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This resonates strongly, thank you for your authentic share. I like what Woon Tai Ho did after exiting from CNA into his third act as a biographer, or yip yew chong’s foray into his first love after “retiring” from accounting. And yes, just letting everything go at some point is inevitable… 😢
Thank you @chinesedocsg for your sharing and taking the time to comment, indeed it is never easy to let go, especially if it is something you are deeply passionate about. Meanwhile, we invite you to subscribe to our weekly newsletter for more of such content: providend.com/#newsletter-subscribe Have a wonderful day ahead!
I’m happy to call myself a retired accountant after deciding to retire from full-time work 2 years ago upon turning 50. Been there and done that for 20 plus years and my job shouldn’t define who I am.
Hi @boonchengyu8506, well done on a somewhat early retirement and you are right, your job should not define who you are because you are more significant than that. Have a wonderful day ahead.
I'm perfectly fine and in fact very happy to be into my semi-retirement since more than 2 years ago when I turned 52. I'm enjoying every moment of my life in my semi-retirement. I know how to spend my retirement life meaningfully.
Hi @tionggeegoh9865, huge congratulations on your semi-retirement and we are very glad for you! Thanks for taking the time to comment and have a restful day ahead.
Thank you @prometheusacademy7605 for taking the time to leave a comment. Would you have any topics in particular that might interest folks moving into retirement? Feel free to send us your suggestions. Meanwhile, we invite you to subscribe to our weekly newsletter for any latest updates from our team of experts: providend.com/#newsletter-subscribe Have a restful week ahead.
In the quant / hedge fund world, diversification increases returns while lowering risk. Most people, unfortunately do not understand this free lunch mathematically.
Dear @JoshuaLearnTrading, Thank you for taking the time to leave a question for us. At age 55, RA will be formed with FRS, which will be transferred from SA first, and if not enough then transferred from OA. When you prevent SA money from going into RA, the main bulk of FRS will be transferred from OA, effectively transferring from a 2.5% interest rate account to a higher 4~6% account. To receive firsthand wealth insights from our team of experts, we invite you to subscribe to our weekly newsletter: providend.com/#newsletter-subscribe We hope this answer is useful and have a wonderful day ahead.
Dear @dennistan4663, it is indeed never easy, and we agree with you. This is why we are so passionate about serving our clients in first discovering their life goals before we even discuss their financial goals and the instruments to use that will reliably reach those life goals that extend beyond finances. Thank you for taking the time to leave a comment and have a restful week ahead!
Thank you @srituah for your feedback! Appreciate you taking the time to comment. Do let us know in particular what room for improvement for us to take note in the future? Thank you and have a restful week ahead.
Thanks for sharing this very insightful and useful piece of advice. I've just celebrated by 54th birthday and am looking at proactively planning for retirement, and possibly pivoting to a different livelihood in this season of my life.
Thank you @WalterLim for taking the time to comment and a belated blessed birthday to you! We are hoping for the most fulfilling and restful retirement ahead for you. To receive firsthand wealth insights from our team of experts, we invite you to subscribe to our weekly newsletter: providend.com/#newsletter-subscribe Meanwhile, have a wonderful weekend ahead Walter.
I think that's very brave-what you did. I used to be in real estate so I can relate, to a certain degree, to your decision to leave. I left also. It wasn't easy, but I ended up having more peace. Wish you all the best with your business.
Dear @joseeng5835, thank you so much for taking the time to leave a comment to encourage our CEO, Christopher. You made a brave decision too and we are glad you found peace. Take care and have a restful weekend ahead!
Dear @psestock, Thank you for taking the time to leave a comment to encourage us, Isaac and Dr Peng. To receive firsthand wealth insights from our team of experts, we welcome you to subscribe to our weekly newsletter here: providend.com/#newsletter-subscribe Have a wonderful day ahead!
You are most welcome @ragsoh, we are glad we could help in any small way. We invite you to subscribe to our weekly newsletter so you are kept in touch with any updates from our team of experts: providend.com/#newsletter-subscribe Have a lovely evening ahead.
Everything in life is always better for the rich - not just with SA shielding. By closing SA, they have hurt the poorer elderly the most !It is the rich who can afford to top up ERS.
Thank you for your question. Yes, our CEO, Christopher Tan, is a Certified Financial Planner and licensed by MAS, with over two decades of experience in the industry. Although he doesn't personally take on clients now, we have team of Client Advisers dedicated to providing unbiased advice to our clients. We’re glad you’re interested in our content, and do reach out to us here if you need advice: providend.com/our-clients/service-enquiry-form/ Meanwhile, have a wonderful weekend ahead!
Hi, may I ask a question: if upon 65 years old, my RA has more than Enhanced Retirement Sum (ERS), namely more than 4 times of the Basic Retirement Sum (due to accumulation of interests since 55 years old), what happens to the balance money in my RA after opt to the ERS? namely after setting aside money of 4 times of basic retirement sum for the CPF LIFE with ERS, what can i do for the rest of money in the RA?
Hi @RobertS-h7r, thank you for your question. All funds (including both capital & interest earned) inside your Retirement Account are actually designated to be the annuity premium for CPF LIFE. For example, assuming a person turned 55 in 2024 and this year's ERS is $308,700. It is estimated that if his RA in 2024 is $308,700, then he will receive a monthly payout amount of between $2,280 - $2,450 at age 65. The monthly payout of $2,280 - $2,450 at 65 is after already factoring in the interest he will earn in his Retirement Account from between 55 to 65 years old. Hence, you will not be able to withdraw the interest in your RA. Hope this clarifies, thank you and cheers! - Alvin, Client Adviser
@@ProvidendSG Thanks so much for your prompt reply, appreciate it! I now understand that "ALL" funds inside RA is meant for Annuity Premium for CPF LIFE. However, how about such scenario: at 55 (say next year with the new rules for CPF LIFE), I top up my RA amount to ERS (4 times) and let it sit in the RA to accumulate "interests" over the 10 years until 65. BUT then at 65, I finally decided to opt for FULL Retirement Sum (FRS) instead of ERS, then there will be a lot of surplus of money balance in the RA after set aside the FRS, then what will happen to the large amount of balance money in the RA after setting aside the FRS? (OR maybe I have no choice but will be forced to top for ERS since there is sufficient money in RA to cater for ERS? CPF will not allow me to opt for FRS anymore in such scenario?)
Hi @RobertS-h7r, thank you for your follow-up question. The 3 different Retirement Sums (BRS, FRS & ERS) mainly reflect the savings that you have in your Retirement Account, and it gives you an indication of how much CPF LIFE pay-out you will receive at 65 years old. Going back to the concept that all funds inside Retirement Account is meant for CFP LIFE annuity premium, CPF does not provide option for you to choose which Retirement Sum tier to be on after you’ve topped up to the maximum ERS. However, there are provisions by CPF Board to allow you to withdraw from your Retirement Account at two different milestones. The first one is from age 55, you can withdraw an unconditional $5,000 and pledge your property to take out maximum the Basic Retirement Sum amount. Do note however that you will not be able to withdraw the interest, top-ups you have done to your Retirement Account and any Government Grants. The second one is also from age 65, you can withdraw 20% of your Retirement Account. However, you will not be able to withdraw any top-ups you have done to your Retirement Account, any Government Grants and the unconditional $5,000 that you can withdraw from age 55. You will realise that in both situation of pledging your property and the 20% withdrawal, you are not able to withdraw amounts you have topped up or transferred to your Retirement Account. Hence, do be very careful in your calculations and consider if having the liquidity from CPF is more important or having a stable pay-out from CPF LIFE for your retirement is more important. You can read up more here on the withdrawal schemes: www.cpf.gov.sg/service/article/how-is-the-withdrawable-amount-computed Hope the above helps, thank you. - Alvin, Client Adviser
Every time I watch Christopher talks, it is so comforting that we have such a great man with lots of wisdom. God bless him abundantly and exceedingly ❤
Thank you @Mike-e1n for taking the time to comment and to encourage our CEO Chris! We are truly so blessed to have him. To receive firsthand wealth insights from Chris, we invite you to subscribe to our weekly newsletter: providend.com/#newsletter-subscribe Have a blessed evening ahead!
Dear @JJ-iu6sr, thank you for taking the time to comment. We will not be uploading the Q&A but do watch out for part 2 to part 8 that we will be releasing weekly. It is very informative and relevant in these current times and we hope you'll enjoy it! Meanwhile, you can learn how Providend helps our clients have a good investment experience here: providend.com/how-providend-helps-affluent-families-have-a-good-investment-experience/ Have a restful evening ahead.
