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!
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Upgrading a flat is not wrong.
ReplyDeleteHowever, 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.
CW,
ReplyDeletePoor 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.
Bad planning leads to poor decision making.
DeleteMay be it is not bad planning or decision.
DeleteThink 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.
Cw8888, I am not yet 54 but can I lim kopi with u? Hahaha..
ReplyDeleteHeard got free kopi on 17 Jan 15
DeleteWill you be there?
DeleteLooks like you have tai ji my open request very professionally! Lol
I bought three tickets and will be accompanied by two investment buddy body guards.
DeleteLOL!