Heng Leong Chan

8 Sep was last month

2016-10-11 16:28

ks55

How to Retire Happy
WEhttps:e8FiWBHtk//www.youtube.com/watch?v=

Retire Happy, 7 Simple Steps To Creating Your Ideal Retirement
https://www.youtube.com/watch?v=l4Ko9NQaQlc

https://www.youtube.com/watch?v=l4Ko9NQaQlc
https://www.youtube.com/watch?v=wuQSip3yakI

退休準備分享 - 方幼南
https://www.youtube.?vcom/watch=rh1SmSWZqZQ

退休後的生活規劃
https://www.youtube.com/watch?v=IeWBmyLwK4E

老了怎麼辦
https://www.youtube.com/watch?v=JccSH9-VnLY

2016-10-11 17:20

Yong Chu Eu

thanks, nice catch :)

2016-10-11 17:21

ks55

It is not how much you can spend with your nest egg at the time of retirement.
That is a primary six UPSR question.

Look for more realistic problem.
How much do you need to save at the time of retirement.
Rule of thumb is 10 years annual income, or 120 months saving of your last drawn salary. Some may say 8 years income, some may say 100 months income. For simplicity and more realistic figure is 10 years or 120 months. Why? You should ask your CFP.

Now is the question.
How much will be your last drawn pay? Any idea? CFP?
If a CFP does not know, he is not fit to be a Certified Financial Planner. Just an insurance agent or unit trust sale personnel.

Next question.
How can you save up to 120 month last drawn salary when you retire.
This is a very simple question, and I do expect all CFP should be able to draw a plan for you. Of course it would be otherwise if he is just an insurance agent.

Next question.
How much a retiree can withdraw from nest egg without depleting his capital?
Rule of thumb is 4%.
Why 4%?
Ask your CFP.

Next question.
How much should you allocate for long term (health) care?
Do a simple survey you will know low to lower mid range required 3k a month.
Mid range 5k and high end 10k.
Are you prepared?
Do you want to tax on your children?
Right now low end cost 36k a year, mid range cost 60k, high end 120k.
What about 30 years later (say age 80) how much will be the cost?
For contingencies, you should prepare total cost for 6 years.

Next question.
When do you plan to retire? Or when can you afford to retire?
At 50? 60? 65? 67? 70? 75?

Next question.
What is your saving roadmap to achieve 120 months last drawn pay?
When you are at 30? 40? 50? 60? 70? 75?

If a so called CFP cannot answer your question above, you better look for answer in internet.
To me, a young ciku definitely cannot give you proper advice because he himself doesn't know that.
Watch and understand carefully How to Retire Happy by Washington Post Financial Reprter, especially when he come to the long term care for his unfortunate wife......Look at his facial demeanor when come to that part.

2016-10-11 20:37