Some people are under the impression that medical insurance and critical illnesses insurance are the same.
Critical illnesses insurance are variously called "Living Assurance", "Critical Illness Insurance", "Dread Disease Insurance".
In the case of NTUC INCOME, it has "LIVING POLICY", LIMITED PREMIUM LIVING POLICY and LIVING ENDOWMENT POLICY .
A typical plan pays the full sum assured in a lump sum upon death, upon the diagnosis of a specified illness or upon suffering from total and permanent disability.
The illnesses usually include heart attack, most cancer, stroke, kidney failure and many more.
This money can be used to meet your daily expenses, to provide funds for medical treatment or for other uses.
The diagnosis must be made by a registered medical practitioner and supported by clinical, radiological, histological and laboratory evidence, as appropriate.
Once the diagnosis is confirmed and the claim is admitted, the policy money becomes immediately payable and the policy terminates.
If no claim for major illnesses is made, the policy continues to provide normal life insurance cover.
As may be expected, life insurance companies apply different underwriting guidelines for this type policy. For example, the family medical history, would be taken into consideration as a significant underwriting factor. It is important that you refer to the contract document of the company that you purchase.
A benefit is usually not payable in certain situation. For example, a heart or kidney failure which existed at the time the policy was taken out. Commonly known as pre-existing condition.
You can buy it as part of a policy which provides whole life insurance protection, or it can be attached as a supplementary benefit to a basic plan such as a whole life or endowment policy.
If you buy as a supplementary benefit to a basic plan, in the event of a claim under the supplementary contract, the main or basic plan can still continue in full force as long as you continue to pay premium.
If you want to know more about what NTUC INCOME's critical illnesses plans do drop me a note.
Monday, April 30, 2007
Friday, April 27, 2007
World Internet MEGA Summit 2007 in Singapore
Good News to all Internet Marketers and also those who want to learn how to do online business.
This great Internet Marketing Seminar is to be held in Singapore next month.
Eleven of the world's best internet experts are coming together to speak at this MEGA Summit 2007.
Not only will you learn powerful internet marketing strategies and tips to expand your business and make money but you’ll also meet many other internet gurus and marketing experts from from all over the world.
Come and meet marketing pioneers like Jay Abraham and Mark Joyner and Internet Marketing Experts like Joe Comm amd Mike Filsaime and the rest.
There’s only a few seats left. So if you want the inside running on what’s working and selling on the internet, you’ve got to be here.
In fact, there are 7 key reasons why you should attend.
Click here e for more details.
This great Internet Marketing Seminar is to be held in Singapore next month.
Eleven of the world's best internet experts are coming together to speak at this MEGA Summit 2007.
Not only will you learn powerful internet marketing strategies and tips to expand your business and make money but you’ll also meet many other internet gurus and marketing experts from from all over the world.
Come and meet marketing pioneers like Jay Abraham and Mark Joyner and Internet Marketing Experts like Joe Comm amd Mike Filsaime and the rest.
There’s only a few seats left. So if you want the inside running on what’s working and selling on the internet, you’ve got to be here.
In fact, there are 7 key reasons why you should attend.
Click here e for more details.
Thursday, April 26, 2007
What Must You Disclose When You Buy Life Insurance?
This concern an applicant's duty of disclosure.
It is the duty of the applicant [the proposer] to disclose - important i.e. clearly and accurately, all material facts relating to the proposed insurance. Indeed, it is a positive not a negative duty.
It is confined to matters of fact not a matter of opinion. A FACT which would affect the judgement of a prudent underwriter in considering whether he would enter into a contract at all or enter into it at one rate of premium or another.
A material fact would include any communication made to, or any information received by, the proposer.
The proposer must disclose before the contract is concluded all material facts which he knows, or ought to know. Failure to make such disclosure renders the contract voidable, at the insurer's option. This is so even if the failure to disclose is inadvertent, or where the proposer honestly regarded the fact as immaterial.
Whether or not a fact is material cannot rest upon the opinion of the proposer.
What is material is a matter of fact, and the final judgement can be given only by a court of law. Expert evidence may be called to prove or disprove the materiality of a fact which has not be disclosed.
So when you buy a life insurance policy, remember, as a proposer the onus is on you "to disclose in the proposal form, fully and faithfully all the facts which you know in respect of the risk that is being proposed, otherwise the policy issued may be void. This is clearly stated on the Proposal Form pursuant to Section 25[5] Insurace Act, Cap 142 [or any subsequent amendments thereof] [for Singapore].
I will continue to share with folks what I know and hope this bit of knowledge that I acquired is useful.
It is the duty of the applicant [the proposer] to disclose - important i.e. clearly and accurately, all material facts relating to the proposed insurance. Indeed, it is a positive not a negative duty.
It is confined to matters of fact not a matter of opinion. A FACT which would affect the judgement of a prudent underwriter in considering whether he would enter into a contract at all or enter into it at one rate of premium or another.
A material fact would include any communication made to, or any information received by, the proposer.
The proposer must disclose before the contract is concluded all material facts which he knows, or ought to know. Failure to make such disclosure renders the contract voidable, at the insurer's option. This is so even if the failure to disclose is inadvertent, or where the proposer honestly regarded the fact as immaterial.
Whether or not a fact is material cannot rest upon the opinion of the proposer.
What is material is a matter of fact, and the final judgement can be given only by a court of law. Expert evidence may be called to prove or disprove the materiality of a fact which has not be disclosed.
So when you buy a life insurance policy, remember, as a proposer the onus is on you "to disclose in the proposal form, fully and faithfully all the facts which you know in respect of the risk that is being proposed, otherwise the policy issued may be void. This is clearly stated on the Proposal Form pursuant to Section 25[5] Insurace Act, Cap 142 [or any subsequent amendments thereof] [for Singapore].
I will continue to share with folks what I know and hope this bit of knowledge that I acquired is useful.
Monday, April 23, 2007
What Is "LOVE"
Love is one of the basics of healthy relationship.
Having said this, it all depends on your definition of love. Most people think that love is a feeling, but some would strongly debate that point.
Actually, the concept of "like" is really about feelings. When you say you like someone, you are talking about how you feel. But when you say that you love someone, you are not necessarily talking about how you feel about them.
Love is much deeper than a feeling. Love is a commitment we make to people to always treat that person right and honorably. Yes, for those we become especially close to, we will have feelings of love, but some believes it is time for us to re-examine what we mean by love.
We must expand our definition of what love means by including the commitment aspect of love.
For healthy relationships, we must love everyone. We may not like them based on how we feel about them, but we should love them based on our definition of love above which in turn determines how we should act towards them, that is, treat them right and honorably.
So this is the basis of all healthy relationships that I learned and want to share with you folks.
Having said this, it all depends on your definition of love. Most people think that love is a feeling, but some would strongly debate that point.
Actually, the concept of "like" is really about feelings. When you say you like someone, you are talking about how you feel. But when you say that you love someone, you are not necessarily talking about how you feel about them.
Love is much deeper than a feeling. Love is a commitment we make to people to always treat that person right and honorably. Yes, for those we become especially close to, we will have feelings of love, but some believes it is time for us to re-examine what we mean by love.
We must expand our definition of what love means by including the commitment aspect of love.
For healthy relationships, we must love everyone. We may not like them based on how we feel about them, but we should love them based on our definition of love above which in turn determines how we should act towards them, that is, treat them right and honorably.
So this is the basis of all healthy relationships that I learned and want to share with you folks.
Friday, April 20, 2007
Life Insurance Is A Winner's Game
Some people feels the pinch when you ask them to buy life insurance. They take it as a financial burden or liability.
But life insurance has its usefulness. Life insurance pays whether you live or die. It can even be used as a collateral for a loan during an emergency. As a matter of fact, you never lose in the end.
So you see - it is an investment game you can never lose.
But life insurance has its usefulness. Life insurance pays whether you live or die. It can even be used as a collateral for a loan during an emergency. As a matter of fact, you never lose in the end.
So you see - it is an investment game you can never lose.
Wednesday, April 18, 2007
Time To Look At Critical Illnesses Insurance
Some people are under the impression that medical insurance and critical illnesses insurance are the same.
Critical illnesses insurance are variously called "Living Assurance", "Critical Illness Insurance", "Dread Disease Insurance". In the case of NTUC INCOME, it has "LIVING POLICY", LIMITED PREMIUM LIVING POLICY and LIVING ENDOWMENT POLICY .
A typical plan pays the full sum assured in a lump sum upon death, upon the diagnosis of a specified illness or upon suffering from total and permanent disability.
The illnesses usually include heart attack, most cancer, stroke, kidney failure and many more.
This money can be used to meet your daily expenses, to provide funds for medical treatment or for other uses.
The diagnosis must be made by sa registered medical practitioner and supported by clinical, radiological, histological and laboratory evidence, as appropriate.
Once the diagnosis is confirmed and the claim is admitted, the policy money becomes immediately payable and the policy terminates.
If no claim for major illnesses is made, the policy continues to provide normal life insurance cover.
As may be expected, life insurance companies apply different underwriting guidelines for this type policy. For example, the family medical history, would be taken into consideration as a significant underwriting factor. It is important that you refer to the contract document of the company that you purchase.
A benefit is usually not payable in certain situatiuon. For example, a heart or kidney failure which existed at the time the policy was taken out. Commonly known as pre-existing condition.
You can buy it as part of a policy which provides whole life insurance protection, or it can be attached as a supplementary benefit to a basic plan such as a whole life or endowment policy.
If you buy as a supplementary benefit to a basic plan, in the event of a claim under the supplementary contract, the main or basic plan can still continue in full force as long as you continue to pay premium.
Critical illnesses insurance are variously called "Living Assurance", "Critical Illness Insurance", "Dread Disease Insurance". In the case of NTUC INCOME, it has "LIVING POLICY", LIMITED PREMIUM LIVING POLICY and LIVING ENDOWMENT POLICY .
A typical plan pays the full sum assured in a lump sum upon death, upon the diagnosis of a specified illness or upon suffering from total and permanent disability.
The illnesses usually include heart attack, most cancer, stroke, kidney failure and many more.
This money can be used to meet your daily expenses, to provide funds for medical treatment or for other uses.
The diagnosis must be made by sa registered medical practitioner and supported by clinical, radiological, histological and laboratory evidence, as appropriate.
Once the diagnosis is confirmed and the claim is admitted, the policy money becomes immediately payable and the policy terminates.
If no claim for major illnesses is made, the policy continues to provide normal life insurance cover.
As may be expected, life insurance companies apply different underwriting guidelines for this type policy. For example, the family medical history, would be taken into consideration as a significant underwriting factor. It is important that you refer to the contract document of the company that you purchase.
A benefit is usually not payable in certain situatiuon. For example, a heart or kidney failure which existed at the time the policy was taken out. Commonly known as pre-existing condition.
You can buy it as part of a policy which provides whole life insurance protection, or it can be attached as a supplementary benefit to a basic plan such as a whole life or endowment policy.
If you buy as a supplementary benefit to a basic plan, in the event of a claim under the supplementary contract, the main or basic plan can still continue in full force as long as you continue to pay premium.
Tuesday, April 17, 2007
Is Life Insurance Meant Only For the Rich?
I was having a coffeee session with a group of elderly people at my favorite coffee-shop Sunday last when an auntie asked me what I do for a living.
I told her that I help people to buy life insurance etc. Instantaneously, she told the rest that life insurance is only for the rich?
So you see, many people have the belief that life insurance is only meant for the rich because they thought only those who are rich have the money or mean to buy or have the need to insure themselves.
This is what they feel. Are their suppositions correct, I don't think so.
Those in the lower-middle income group generally I think can spare say 10-15% of their income for life insurance investment. That is I suppose should be sufficient to create enough life insurance coverage to protect them against the loss of income due to death or disablement. That is to say, better to have some life insurance coverage than nothing so to speak.
Secondly, it is important to appreciate the paradox that those who cannot afford to insure themselves have the greatest need for life insurance coverage.
Can you imagine if a person cannot afford a 10% cut in income, how can his family afford a 100% cut after he is gone?
I can understand that it is painful to give up current enjoyment by putting away dispensable income in life insurance. This is especially so for people who are not rich and therefore have limited disposable income.
It takes moral strength to make such a painful but right decision.
If are in doubt what life insurance coverage meets your need, do contact me and I would be more than happy to discuss with you.
I told her that I help people to buy life insurance etc. Instantaneously, she told the rest that life insurance is only for the rich?
So you see, many people have the belief that life insurance is only meant for the rich because they thought only those who are rich have the money or mean to buy or have the need to insure themselves.
This is what they feel. Are their suppositions correct, I don't think so.
Those in the lower-middle income group generally I think can spare say 10-15% of their income for life insurance investment. That is I suppose should be sufficient to create enough life insurance coverage to protect them against the loss of income due to death or disablement. That is to say, better to have some life insurance coverage than nothing so to speak.
Secondly, it is important to appreciate the paradox that those who cannot afford to insure themselves have the greatest need for life insurance coverage.
Can you imagine if a person cannot afford a 10% cut in income, how can his family afford a 100% cut after he is gone?
I can understand that it is painful to give up current enjoyment by putting away dispensable income in life insurance. This is especially so for people who are not rich and therefore have limited disposable income.
It takes moral strength to make such a painful but right decision.
If are in doubt what life insurance coverage meets your need, do contact me and I would be more than happy to discuss with you.
Sunday, April 15, 2007
The Best Kept Secret Is Finally Leaked Out
Good News all NTUC INCOME's valued policyholders!
INCOME's BEST KEPT SECRET is finally leaked out.
In case you miss reading it in the local newspapers.
Click here to find out yourself
You may want to know - NTUC Income, a co-operative insurance society formed in 1970, was initiated by Dr Goh Keng Swee during the "Modernisation of the Labour Movement" seminar on 18 November 1969.
With a modest capital of $1.2 million, it has become a leader in Life and General Insurance with total assets of S$16 billion. Today, it has more than 1.8 million policyholders placing their trust in INCOME.
INCOME has always placed the interests of its policyholders foremost. It distributes 98% of its surplus to policyholders which is higher compared to industry practice.
It also provides special benefits to its customers under the concept, "More Than Insurance". Some of these include competitive loans, will writing services and home services such as plumbing and renovation.
It recognises its wider responsibilities to the community. Each year it provides generous support to the arts, sports, education, healthy lifestyle, charity, trade unions and the environment. In recognition of its efforts and contribution, it has received numerous awards.
For folks who are not NTUC INCOME's policyholders yet, I urge you to choose NTUC INCOME as your preferred Insurer.
To find out more details, you are welcome to drop me a note.
INCOME's BEST KEPT SECRET is finally leaked out.
In case you miss reading it in the local newspapers.
Click here to find out yourself
You may want to know - NTUC Income, a co-operative insurance society formed in 1970, was initiated by Dr Goh Keng Swee during the "Modernisation of the Labour Movement" seminar on 18 November 1969.
With a modest capital of $1.2 million, it has become a leader in Life and General Insurance with total assets of S$16 billion. Today, it has more than 1.8 million policyholders placing their trust in INCOME.
INCOME has always placed the interests of its policyholders foremost. It distributes 98% of its surplus to policyholders which is higher compared to industry practice.
It also provides special benefits to its customers under the concept, "More Than Insurance". Some of these include competitive loans, will writing services and home services such as plumbing and renovation.
It recognises its wider responsibilities to the community. Each year it provides generous support to the arts, sports, education, healthy lifestyle, charity, trade unions and the environment. In recognition of its efforts and contribution, it has received numerous awards.
For folks who are not NTUC INCOME's policyholders yet, I urge you to choose NTUC INCOME as your preferred Insurer.
To find out more details, you are welcome to drop me a note.
Friday, April 13, 2007
8th Wonder Of The World - What Is It?
Ever wonder how is it that an average folk with below-average education and income can accumulate a small fortune? I suppose you know it. Well, the secret to building a fortune is compounding interest.
Webster's defines compound interest as "the interest paid on both the principal and the accumulated unpaid interest." The keyword here is "accumulated". If the principal or interest is spent instead of reinvested, the power of compounding is diminished.
Also known as the "doubling concept", compounding has created more fortunes than any other single investment vehicle in history.
With compounding, your money is working for you, even when you are not working.
What I have learned is that the well-renowned Albert Einstein [the man who knew a thing or two about mathematics] went so far as to call "compounding" the "8th wonder of the world".
Indeed, compounding is the wealth creation principle that drives Wall Street and the banking industry.
So folks, start saving with whatever amount that you are comfortable with, if you have not done so.
If you want to know how you can saving through in life insurance program, please feel free to drop me a note.
Thursday, April 12, 2007
Fresh Potato Juice Can Control Further Spread Of Cancer Cells
Today I'm going to divert my topical matter to share something that I pick up from a booklet titled "Fresh Potato Juice Treatment Yields New Findings" by Jue Xin Ju Shi [Lay Buddhist Jue Xin]. I find it fascinating and I hope it can bring some hope to those who are in need of some help.
In its Introductory message it says that more and more people are recovering from illnesses by drinking fresh potato juice. It further says "Fresh potato juice can control further spread of cancer cells."
According to the author "there have been a number of cancer patients who have undergone this type of treatment this year, while several have gradually recovered, to the extent that when some are saved from the brink of death, they have called to inform of their eternal joy."
A Budhist monk, Master Tomizawa, who advocates fresh potato juice treatment, has received overwhelming response in letters from cancer sufferers from all over Japan. With such an encouaging result, it will further publish clinical cases of fresh potato juice treatments.
Mash fresh potatoes to pulp. Drink one to two glasses of potato juice derived from this pulp every day and continuously. This will mainly cure cancer, but recovery cases from liver disease, diabetes, gastric ulcer, kidney disease, heart diseases, hypertension, lumbago and sore shoulders etc have also been reported.
For example, a Mr T had a tumour growth under his ear which was diagnosed to be malignant and which had also been operated on before. He later received radiotherapy, but up to last year, his cancer cells had spread to his lungs.
He was diagnosed to have lung cancer at a cancer specialist hospital and proclaimed beyond cure. Thereafter he started actively participating in fresh potato juice treatment. At present, the spread of his cancer cells is under control and his physical strength has improved and should be able to return to work.
The booklet also described the methods of preparation and further revelation of how the potato juices have been used for treatment of other type of illnesses. In fact, it states that there is no risk at all in using Fresh Potato Juice treatment. Anyone could start it immediately and within a very short period, one could really feel the effects.
So much to share with you.
If you are interested to know more do drop me a note.
Tuesday, April 10, 2007
Invest In Life Insurance - Will You Lose or Not?
Let say if a person saves $200 per month with an insurance company, and the insurer put $100,000 into his family's bank account.
If he dies, his family receives $100,000. On the other hand, if he chooses to put the $200 in the bank, what his family get will be the exact amount he saved per month plus some earned interest.
However, if he lives say till retirement, the insurance company refund him the deposits with interest.
So you see - one has nothing to lose by investing in life insurance. Does it make sense?
If you can see the benefit of owning a life insurance policy - don't procrastinate get it started immediately if you have not done so.
Well, many a time we hear people saying "I can't afford to commit further financial burden." It is understandable. However, you don't need to over commit yourself financially. A simple and practical way out is - just transfer a comfortable percentage of your monthly bank saving to an insurance company to put you on the program. For e.g. if you deposit $300 p.m. in the bank, now put in $200 instead and transfer one-third i.e. $100 to the insurance company. You kill two birds with one stone. Get it!
If you are undecided what life insurance meets your need, you are welcome to drop me a note and I will be happy to provide you with some appropriate advice.
If he dies, his family receives $100,000. On the other hand, if he chooses to put the $200 in the bank, what his family get will be the exact amount he saved per month plus some earned interest.
However, if he lives say till retirement, the insurance company refund him the deposits with interest.
So you see - one has nothing to lose by investing in life insurance. Does it make sense?
If you can see the benefit of owning a life insurance policy - don't procrastinate get it started immediately if you have not done so.
Well, many a time we hear people saying "I can't afford to commit further financial burden." It is understandable. However, you don't need to over commit yourself financially. A simple and practical way out is - just transfer a comfortable percentage of your monthly bank saving to an insurance company to put you on the program. For e.g. if you deposit $300 p.m. in the bank, now put in $200 instead and transfer one-third i.e. $100 to the insurance company. You kill two birds with one stone. Get it!
If you are undecided what life insurance meets your need, you are welcome to drop me a note and I will be happy to provide you with some appropriate advice.
Monday, April 9, 2007
Small Savings Make A Big Difference
Heard about this story ?
Oseola was 40 years old when she was finally able to start saving money. She squirreled away pennies and nickles at first... then quarters... and eventually dollar bills.
She put her savings in a local bank and never touched it. Over time, her savings added up, and the principal and interest on those savings kept building and building.
In the summer of 1995, Oseola - the elementary school drop-out who never earned more than $9,000 a year - donated $150,000 to the University of Southern Mississippi!
Amazing, isn't! So the moral of the story - save whatever you can afford and it will just grow and grow. Likewise, for the affordable, he may buy a $100,000 coverage, but there is nothing embarrassing if you can afford a $10,000 cover for the time being. Is better to have some insurance cover rather than no cover.
So much to talk about today!
Sunday, April 8, 2007
Insure Your Irreplaceable Asset
You can use your earned income to replace your house if it is burned down uninsured.
Your income can be used to replace your motor vehicle if it is destroyed uninsured.
Question is - can your income be replaced if YOU die uninsured?
So.... if you can sacrifice so much of your life for your loved ones, why not insure it for them....
Feel free to drop me a note if I can be of service to you.
Saturday, April 7, 2007
Why People Avoid Talking About Insurance
Why people avoid talking about insurance. Actually, it is not difficult to know why i.e. the reasons behind this thinking.
Well, I believe you will agree with me - When we talk Life Insurance we talk about death, disability, old age and critical illnessess. None of which are joyous occasions.
We all know these are facts of life, the reality remains that the subject of life insurance reminds people of tragic or woeful events.
For this likely reason, it is only natural that people tend to avoid this subject. Unfortunately, in doing so, they somehow also avoided a vital part of financial planning for their families' future.
As a matter of fact, we have seen many cases where families were left to suffer for numerous years as a result of no or inadequate life insurance coverage on the breadwinner who died prematuredly or unexpectedly.
To know how to go about insuring yourself for the sake of your loved ones you are welcome to drop me a note. I will be more than happy to share with you what I know.
Well, I believe you will agree with me - When we talk Life Insurance we talk about death, disability, old age and critical illnessess. None of which are joyous occasions.
We all know these are facts of life, the reality remains that the subject of life insurance reminds people of tragic or woeful events.
For this likely reason, it is only natural that people tend to avoid this subject. Unfortunately, in doing so, they somehow also avoided a vital part of financial planning for their families' future.
As a matter of fact, we have seen many cases where families were left to suffer for numerous years as a result of no or inadequate life insurance coverage on the breadwinner who died prematuredly or unexpectedly.
To know how to go about insuring yourself for the sake of your loved ones you are welcome to drop me a note. I will be more than happy to share with you what I know.
Thursday, April 5, 2007
Make Your Decision With The End In Mind
Your wise decision today can mean a brighter tomorrow for those you love the most.
Insure yourself to protect your loved ones from financial disaster.
The longer you procrastinate the higher would be the cost of your insurance. What is most important is your insurable interest. Can you guarantee that you will stay in your pink of heatlh forever?
Insure yourself to protect your loved ones from financial disaster.
The longer you procrastinate the higher would be the cost of your insurance. What is most important is your insurable interest. Can you guarantee that you will stay in your pink of heatlh forever?
Tuesday, April 3, 2007
Worrying About Retirement?
I read about this write-up in the Sunday Times about a saving method which you can apply when you are planning your retirement.
I find it useful and am putting it here just in case you gave it a miss. This write-up was extracted from the book titled Savvy Savings Guide - SAVING FOR RETIREMENT by Paul Westbrook.
You are young and you want a simple answer. You want to know how much you need to save to retire on time, so here it is :-
The 10-12-15 per cent solution.
* age 25 : save 10% of your salary
* age 30 : save 12%
* age 40 : save 15%
If you are just starting your career and are, say between 20 and 25, save 10% of your salary until you retire.
If you are 30 and have not yet begun to put money away, save 12% of your salary.
If you are 40 and have US$50K [S$76K] in retirement investments, save 15% of your salary. If you are 40 and have zero retirement savings, you will either need to push back your plans for retirement or save a whopping 22% a year.
If you are in this bind, however, you might need to resort to retiring on a shoestring.
This 10-12-15% savings rate is the most important retirement action you can take early in your career.
Simply start and continue a systematic savings and investment programme. It will, in general, allow you to retire at age 65. It also allows for an emergency or two that requires you to dip into some of the money.
It not only prescribes your retirement savings target, but also allows you to have financial flexibility for life's uncertainties.
These calculations assume that you will live to age 90 and that you will enjoy a 25-year retirement. If you are married and your spouse also works and earns the same salary as you, then you will have US$2 million between the two of you.
The rates also assume there will be no employer to match your investments, like a 401[k] plan, and you will have no pensions. With any of these additions, you retirement will be more comfortable.
These rates do assume you will get a 3% salary increase each year and that you will need about 65% of your then salary at retirement to maintain your lifestyle.
If your salary grows faster, or slower, you will still contribute 10%, 12%, 15% of it to retirement investments.
Lower taxes, no work expenses and not having to save for retirement anymore are the prime reasons that explain the lower financial requirement of 65%.
NTUC INCOME has some excellent investment plans that may help you to fulfill your retirement goals. Do let stay in touch with me if I can be of assistance to you.
I find it useful and am putting it here just in case you gave it a miss. This write-up was extracted from the book titled Savvy Savings Guide - SAVING FOR RETIREMENT by Paul Westbrook.
You are young and you want a simple answer. You want to know how much you need to save to retire on time, so here it is :-
The 10-12-15 per cent solution.
* age 25 : save 10% of your salary
* age 30 : save 12%
* age 40 : save 15%
If you are just starting your career and are, say between 20 and 25, save 10% of your salary until you retire.
If you are 30 and have not yet begun to put money away, save 12% of your salary.
If you are 40 and have US$50K [S$76K] in retirement investments, save 15% of your salary. If you are 40 and have zero retirement savings, you will either need to push back your plans for retirement or save a whopping 22% a year.
If you are in this bind, however, you might need to resort to retiring on a shoestring.
This 10-12-15% savings rate is the most important retirement action you can take early in your career.
Simply start and continue a systematic savings and investment programme. It will, in general, allow you to retire at age 65. It also allows for an emergency or two that requires you to dip into some of the money.
It not only prescribes your retirement savings target, but also allows you to have financial flexibility for life's uncertainties.
These calculations assume that you will live to age 90 and that you will enjoy a 25-year retirement. If you are married and your spouse also works and earns the same salary as you, then you will have US$2 million between the two of you.
The rates also assume there will be no employer to match your investments, like a 401[k] plan, and you will have no pensions. With any of these additions, you retirement will be more comfortable.
These rates do assume you will get a 3% salary increase each year and that you will need about 65% of your then salary at retirement to maintain your lifestyle.
If your salary grows faster, or slower, you will still contribute 10%, 12%, 15% of it to retirement investments.
Lower taxes, no work expenses and not having to save for retirement anymore are the prime reasons that explain the lower financial requirement of 65%.
NTUC INCOME has some excellent investment plans that may help you to fulfill your retirement goals. Do let stay in touch with me if I can be of assistance to you.
Monday, April 2, 2007
Your Life Is Like Carbon
As you may know, both diamond and coal are made of carbon. However, one is very valuable while the other is of little monetary value.
So your life is like a "diamond". By insuring your life, you
leave behind a "diamond" so to speak. Otherwise, what's left to your loved ones is like worthless "coal".
So really you have to make a choice - a "diamond" or "coal."
Just food for thought.
So your life is like a "diamond". By insuring your life, you
leave behind a "diamond" so to speak. Otherwise, what's left to your loved ones is like worthless "coal".
So really you have to make a choice - a "diamond" or "coal."
Just food for thought.
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