As from April 2013 my Journey in Investing is to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Sunday, 12 October 2014

How will the Future You thank you? (2)


Read? How will the Future You thank you?

Case study for young ones for Future You!


He is 54 yrs old this year.

After reading a few times on CPF Reaching 55 booklet he is still not so clear.

He came to lim kopi with Uncle8888 after someone recommended him to talk to old man. 

Uncle8888 helped to explain and illustrate it on the white board. 

He belongs to one of those CPF Money Not Enough group.

Why?

For simple reason.

He has upgraded to 5-room HDB and still has 9 years of outstanding housing loan. His CPF OA balance is not enough to cover his outstanding housing loan.

He doesn't like the idea of down-grading or renting out one room.

Privacy to him is very important.

He has bigger worry now as he has heart illness and currently on long-term medication and may not be eligible for re-employment at 62 based on health reason. 

HR may just retire him at 62.

 


How will the Future You thank you?



Some planning is not useless!








9 comments:

  1. Upgrading a flat is not wrong.

    However, one must always bear in mind to fully paid off their loan by 55. If can't then better don't upgrade.

    I think the G should tighten the max. age for mortgage loan. 60 should be max. This is to avoid people over commit their debt.

    Info on Leasehold Property
    Up to 35 years or 75 years of age at end of loan tenor, whichever is earlier, and remaining lease of at least 35 years at the end of loan tenor.

    ReplyDelete
  2. CW,

    Poor decision making or bad planning?

    With computer, it's easy - press undo button.

    In real life, its much harder to go back to what we were before... Even though circumstances today has changed....

    Taking responsibility is hard.

    ReplyDelete
    Replies
    1. Bad planning leads to poor decision making.

      Delete
    2. May be it is not bad planning or decision.

      Think NTUC did a good Ads to remind the young ones as not many think hard enough on Future Me in 20 or 30 yrs time.

      Our job and health stability may NOT be there for us.

      Think Future Me. It is good start for financial planning and career development.

      Delete
  3. As we can't really know our future, it's better under estimate our future earnings and affordability - Unless our "HC" is quite solid like teachers, doctors, top rank civil servants, millionaire Ministers.
    i used to want to leverage to buy private property when i was working but my wife disagreed Because my "HC" was not any i have mentioned . That was we might be retrenched anytime.
    Cut your cloth according to your means

    ReplyDelete
  4. Cw8888, I am not yet 54 but can I lim kopi with u? Hahaha..

    ReplyDelete
    Replies
    1. Will you be there?

      Looks like you have tai ji my open request very professionally! Lol

      Delete
    2. I bought three tickets and will be accompanied by two investment buddy body guards.

      LOL!

      Delete

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