Dear Mr. Tan,
I am in my mid 20s. I need your advise on planning for retirement, savings and life protection. Frankly speaking, I have checked many products and are confused with what I need. I do not have much spare cash in the past as I have dependants.
My current pay allows me to set aside about 20% for savings. If I have $500 a month, what are the insurance/ savings I should save? Can I plan for a comfortable retirement at 50 years old?
My agent recommended me Vivolife, limited payment for 10 yrs. But I am also not sure if the critical illness portion is guranteed. Based on my savings, should I buy Vivolife? Or go into endowment? Or save up as cash? Or medical?
REPLY
Please read these FAQs
http://www.tankinlian.com/faq/fptips.html
http://www.tankinlian.com/faq/savings.html
http://www.tankinlian.com/faq/choice.html
Monday, June 16, 2008
Personal insurances - making the right choice
Here are some tips about making the right choice on your personal insurance, i.e. life, medical and accident insurance.
http://www.tankinlian.com/faq/choice.html
http://www.tankinlian.com/faq/choice.html
Financial Planning Tips
I have often be asked to give advice for a specific situation. I am not able to find the time to do a proper job.
I often refer my readers to the FAQs contained in my website, as follows:
http://www.tankinlian.com/faq/
The popular FAQs are:
> Financial Planning for the Young
> Financial Planning for Seniors
> Investing your Savings
> Benchmark Premium Rates
> Buy Term Insurance Directly
> Buy Motor Insurance Directly
There are many other FAQs contained in this website that may be relevant to you.
A few financial advisers have indicated that they are willing to provide advice for a flat fee, based on time. I plan to introduce them at a later date, after I have the chance to discuss with them on their proposed mode of operation.
I often refer my readers to the FAQs contained in my website, as follows:
http://www.tankinlian.com/faq/
The popular FAQs are:
> Financial Planning for the Young
> Financial Planning for Seniors
> Investing your Savings
> Benchmark Premium Rates
> Buy Term Insurance Directly
> Buy Motor Insurance Directly
There are many other FAQs contained in this website that may be relevant to you.
A few financial advisers have indicated that they are willing to provide advice for a flat fee, based on time. I plan to introduce them at a later date, after I have the chance to discuss with them on their proposed mode of operation.
See if you're getting a GOOD DEAL
Are you getting a good deal from your participating policy. Dr. Money has this advice:
http://newpaper.asia1.com.sg/columnists/story/0,4136,167015,00.html?
Read more about Dr. Money's articles in:
http://www.tankinlian.com/drmoney/
http://newpaper.asia1.com.sg/columnists/story/0,4136,167015,00.html?
Read more about Dr. Money's articles in:
http://www.tankinlian.com/drmoney/
He who pays the piper
In recent years, we had several corporate scandals, involving accounting irregularities. The accounting firms were appointed by the management of these companies. These professional firms received large fees and were suspected of not doing their work diligently in discovering the irregularities.
In more recent years, we have the subprime crisis. The rating agencies were appointed by the issuers of the collateralised debt obligations. They are now suspected of having a conflict of interest in giving a favourable rating to these complex structures.
Consultants are appointed by management to give advice on business strategy. These consultants are likey to be selected to give advice that are favourable to the management's thinking.
There must be a better way to have access to independent professional advice, especially on matters involving the public interest. The current approach is not working well. As the saying goes, "He who pays the piper calls the tune".
What is a better way to protect the public interest?
In more recent years, we have the subprime crisis. The rating agencies were appointed by the issuers of the collateralised debt obligations. They are now suspected of having a conflict of interest in giving a favourable rating to these complex structures.
Consultants are appointed by management to give advice on business strategy. These consultants are likey to be selected to give advice that are favourable to the management's thinking.
There must be a better way to have access to independent professional advice, especially on matters involving the public interest. The current approach is not working well. As the saying goes, "He who pays the piper calls the tune".
What is a better way to protect the public interest?
Town Transport in Java
I passed through a few small towns in Java during my trip to Bandung from Jakarta. In each town, there is a service called "Angkutan Kota" or "Town Transport".
This service uses a passenger van that can take 6 to 8 passengers. The service runs along a designated route. The driver can pick and drop passengers anywhere along the route. The fare is from 50 to 80 cents.
This is similar to the light bus service in Hong Kong. I find it to be quite practical and useful. It has several of the advantages of a taxi and is much more affordable.
I hope that Singapore will adopt a similar service to serve the local town and to bring commuters to the MRT station, bus terminus or town center.
This service uses a passenger van that can take 6 to 8 passengers. The service runs along a designated route. The driver can pick and drop passengers anywhere along the route. The fare is from 50 to 80 cents.
This is similar to the light bus service in Hong Kong. I find it to be quite practical and useful. It has several of the advantages of a taxi and is much more affordable.
I hope that Singapore will adopt a similar service to serve the local town and to bring commuters to the MRT station, bus terminus or town center.
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