Note that the shown Escalating Plan payout vs Standard Plan payout shows only matched monthly payout around 77 years old, but in terms of the total accumulated payout, you'll need to wait till about 88 years old before the true breakeven is reached i.e. total amount of $$ paid out is the same for both plans at this age. Thus, those choosing Escalating Plan better be confident of a long life; else boh hua!
Thanks for sharing! Once you hit 55 yes the excess goes into the OA. But actually you can just withdraw it and then invest it. So the options are quite wide
topping up parents' retirement account will not boost their payout, it merely prolong the number of years they could drawn down from the retirement account. Amt received every mth with be roughly the same
For someone >55 yo with RA already, would the balances in OA still be entitled to the 2% additional interest for first 20k? I think some old folks have Singtel dividends credited to OA.
U forgot to mention, if your contribution is eligible for MRSS, no tax deduction will be given. So if parent get $2k matched by govt, your 8k top up to parent’s RA only gives 6k tax deduction. So can top up 10k. Interesting if 2 siblings both top up 8k, so who will get the lower tax deduction?
► Interactive Brokers kvli.link/ibkr
► POEMS Cash Plus kvli.link/poems
► FSMOne referral code: P0425931
► Endowus (free $100) kvli.link/endowus
► Join my Telegram t.me/kelvinvest
Note that the shown Escalating Plan payout vs Standard Plan payout shows only matched monthly payout around 77 years old, but in terms of the total accumulated payout, you'll need to wait till about 88 years old before the true breakeven is reached i.e. total amount of $$ paid out is the same for both plans at this age. Thus, those choosing Escalating Plan better be confident of a long life; else boh hua!
Thanks Kelvin ! i am new to investing and hope to learn from you.
Thanks for sharing! Once you hit 55 yes the excess goes into the OA. But actually you can just withdraw it and then invest it. So the options are quite wide
Thank you for sharing 🙏🙏🙏
Great 👍 What is the next best things to do after SA is max? SRS? Any previous UA-cam video about this SRS to what we can invest?
topping up parents' retirement account will not boost their payout, it merely prolong the number of years they could drawn down from the retirement account. Amt received every mth with be roughly the same
For someone >55 yo with RA already, would the balances in OA still be entitled to the 2% additional interest for first 20k? I think some old folks have Singtel dividends credited to OA.
Commenting for the algorithm
Kelvin will you be doing your credit card strategy/best cards for 2025?
Yup! Coming soon
U forgot to mention, if your contribution is eligible for MRSS, no tax deduction will be given. So if parent get $2k matched by govt, your 8k top up to parent’s RA only gives 6k tax deduction. So can top up 10k. Interesting if 2 siblings both top up 8k, so who will get the lower tax deduction?