WEBVTT - 5 things you need to know about retirement planning | EP 12

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<v Speaker 1>Yeah,

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<v Speaker 1>hello and welcome. It's a trend seen in survey after

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<v Speaker 1>survey Singaporeans worry about whether they'll have enough money for

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<v Speaker 1>retirement and this uncertainty has been made even worse by

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<v Speaker 1>the covid 19 pandemic. But what is certain is that

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<v Speaker 1>starting today is better than putting it off to tomorrow.

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<v Speaker 1>I'm Jonathan peers from the money mine team and we're

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<v Speaker 1>talking about the five things you need to know about

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<v Speaker 1>retirement planning, joining me today, we have with us Vincent

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<v Speaker 1>chan from Fullerton Fund Management and Carlos lee of the

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<v Speaker 1>Insurance and Financial Practitioners Association of Singapore. Gentlemen, welcome to

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<v Speaker 1>the show. Thank you Jonathan,

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<v Speaker 2>thank you for having us.

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<v Speaker 1>So Vincent question for you. First retirement basically means no

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<v Speaker 1>more steady employment income.

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<v Speaker 1>So does that also mean that we should aim to

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<v Speaker 1>be debt free by the time we retire.

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<v Speaker 1>What would you say is the one way to go

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<v Speaker 1>about doing that.

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<v Speaker 2>Let me address this by giving an energy every one

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<v Speaker 2>of us, whether we are already retired or we just

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<v Speaker 2>joined the labor force we have in front of us

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<v Speaker 2>a balance sheet. So the balance sheet has inflows and

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<v Speaker 2>outflows

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<v Speaker 2>inflows for most of us will be employment income on

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<v Speaker 2>top of that. Some of us may have investment income.

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<v Speaker 2>So these are the two main sources of influence outflows.

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<v Speaker 2>Since we're on the topic of retirement, we need to

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<v Speaker 2>fund the retirement lifestyle. So there's a form of outflow.

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<v Speaker 2>Other forms of outflow would include home mortgages, car loans,

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<v Speaker 2>All these are form of outflows

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<v Speaker 2>when a person enters into retirement, employment income for most

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<v Speaker 2>of us would no longer be there. So the inflow

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<v Speaker 2>has been reduced significantly. But if the debt outstanding is

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<v Speaker 2>not painfully, then this outflow will continue. For majority of us,

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<v Speaker 2>it is true when you're into retirement with a much

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<v Speaker 2>smaller inflow and the steady outflow, it is important to

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<v Speaker 2>keep as debt free as possible. But if we can

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<v Speaker 2>manage the inflow to a city outflow, having some level

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<v Speaker 2>of debt actually works for them. This applies only to

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<v Speaker 2>people who have assessed inflow above outflow and can actually

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<v Speaker 2>make use of leveraging or debt to manage their financial

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<v Speaker 2>balances more effectively.

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<v Speaker 1>So there's a difference between bad and good debt. Right.

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<v Speaker 2>One form of assets that's grown and outpace us and

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<v Speaker 2>accompany many of us into retirement is the value of

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<v Speaker 2>our home property. Many of us would depend on leverage

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<v Speaker 2>borrowing to acquire the asset,

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<v Speaker 2>but the asset value has been growing at a pace

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<v Speaker 2>that is much faster than the debt repayment needed. So

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<v Speaker 2>that is a clear case in which it is a

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<v Speaker 2>form of good debt.

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<v Speaker 2>But the assumption here is very important. It must be

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<v Speaker 2>in a period where the economy is doing well and

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<v Speaker 2>the country is stable. So if those elements are still

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<v Speaker 2>with us going forward, then we should consider in that context,

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<v Speaker 2>especially now when interest rates are so low,

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<v Speaker 1>Carlos, let's bring you in at this point, the mortgage

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<v Speaker 1>is the single biggest expense,

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<v Speaker 1>how can we plan? So that our mortgage expenses are

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<v Speaker 1>manageable and we can get to that debt free goal

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<v Speaker 1>housing is actually the largest and the most important expenditure

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<v Speaker 1>for a lot of us. So I think a lot

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<v Speaker 1>of them are actually using CPF in cash to do

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<v Speaker 1>the repayment. Typically this that our loans to a certain

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<v Speaker 1>extent is considered good loans, but they still need to

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<v Speaker 1>manage the housing costing.

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<v Speaker 1>So typically we'll advise consumers not to over leverage into

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<v Speaker 1>all this kind of depth. Try to keep within 30,

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<v Speaker 1>of their income, especially when those who are pre retirement

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<v Speaker 1>age or going to retirement period. They should pay off

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<v Speaker 1>as much as they can. If not, there's some of

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<v Speaker 1>them may even look at right sizing their home

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<v Speaker 1>because some of the family members have moved out. They

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<v Speaker 1>don't need such a big space. And during retirement here,

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<v Speaker 1>we also do not forget the daughter cost of home

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<v Speaker 1>ownership because there's no more income coming in. I still

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<v Speaker 1>go out flow like what VINce said to share. So

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<v Speaker 1>my outflow is electric debut, internet broadband home insurance property tax.

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<v Speaker 1>If I'm still having any loans or rental income from

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<v Speaker 1>properties

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<v Speaker 1>as well as maintaining cause so I believe we still

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<v Speaker 1>need to juggle the best. Is that free. If not

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<v Speaker 1>that we should scale down

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<v Speaker 1>of course, you know, when you go into retirement, another

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<v Speaker 1>major expenses, hospitalization costs, All it takes is one major

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<v Speaker 1>or chronic illness and it can wipe out your retirement savings.

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<v Speaker 1>We may even end up possibly disabled and that will

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<v Speaker 1>eat into savings as well. Carlos in your opinion, how

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<v Speaker 1>can insurance help guard against this? Yes,

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<v Speaker 1>coming to retirement. Yes, we will go into a stage

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<v Speaker 1>of ill health,

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<v Speaker 1>Especially the last 10 years of our life span. So

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<v Speaker 1>typically a lot of people when you plan for retirement

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<v Speaker 1>we've been planning and saving for many years

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<v Speaker 1>but however our retirees forgot or mentally not prepared financially,

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<v Speaker 1>not prepared for the high cost in terms of medical

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<v Speaker 1>expenses in their retirement years. If we don't have a

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<v Speaker 1>proper insurance coverage. Typically when human come we force it

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<v Speaker 1>or we get injured or worse case we become disabled.

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<v Speaker 1>It would drain away our retirement as a

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<v Speaker 1>Therefore having a good plan. A good health insurance is

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<v Speaker 1>very important. If a person is down with disability it

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<v Speaker 1>can wreck the percent down for the next five years,

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<v Speaker 1>10 years or to limit where nobody knows how long

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<v Speaker 1>this Pacific will live on and give a lot of

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<v Speaker 1>stress to the caregivers and people around them. So in

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<v Speaker 1>fact more money is needed. So we have to look

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<v Speaker 1>into this area as well. Vincent do you agree? Why

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<v Speaker 1>is it important to have adequate insurance coverage and what

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<v Speaker 1>kinds of insurance would you recommend?

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<v Speaker 2>I'd like to share a figure which I recently came

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<v Speaker 2>across from the Singapore Cancer Society. It talks about late

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<v Speaker 2>stage or last stage cancer patients. So on average the

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<v Speaker 2>amount that is spent range from 100,000 to 200,000 per annum.

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<v Speaker 2>You translate that to a monthly number is between 8000

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<v Speaker 2>to 17,000 compared to the median income

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<v Speaker 2>of an individual. They're drawing somewhere around 4005 to 5000

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<v Speaker 2>in the ballpark. So it's already much, much more now.

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<v Speaker 2>What is threatening is to bear in mind that medical

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<v Speaker 2>cost inflation is much higher than our common basket of

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<v Speaker 2>goods or C. P. I. Inflation rate.

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<v Speaker 2>The medical cost inflation in Singapore in recent years have

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<v Speaker 2>been

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<v Speaker 2>around 8%.

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<v Speaker 2>So what this means is that the 100-200,000 per annum

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<v Speaker 2>Will quadruple in 20 years to 400,000 to 800,000. Why

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<v Speaker 2>is that? 20 years figure important because many of us

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<v Speaker 2>entered the retirement around age 60, the life expectancy is

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<v Speaker 2>about 85.

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<v Speaker 2>So by the time they need this sum of money

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<v Speaker 2>for the medical needs, they will be shocked that as

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<v Speaker 2>much as 4,800,000 will be taken away from the N. S. A.

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<v Speaker 2>And they are not prepared. So medical insurance hospitalization plan,

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<v Speaker 2>I think it's important to have on top of medicine

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<v Speaker 2>to life.

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<v Speaker 2>The other insurance program which is integral part of retirement

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<v Speaker 2>planning is what I call a term insurance program.

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<v Speaker 2>This is more for legacy planning upon death. The individual

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<v Speaker 2>will leave behind some of money. Most of us would

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<v Speaker 2>like to leave behind something big property or some wealth

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<v Speaker 2>to pass on the next generation.

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<v Speaker 1>Well, some sobering facts. So let's just recap for now.

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<v Speaker 1>One of the things important to know is that we

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<v Speaker 1>should work towards being as debt free as we can

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<v Speaker 1>by the time we retire,

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<v Speaker 1>number two we should have hospital and long term insurance

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<v Speaker 1>in place. Another aspect of retirement which sometimes gets under

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<v Speaker 1>the radar is the wealth aspect. Vincent. How can we

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<v Speaker 1>grow our wealth so that we can retire comfortably

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<v Speaker 2>electing of saving and investing for retirement as a journey.

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<v Speaker 2>So at the start of the journey, it is wealth

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<v Speaker 2>accumulation at the end of the journey when rouge retirement age,

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<v Speaker 2>it is about income distribution.

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<v Speaker 2>We're very familiar with the energy concept. It is when

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<v Speaker 2>we are nasty has been built up and we can

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<v Speaker 2>draw income from there. So from wealth accumulation to income distribution.

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<v Speaker 2>This is one concept. The other concept is at every

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<v Speaker 2>stage of our life. We must have two types of

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<v Speaker 2>assets in terms of financial investment. One is what I

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<v Speaker 2>call the safe

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<v Speaker 2>ss

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<v Speaker 2>this will include bank deposit,

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<v Speaker 2>government bonds, even your CPF savings, especially insurance products, they're

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<v Speaker 2>very low risk products. So they fit into the category

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<v Speaker 2>of safe assets. The safe assets will not get you

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<v Speaker 2>the high return that you need to grow your essay

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<v Speaker 2>so therefore you need the other part which is the

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<v Speaker 2>growth assets. The growth assets are typically property

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<v Speaker 2>and more commonly

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<v Speaker 2>investing in the stock market. Equity market for long periods.

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<v Speaker 2>Equity market tend to give much higher return than fixed

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<v Speaker 2>income or the safe assets

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<v Speaker 2>in your journey from wealth discrimination to income distribution, The

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<v Speaker 2>mix between the safe assets and the growth assets will

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<v Speaker 2>change for someone joining the labor force fresh, he has

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<v Speaker 2>a much longer time horizon, he has the employment income.

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<v Speaker 2>He has a bigger risk appetite than this individual should

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<v Speaker 2>have a larger proportion in the growth assets

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<v Speaker 2>And keeping some money for many days. So the proportion

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<v Speaker 2>would be typically maybe 80% in growth assets, 20% in

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<v Speaker 2>safe assets. This ratio reversed by the time the person

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<v Speaker 2>reaches retirement age,

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<v Speaker 2>His capacity to take on race is much smaller. He's

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<v Speaker 2>no longer fully employed. Therefore his sources of income. The

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<v Speaker 2>inflows has been reduced. So with a lower capacity to

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<v Speaker 2>take on financial race, he should flip it the other

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<v Speaker 2>way round, have 80% of it in stable income ready

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<v Speaker 2>for the income distribution, but not neglecting still having some

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<v Speaker 2>allocation to growth assets, say 20%.

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<v Speaker 2>And with this combination, he can still allow his nest

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<v Speaker 2>egg to grow in excess of inflation rate.

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<v Speaker 1>We always hear it said that it's important to start

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<v Speaker 1>young because of this compounding effect. But Carlos, you know,

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<v Speaker 1>I speak for all my generation now, what advice do

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<v Speaker 1>you have for those of us who are not so

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<v Speaker 1>young or those who have started a bit later, it's

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<v Speaker 1>never too late to start because right now inflation is

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<v Speaker 1>catching up and bank interest rates very low.

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<v Speaker 1>So those people who were yet to stop or thinking

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<v Speaker 1>to start, in fact they should start doing something like

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<v Speaker 1>that being said have shared depending on your age group,

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<v Speaker 1>then either you do a safe to support growth and

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<v Speaker 1>support the distribution according to the risk appetite

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<v Speaker 1>because there's more than one instrument to grow the wealth

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<v Speaker 1>growth assets. But by living too much money in the bank. Also,

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<v Speaker 1>there's an issue because of inflation. So we need to

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<v Speaker 1>make sure that our money keeping pace. So there's a

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<v Speaker 1>lot of instrument out there from the insurance company or

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<v Speaker 1>in the investment area.

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<v Speaker 1>I've been starting chess ivy bonds

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<v Speaker 1>also reads these are the different areas that individuals should

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<v Speaker 1>look at. It should look at the proper financial advice.

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<v Speaker 1>Don't just jump into it without knowing the reason Carlos,

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<v Speaker 1>once we've managed to build up this nesting, how can

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<v Speaker 1>we protect it so that we won't run out? I mean,

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<v Speaker 1>there's a lot of factors that played as protecting it

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<v Speaker 1>from inflation that's protecting it from bad investments. So what's

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<v Speaker 1>your best advice looking at the portfolio that they have

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<v Speaker 1>if they are able to lock in, some of them

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<v Speaker 1>will be looking into legacy plane.

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<v Speaker 1>So by putting into energy, they actually give passive income

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<v Speaker 1>payout for them to use their lifetime. So when something

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<v Speaker 1>happened to them, I'm foresee if you want to walk

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<v Speaker 1>out the picture, the asset itself will be protected and

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<v Speaker 1>give it back to the next of kin. In fact

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<v Speaker 1>right now, a lot of people are looking into things

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<v Speaker 1>like legacy trust,

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<v Speaker 1>creating for the family members as well as family members

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<v Speaker 1>got special needs.

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<v Speaker 1>So key thing they want to make sure that all

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<v Speaker 1>these assets are, there also have to manage their own

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<v Speaker 1>retirement list out because things have changed. There's no more

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<v Speaker 1>income coming in. So it's important for them to really

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<v Speaker 1>look into the budget, whether all the expenses makes sense

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<v Speaker 1>or not

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<v Speaker 1>because all these lifestyle changes, they should review from time

0:11:59.590 --> 0:12:02.380
<v Speaker 1>to time. If they overspend, they're there to trim down

0:12:02.390 --> 0:12:05.670
<v Speaker 1>if they spend too much very fast their retirement that

0:12:05.679 --> 0:12:07.050
<v Speaker 1>it will become smaller and smaller.

0:12:07.540 --> 0:12:11.610
<v Speaker 1>Vincent. Earlier you mentioned about how some people would intuitively

0:12:11.610 --> 0:12:13.820
<v Speaker 1>SEo once you reach a certain age you should not

0:12:13.820 --> 0:12:17.040
<v Speaker 1>worry about growing your wealth anymore. But that's actually wrong.

0:12:17.050 --> 0:12:19.800
<v Speaker 1>Is that right? Why is it important to still continue

0:12:19.809 --> 0:12:21.750
<v Speaker 1>growing the wealth in retirement?

0:12:21.760 --> 0:12:26.949
<v Speaker 2>Most people underestimate their investment time horizon. Typically

0:12:27.040 --> 0:12:27.760
<v Speaker 2>for someone

0:12:27.840 --> 0:12:31.910
<v Speaker 2>Age 60, just after they finished their lifetime employment, they

0:12:31.910 --> 0:12:33.750
<v Speaker 2>thought it's time to relax

0:12:34.140 --> 0:12:37.870
<v Speaker 2>and that they normally have this impression that I mentioned

0:12:37.870 --> 0:12:41.870
<v Speaker 2>to retirement, my time horizon remaining is quite limited. Now

0:12:41.870 --> 0:12:45.520
<v Speaker 2>this is actually quite off the mark because of the

0:12:45.530 --> 0:12:49.050
<v Speaker 2>advancement in medical science people are really living longer.

0:12:49.540 --> 0:12:52.920
<v Speaker 2>So the life expectancy is 85 in Singapore and it's

0:12:52.920 --> 0:12:56.840
<v Speaker 2>still growing. So this means that there must be sufficient

0:12:56.840 --> 0:13:00.050
<v Speaker 2>and adequate financial savings to last a very long period

0:13:00.050 --> 0:13:00.550
<v Speaker 2>of time.

0:13:01.040 --> 0:13:04.939
<v Speaker 2>So the first point is do not underestimate how long

0:13:05.010 --> 0:13:08.260
<v Speaker 2>life can go on beyond your retirement age.

0:13:08.840 --> 0:13:12.059
<v Speaker 2>The second point is, we need to make sure that

0:13:12.070 --> 0:13:14.209
<v Speaker 2>the financial estate has been built up up to this

0:13:14.210 --> 0:13:16.459
<v Speaker 2>point in time can continue to keep pace.

0:13:16.840 --> 0:13:20.680
<v Speaker 2>It is very important because your employment income would now

0:13:20.679 --> 0:13:24.170
<v Speaker 2>have to fish into an investment income and investment income

0:13:24.179 --> 0:13:26.949
<v Speaker 2>need to keep pace with inflation rate.

0:13:27.440 --> 0:13:30.670
<v Speaker 2>As I mentioned, I think there are avenues, the colors

0:13:30.670 --> 0:13:35.070
<v Speaker 2>talk about. I'll just add to one is absolutely cost free.

0:13:35.080 --> 0:13:38.410
<v Speaker 2>It is having a healthy lifestyle. So make sure you're

0:13:38.410 --> 0:13:41.080
<v Speaker 2>healthy and then you will have less medical bills and

0:13:41.080 --> 0:13:44.870
<v Speaker 2>then itself will protect your Let's take the second one,

0:13:44.870 --> 0:13:47.960
<v Speaker 2>which is also almost free because it is

0:13:48.040 --> 0:13:51.860
<v Speaker 2>government guarantee is to top up your CPF program, whether

0:13:51.860 --> 0:13:55.760
<v Speaker 2>CPS live or your CPF accounts is guaranteed both principal

0:13:55.760 --> 0:13:56.459
<v Speaker 2>and coupon.

0:13:57.040 --> 0:13:59.140
<v Speaker 2>Then the third thing that we should do is have

0:13:59.140 --> 0:14:01.790
<v Speaker 2>a diversified portfolio because at this point in time is

0:14:01.790 --> 0:14:05.130
<v Speaker 2>too risky to take concentrated race. So your financial investment

0:14:05.130 --> 0:14:08.520
<v Speaker 2>has to be in a balanced portfolio with a combination

0:14:08.520 --> 0:14:12.120
<v Speaker 2>of fixed income and equity, Well diversified, low risk

0:14:12.130 --> 0:14:15.540
<v Speaker 1>Carlos. Earlier you were talking about the change of mindset,

0:14:15.540 --> 0:14:17.760
<v Speaker 1>you know, retirement is a big life change,

0:14:18.040 --> 0:14:23.040
<v Speaker 1>no more regular picture from employment, your activities, your schedule changes.

0:14:23.050 --> 0:14:26.020
<v Speaker 1>What kind of mindset do we need to have when

0:14:26.020 --> 0:14:28.470
<v Speaker 1>you're going into this new phase of your life? The

0:14:28.470 --> 0:14:31.450
<v Speaker 1>retirement is actually a new form of retirement

0:14:31.940 --> 0:14:33.860
<v Speaker 1>Because right now a lot of people are looking into

0:14:33.860 --> 0:14:37.410
<v Speaker 1>pre retirement or even what they call the half retirement,

0:14:37.420 --> 0:14:39.440
<v Speaker 1>but there are some that never go back to work.

0:14:39.450 --> 0:14:42.570
<v Speaker 1>So in fact right now is no longer I retired Asian,

0:14:42.570 --> 0:14:45.160
<v Speaker 1>60 so they choose to retire early.

0:14:45.540 --> 0:14:48.630
<v Speaker 1>They have to plan a hit if one there in

0:14:48.630 --> 0:14:50.790
<v Speaker 1>the 40s or in the 30s they have to plan

0:14:50.800 --> 0:14:54.240
<v Speaker 1>when they would like to retire, do something that they like,

0:14:54.250 --> 0:14:55.790
<v Speaker 1>but at the same time they have to make sure

0:14:55.790 --> 0:14:59.270
<v Speaker 1>that they start planning now, they have sufficient funds to

0:14:59.270 --> 0:15:00.960
<v Speaker 1>reach that goal that set

0:15:01.340 --> 0:15:04.480
<v Speaker 1>for those people who are near retirement. Yes, they have

0:15:04.480 --> 0:15:06.600
<v Speaker 1>to take a step back and really, really sit down

0:15:06.600 --> 0:15:10.160
<v Speaker 1>and go through their expenses, Focus more on health. Like

0:15:10.170 --> 0:15:13.990
<v Speaker 1>recent shape, staying healthy is actually the key goals for retirees.

0:15:14.000 --> 0:15:16.320
<v Speaker 1>So that's the concept of active aging, right that the

0:15:16.320 --> 0:15:18.739
<v Speaker 1>government is promoting as well. Yeah, I've heard of this

0:15:18.740 --> 0:15:19.760
<v Speaker 1>concept called

0:15:19.840 --> 0:15:23.070
<v Speaker 1>Paycheck versus your play check, you know, maybe you can

0:15:23.070 --> 0:15:24.360
<v Speaker 1>elaborate a bit about that.

0:15:24.640 --> 0:15:27.990
<v Speaker 2>So the concept paycheck, is that something that we're used

0:15:27.990 --> 0:15:31.440
<v Speaker 2>to in our working years, we received a check every

0:15:31.440 --> 0:15:35.180
<v Speaker 2>month without fail is with certainty. So this concept of

0:15:35.190 --> 0:15:41.230
<v Speaker 2>receiving a fixed amount with certainty is extended into retirement age.

0:15:41.240 --> 0:15:43.660
<v Speaker 2>So it comes in the form of income entity

0:15:43.840 --> 0:15:48.210
<v Speaker 2>that has certainty and amount is there to meet all

0:15:48.210 --> 0:15:53.000
<v Speaker 2>the basic expenses to keep people healthy and ready to

0:15:53.000 --> 0:15:56.580
<v Speaker 2>retire in a playful and happy way, so to retire

0:15:56.580 --> 0:15:59.530
<v Speaker 2>in a playful and happy way on top of the paycheck,

0:15:59.540 --> 0:16:00.760
<v Speaker 2>you need a play check.

0:16:01.140 --> 0:16:06.110
<v Speaker 2>The play check concept is basically savings and investment that

0:16:06.110 --> 0:16:10.640
<v Speaker 2>can give you additional income beyond meeting your basic needs.

0:16:10.650 --> 0:16:13.450
<v Speaker 2>So meeting the basic needs we already have in Singapore

0:16:13.450 --> 0:16:16.650
<v Speaker 2>a very very strong program called the CPF Life.

0:16:17.040 --> 0:16:20.320
<v Speaker 2>So others may have their own insurance energy to buffer

0:16:20.320 --> 0:16:20.850
<v Speaker 2>that

0:16:21.440 --> 0:16:25.910
<v Speaker 2>the paycheck really is to support additional activities that the

0:16:25.910 --> 0:16:29.850
<v Speaker 2>young active retirees would like to have your lifestyle, could

0:16:29.850 --> 0:16:33.360
<v Speaker 2>range from picking up a new hobby, traveling or even

0:16:33.370 --> 0:16:37.210
<v Speaker 2>starting a new venture, be a business or enterprise. So

0:16:37.210 --> 0:16:41.580
<v Speaker 2>then this paycheck plus play check would hopefully give you

0:16:41.580 --> 0:16:41.770
<v Speaker 2>an

0:16:41.840 --> 0:16:46.460
<v Speaker 2>A very comfortable enjoyable retirement. Years ahead. And the proportion

0:16:46.460 --> 0:16:49.229
<v Speaker 2>between paycheck and pay check. It really varies but my

0:16:49.230 --> 0:16:53.110
<v Speaker 2>estimate is 40%. Going to play check 60% as a

0:16:53.110 --> 0:16:56.280
<v Speaker 2>paycheck energy to cover your basic needs is a good

0:16:56.280 --> 0:16:59.480
<v Speaker 1>stuff. Good stuff there. Everyone let me just recap again

0:16:59.480 --> 0:17:00.260
<v Speaker 1>for the audience.

0:17:00.340 --> 0:17:02.890
<v Speaker 1>Number one always try and pay off your debt or

0:17:02.890 --> 0:17:04.170
<v Speaker 1>manage you in a good way.

0:17:04.740 --> 0:17:07.740
<v Speaker 1>Number two, make sure you have the insurance that you

0:17:07.740 --> 0:17:11.590
<v Speaker 1>need for medical as well as other needs. Number three.

0:17:11.590 --> 0:17:14.219
<v Speaker 1>Look at ways to grow your wealth, even when you're

0:17:14.220 --> 0:17:16.530
<v Speaker 1>going into retirement, there are safe options for you to

0:17:16.530 --> 0:17:20.100
<v Speaker 1>look at. Number four, protect your wealth as well so

0:17:20.100 --> 0:17:22.770
<v Speaker 1>that you can last the duration of your lifetime.

0:17:23.140 --> 0:17:26.810
<v Speaker 1>Number five budget spend within your limits. Have a plan

0:17:26.820 --> 0:17:30.669
<v Speaker 1>and paycheck versus paycheck. Very interesting stuff. That's what we

0:17:30.670 --> 0:17:32.870
<v Speaker 1>can wrap up with as the five things you need

0:17:32.869 --> 0:17:36.290
<v Speaker 1>to know about retirement planning. So for everyone who's listening,

0:17:36.300 --> 0:17:37.879
<v Speaker 1>I hope you picked up a tip or two. I

0:17:37.880 --> 0:17:39.060
<v Speaker 1>know I certainly did.

0:17:39.340 --> 0:17:41.699
<v Speaker 1>And I would like to especially thank the guests here

0:17:41.700 --> 0:17:45.160
<v Speaker 1>with Sunshine from Fullerton Fund Management. Thank you. And Carlos

0:17:45.160 --> 0:17:49.169
<v Speaker 1>lee of the Insurance and Financial Practitioners Association of Singapore.

0:17:49.180 --> 0:17:51.719
<v Speaker 1>Thanks a lot guys. Thank you. All right and for

0:17:51.720 --> 0:17:54.550
<v Speaker 1>everyone listening to join us again next time. Bye for now.

0:17:54.940 --> 0:17:55.170
<v Speaker 1>Mhm