Ferrari Me (Ferrarilim)

I wrote to CPFB to query on my ERS payout if I keep topping up from age 55 to age 65. Their reply for my case, under CPFLife Basic Plan: At age 65, I should get $2,200 ~ $2,500 p.m. for life. This was the official CPFB payout reply of my ERS payout. ~~~~~ If for each year I keep deferring payout till age 70, my CPFLife payout will be: Age 65: $2200 ~ $2500 p.m. Age 66: ($2200 * 1.07) ~ ($2500 * 1.07).. Age 66: $2,354 ~ $2,675 p.m. Age 67: $2,518 ~ $2,862 p.m. Age 68: $2,695 ~ $3,062 p.m. Age 69: $2,883 ~ $3,276 p.m. Age 70: $3,085 ~ $3,506 p.m. At age 70, Under Basic Plan, payout $3k ~ $3.5k p.m. singly, just from CPFLife payout.

Someone mentioned that his RA can touch $825k at age 65.  Now his SA is $210k early 40yo. My opinion: RA @65yo $825,000 seems a large sum to reach.   What would be the FRS or ERS amount to reach this $825,000 at age 65?   During my time at age 55, my RA @55/ERS was then $264,000. Max that I can topup. And I annually rtsu max $9k to $10.3k every Jan still might not even touch this large number.    I am still working and contributing to my max RA annually.  At age 58, my ERS is only $355k. Some calculation hopefully correct, $355k+(($355k−$264k)÷(58−55)) ×(65−58) = $567,300 at my age 65 yo. (Still cannot touch $825k for me in my RA at age 65.) With 7 more years to reach age 65, I dont think that I would touch $825k. ~~~~~ So I extrapolate from age 55 to 58, Even with SA $0 at age 55, one can max cash topup into RA. So need not bring in SA. So we focus on what is the RA required at age 55 to reach $825k. So, I try to interpolate, ($825,000−$60,000)×(0.96^(65-43))−($30,000×(0.94^((65−43))−

I just saw a typical hdb coffeeshop drink also adds a big scoop of sugar in their fresh brew of tea (maybe even coffee). No wonder Singaporeans are diabetes prone. Even kosong has sugar added! Looks like need to order Lipton Tea no sugar, or Chinese Tea now. ~~~~ Why am I so concerned about sugar intake? Under my company sponsored Annual Health Screening Package since age 34, I faithfully tabulate the entire 57 parameters of my full health historical record, from Year 1998 till 2023.   And I try made adjustment to my diet to bring these numbers back to desired ranges.  Just to share, Age 34: Glucose was 81 mg/dL (desired range: 65 to 120). Age 40: Glucose: 84 Age 50: Glucose: 83 Age 58: Glucose: 81 mg/dL (Jan 2023) Excessive salt and sugar intake can create health adhoc to our bodies. Remember our Garhman call for "War on Diabetes?"

It is the season of Tech companies trimming employees world-wide to maintain biz competitiveness.    Hiring and firing takes just an email of notification.  Where to find job security? Just forget about long term career prospect in the company or long term biz plan. So hold two jobs and build up Passive Income?   1. In short: say nimble, and be prepared in your mindset.  Tomorrow might be your last day of work.  We are never indispensable. 2. Reduce high leveraged on loan. 3. Keep six month or even one year of cash buffer for contingency like this. Cash buffer maybe in Insurance policies cash value, stock at hand.  If no choice, just have to tide over. 4. Always keep your network wide, upkeep your resume, sharpen your interview skills, keep your job experience relevant and not too narrowly scoped. ~~~~  But where can we find the save cash to buffer?  1.  Your cash value in your insurance or policy surrender value.   (In one of the traded Insurances which I bought over, one housewife ac

For amuse, "who came to save Harry Potter in the Last Episode "Deathly Hallow"? Did someone say was His Father!? Just a laugh.  It was Harry himself. Many parents are not aware nor reluctant to be their Children's Plan B. First priority, take care of ourselves first, as parents.  Let us be the Last Sandwiched Generation . Of course for those who are in late 50s, by now, one should have achieved self sufficiency; not forgetting to level-up your spouse in health n finances, alongside with your progress. While I am sad n acknowledged that some sickness n illness that strike is not within our controls. ~~~~ Case 1: Past week, I chatted with a healthy looking man at the coffee-shop. He just consulted the Doctor for his dropping Platelet counts. Wow, quite low. Platelet normal range: 150,000/mL to 400,000/mL. His Platelet count is: 50,000/mL. Ma-chiam kenna Dengue. But diagnosis says it's not. Case 2: Someone's mum diagnosed with Panacea Cancer; maybe at least

Someone just chatted that $2,000 p.m. is enough for retirement for him as a single.  Maybe he is about 35? So I free free check. Can Singles retire with $2,000 p.m. (present value) now? H&S : $1,000 p.a. Home conservancy fee: $100 x 12 = $1,200 p.a. CareshieldLife: $0 (pay by MA) Utility n Broadband/Telco: $130 x 12 = $1,560 CI : $0 Term Insurance : $0 Home loan:  $0 (fully paid) Home Property Tax: $100 p.a. Transport : $30 Parent allowance: $100 p.m. Total annual fixed cost : $3,990 p.a. (= $330 p.m.) ~~~~~ P lanned budget: $2,000 p.m. Food : $15 daily x 30 =$600 p.m. Surplus: $2,000 - $330 - $600 = $1,070 p.m. In summary , 1. Previously someone said $1,000 p.m. (married with adult child, stay in condo, 5 Siblings support aged parent): $1,000 p.m. is not enough. 2. Here is the other way for Singles: $1,000 p.m. may even be possible. GxGx. 3. In 25-years time, $1,000 p.m. would be $2,000 per month, at 3% inflation rate compounded. Poor me, even with $7,000 p.m. (singly) with 3% e

In our chat, someone shared on his semi-retirement at age 32, married with 2 kids. He has some grandparents inheritance boost.   So I free free make a guess. How much does it cost to setup a new family.  With rising cost, young couple can be deterred to rush into marriage. It is very costly to start a family, I think.  Imagine to get married, buy home & furnishing, wedding, honeymoon.  We put aside car ownership and then service the home loan.   What is the minimum one needs at least $150k to start a family?  "Face" hoh.  Wedding is a woman's big day hoh.   Maybe I make a guess how much is required to setup one new family in SG; assume: - 4bedroom hdb: 4% BSD cash + 25% downpayment (5% cash, 20% cash/cpf) of say, $450k home (cash outlay: $18k + 20k = $38k); assume their cpf OA can cover the 20%. - Basic home furnishing: $50k.  Maybe BTO saves on some renov cost but need to wait for TOP. - Wedding reception: delta cost damage: $20k - Wedding package: $20k - honeymoon:

Good to know on things of the Brain Health.  Physical fitness does not imply  Mental Health. ~~~~ I know of a marathoner, my cohort, who clocks 4hr+ in his full marathons, has shown some sign of early sign of Parkinson. Our Mr Sim MW, the Ultra-marathoner and at least 50 full marathons under his belt. He passed away suddenly in Jan 2023 this year. Super-fit! We need: - to listen to our body, - watch over weakness, - don't over clock our Max Heartbeat, - keep our body circulatory system and digestive system clean. I observe that our old folks' aging problems are in: - sight, - hearing, - knee cap, - weakness in limbs, - stroke, - dementia or Parkinson, - heart weakness ~~~~~ Other minor signs like Prostate, urinary, issue, wrinkling .... we put them aside. Lung (our respiratory system) - dont forget our 3th most common cancers in SG. I am still pondering over this. My lady friend died of Stage 4 few years ago. She was not a smoker, but used inhaler. I really don't know. One

 This is an illustration of Resale Insurance which I bought in Jun 2021.  Original Aviva Policy -  started 23 Mar 17. Ends on 23 Mar 32.  Total: 15-year. Bought by a 50-yo woman. Her premium term: 10-year. Cashback started at end of Year-2, which was subtracted from her annual premium. Resale Policy  - started 23 Jun 21.  Ends on 23 Mar 32.  Total: 10-year 9-month. Bought by me through TES Capital, the Middleman. ~~~~ To compare original vs Resale XIRR.   Some observations made: Observation#1 : The saving is about S$2k discount the new endowment. Regrettably subsided by the first original policy holder who surrendered. Observation#2 : Maturity payout at Year-15 remains unchanged as I bought over the policy; nevermind who that Original Assured is still "her". Observation#3 : Her original premium is slightly more as she added rider to her policy. This adds to her premium without adding to its payout.  Observation#4 would be to quickly payout your premium tenure. Let it grow

Why Mr Ferrari?  Not my Christian name certainly.  Ferrari is conveniently derived to my approach to saving through layers of endowment policies, unknowingly, into a "Endowment Tap" that gives me a Ferrari-worth of premium and its payouts for my retirement. ~~~~  I had developed some PowerPoint slides to illustrate "My Ferrari Story". Some listened and got inspired. Some listened and got disappointed. Some listened and got critical. One walked away half-way through my sharing; this number and the way to save so big a number is too impossible for him. That was what his colleague shared with me. This guy in his mid-30s barely earn $3000 a month. But the colleague stayed and learned a way to getting more out of his CPF as he enquired and spoke with me. He is my cohort; age 59 this year and not earning much as a xxxxxx. ~~~~ We are here to share and learn from one another.   Not to teach but to grow as we age healthily and retire comfortably.

How much to retire in MY? Interestingly, the number is quite similar to retiring in SG, but in MY Ringgits. A 'S$1.8M figure' was earlier asked in one of the large SG chatgroup if it is possible to retire in SG with this portfolio". So I blogged on this S$1.8M portfolio, did some basic estimate calculation with 3% cost inflation.  My conclusion is "Yes it seems very possible.  Somehow it translates to S$3k per month, and of course RM10k in MY!" RM10k! in MY sure can retire in MY. How many people in MY earns RM10k p.m. income? ~~~~~ Now, as I am taking a break in MY, I free free compute if RM1.8M possible to retire in MY. Not S$1.8M or RM6M hoh! ~~~~~~ Assume one owns a MY property, fully paid. Annual Maintenance cost to cover Svc Charge, Sinking fund, water n electricity charges, quit rent, fire insurance, water tax, property tax.   It works out to be RM4k ~ RM6k, depend on State n Development size.   Yes. it is RM4k to RM6k per year. If it is RENTAL home, its

 If you are in your 20s, 30s or even 40 year old, to consider CI in another 30-40 years is a long time of uncertainty.   Single's consideration for CI is different from Married Man's consideration. Just hopefully don't burden those who are most affected to care for you. Any guru wants to try derive an estimate for CI Coverage in 30-40 years time ?  $500k is better than $200k; $1M better than $500k... ~~~~ Few years ago, I met a senior whose wife underwent triple hosp treatment for recurrent stroke op in a private hospital.   The total bill came up to $1M.  He didn't ask him what was the actual cash that he paid. Assuming best case of 10% Co-pay Assist for H&S, with CI As-charged rider, it would be $100k cash.  And this was present-day cost in a Private Hospital. Maybe cancer treatment cost and medicine would have to pay much more.  I really don't know either.   Few years back, Medishieldlife has yet kicked in. At the end of the day, for us, is to settle for Rest

How much total to cover $1M CI TermLife? Different insurers CI coverage may vary;  - pre-post consultation duration by its Panel doctors,  - early or advanced stage CI  - premium overlay (limited pay or lifetime pay, fixed level or age adjusted cost) - Termlife coverage (accelerated or fixed) - Lifetime or limited age tenure. - in their T&Cs (fine-print). Insurers may not even last our lifetime, even being sold off to another; worse if it closes its biz CI segment. So my opinion is to buy CI through various insurers; better local ones like INCOME, GE Life, Singlife-Aviva.   I am not insurance agent.  But I am familiar with the cost which I paid for.  So allow me to give you some cost estimate to cover $1M in their lifetime over next 60 years! ~~~~~ Someone says CI is good to have.  Should it strikes, your loved ones will suffer to take care of you. CI insurance has to work hand in hand with H&S + 10% Co-Pay Assist to cover As-charged cost.   To project a $1M bill, under H&S

  It's so painful to see old auntie n uncle being held by their children as they walk. We are nearing or hit 60.  In another 20-years, we will be the old man or woman being helped as we walk. How prepared are you for this day to come? That's life ... One generation builds, another enjoys. One generation helps another generation. So, when is the best time for ourselves?  Dont think we are always the marathoner or Superman, super-fit and super-healthy. Reply1: They are fortunate to have children who are willing to hold their hands. I have seen old man, old woman struggling to walk with walking stick with no one by their sides. Reply2: Ask your children not to hold your hands too tight lah. Squeezing can hurt our fragile hands. Reply3:  Is it better for them to walk alone with no children in sight?