earlier. However if you live to a ripe old age, the ROI may be only 2.5% to 3%.
I have a mixture of financial assets ranging from life insurance to a stock portfolio that I intend to pass down. Property is an excellent investment but hard to pass down because unless you are extremely wealthy it's difficult to buy one each for each dependent.
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That's why I advocate TERM insurance when you're young and productive and have a family that depend on your income.
Once you're financially independent, you don't need life insurance anymore.
You don't need to buy separate property for EACH dependent. Just specify each of them as tenants-in-common in the title deed. You can even specify the proportion that each dependent owns.
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insurance is for protection and coverage..It is not an investment.
It is used as part of a tool to support your overall investment.
You must be from peasant stock..
Point noted on the term insurance part.
As for property investment, I think what most people do is to have a will properly set up delineating which dependent gets what share of what property. Its more an estate planning problem and one does not buy property with the sole intention of passing it down to kids/mistresses. It is first and foremost for personal comfort. I may decide to sell it off if it no longer suits my needs.
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may day may day may day 10101010101010101010101010101
i forgot its a holiday
left my underpants in the car, now its time to play!
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I buy insurances for me and my family members simply for protection and medical care purposes. Of course I try to buy those that has returns I mean the protection part.
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Silly question but why?
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Answer this question..."who needs life insurance and why?" and you have your answer.
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People with mouths to feed? But reaching financial independence does not mean your loved ones have reached it too, if they depend on you for a living and you are gone then who's going to support them?
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If you have attained financial independence, it means you have sufficient assets to yield enough passive income to support yourself and your family.
If you then kick the bucket suddenly, your assets would be passed on to the family who will continue to enjoy the same passive income with one less mouth to feed so why would there be a need for insurance?
Unless the person is going to will all his assets to a mistress hidden away somewhere, life insurance is an unnecessary overhead.
In my case I have already placed all my assets in a trust fund which will continue in perpetuity.
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Should he retire?.
Just caught up with a friend during lunch.
It has been a while since we last met and we spoke at length on the situations developing in Singapore, especially on the FTs and increase in population. While that will be for another day, we also touch on retirement as was asking me about his options.
He is happily married with 3 kids, eldest one now in University, going to complete soon, while the other daughter is waiting for result to go into U and the youngest daughter just finished O level, whether to go to JC or Poly.
Asset and financial situation : Currently staying in a EM flat (I Think easily worth 700k), all fully paid up, both him and wife are PMETs, with income approaching (combined) 20k/month. Got a family car, fully paid up too, contemplating whether to change car, 2 years from now, due for scrap in mid 2016. He is 52 and wifey is 48. 1 aged parents to take care of though.
Savings and FD around S$1 million, accumulated over the years. as for CPF, he told me after paying for the house, each one estimated will have at least 200k each (400k, in total, excluding medisave).
During the course of discussion, he keeps on telling me he wants to retire, asked him if he is going to be replaced by an FT soon, but he mentioned it is not the case. Just that he is tired and want to slow down and take it easy.
With 1kk in cash and 400k in CPF (both combined), house fully paid up and children education need, more or less, taken care of. I think he can afford to take a break.
What do forrumers think?.
Just caught up with a friend during lunch.
It has been a while since we last met and we spoke at length on the situations developing in Singapore, especially on the FTs and increase in population. While that will be for another day, we also touch on retirement as was asking me about his options.
He is happily married with 3 kids, eldest one now in University, going to complete soon, while the other daughter is waiting for result to go into U and the youngest daughter just finished O level, whether to go to JC or Poly.
Asset and financial situation : Currently staying in a EM flat (I Think easily worth 700k), all fully paid up, both him and wife are PMETs, with income approaching (combined) 20k/month. Got a family car, fully paid up too, contemplating whether to change car, 2 years from now, due for scrap in mid 2016. He is 52 and wifey is 48. 1 aged parents to take care of though.
Savings and FD around S$1 million, accumulated over the years. as for CPF, he told me after paying for the house, each one estimated will have at least 200k each (400k, in total, excluding medisave).
During the course of discussion, he keeps on telling me he wants to retire, asked him if he is going to be replaced by an FT soon, but he mentioned it is not the case. Just that he is tired and want to slow down and take it easy.
With 1kk in cash and 400k in CPF (both combined), house fully paid up and children education need, more or less, taken care of. I think he can afford to take a break.
What do forrumers think?.
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