Getting retired in Singapore seems to be a far-fetched dream for many people. However, retiring in Singapore is actually simple, if you made plans for it when you are younger. The earlier you start planning for retirement, the earlier you can retire. If you’re in your 30s or 40s, it’s best to start planning now, not when you’re in 50s or 60s.
What people worry most about retirement, is that they worry they don’t have enough money to spend when they stop working. If you can receive income when you are not working, you can retire happily.
Here are 3 safe investments that can give you consistent income for retirement.
1. CPF Life
CPF Life is a life annuity that provides you with a monthly payout from age 65 for as long as you live. This will give you a steady monthly income stream, an a greater peace of mind. The monthly amount you will receive will depend on your CPF account balance, which means you will receive more payout if you have a bigger sum in your CPF account.
Hence, consider to contribute more to your CPF to ensure you have higher monthly payout when you turns 65.
2. Private Retirement Plans
Private retirement plans are similar to CPF life, but they are offered by private financial institutions, mainly banks and insurance companies. There are a wide range of retirement policies available out there, hence you need to know the details before buying them.
For retirement plans to work, you will need to pay yearly premium (when you’re younger in your 30s or 40s), and when you’re about to retire (50s or 60s), the plan will give you a monthly payout, just like CPF Life.
However, the payout is not lifetime payout, and may be capped at certain age (e.g. 80 years old). If you live longer than that, you will not receive income. On a positive note, these retirement plans does give higher returns, some at 3.5% annual return.
3. Property Investing
What if you feel that the payout from CPF is too late (only at 65 years old), or there’s restriction for Private retirement plans (pay until certain age only)?
Another investment that can give you consistent income for retirement, is Property Investment.
This is done by investing a property and renting out to receive monthly rental income. You can potentially collect rental income of between $1500 to $4500 a month (depending on your property), and this is good enough for most people to retire on.
“But hey, you need a lot of money to buy property right? No!”
You probably know that property investment is a good form of investment because you can earn both capital gain (when you sell away), or rental income (when you rent out). But what holding you back may be the myth that “Property investing need a lot of money”.
Dr Patrick Liew, a seasoned property investor who owns one of Singapore’s largest real estate agency, says that anyone, if they know how to structure a property deal, can own a property with just a couple of thousand dollars.
Dr Patrick Liew has made his riches from property investing and currently own multiple properties in Singapore, Australia, and many other parts of the world. He is near retirement age, but there is no signs of him slowing down.
He has been investing for over 20 years, and is still making good investments in properties to generate more income for himself and his retirement, but he also continue to give back as much as he can to the society.
He regularly runs charity and fundraising events to help the underprivileged and less fortunate, to contribute as much back as he can to help others.
For the last 10 years, Dr Patrick Liew has also educated tens of thousands of people to become savvy property investors, to own properties to generate passive rental income for themselves.
However, here’s Dr Patrick Liew warning to you.
Property Investing IS NOT Meant for everyone
Property investing is not meant for everyone (Not everyone can become a landlord). There are steps that you need to follow and there are legal structures that you need to learn about structuring a property deal.
However, these knowledge are powerful and once you have the knowledge in your hands, you can become truly wealthy and very well be on your journey to becoming a true property investor and ‘landlord’, collecting rental income for yourself, your own retirement nest and even for your family for many years to come.
Do you want to learn about Dr Patrick Liew’s PROVEN property investing knowledge that he took 20 years to develop and helped him built multi-million property portfolio with little or no money down?
Click the button below to register for the free 3 Hour Property Investing workshop by Dr Patrick Liew where he will be sharing with you how you can start investing in properties with little to no money down.
P.S This event is fully sponsored by Ace Profits Academy, Singapore’s Leading Education Platform for Wealth Creation and Personal Development. Seats will be limited, hence, register now if you don’t want to miss out!