Trust Bank Singapore, New Digital Bank Freebies!

Image
Have you applied for your Savings Account or Credit Card with Trust Bank Singapore, Singapore's digital bank backed by a unique partnership between Standard Chartered Bank, and FairPrice Group? REFERRAL CODE: BZACYE0F ( it is a number zero, not letter ) Get $35 worth of free Fairprice vouchers and other freebies by just Downloading the Trust App and Open a Savings Account online with the App, simple/easy within 10mins!: Get free $10 Fairprice E-voucher (no minimum spend at stores/online) by entering this code ( BZACYE0F ) when apply for the Savings Account. Get free 1kg Fairprice Rice voucher Get free Kopitiam Breakfast Toast Set voucher Charge one transaction to your debit card to get free Fairprice $25 voucher (no minimum spend, at stores/online). Hack: Do a funds transfer of $1 or $10 from your own bank to Trustbank savings account. Then Just add your debit card number to Grab App, authenticate with $1 charge/refunded to your saving
Post a Comment

CPF Life Plans: Basic or Standard?


Assumptions:
  1. A lower monthly payout is not a major concern for you.
  2. You have max Full Retirement Sum (FRS) in your Retirement Account (RA).
  3. You still have more than 60k in OA/SA/MA.
  4. With or without dependents.

When the CPF Life scheme was first started and my brother was required to make a choice, I advised him to opt for higher monthly payout as his income was/is low. He only has one child and I told him he need not worry about bequest to him as he should know how to take care of himself. At that time, I did not study the scheme in detail, only comparing monthly payouts and bequest amounts.

Now I study the plans in detail.

Under The Standard Plan:

1.  If I do not have dependents and should I die early after joining CPF Life, I do not mind donating my money under the Standard Plan to fellow Singaporeans in the CPF Life Pool since my beneficiaries will get less or nothing in bequest monies.

2.  However, should I not die early but instead suffer from a medical condition which causes me to be permanently unfit for any employment, to have a severely reduced life expectancy, or to be terminally ill, I would want to get more money back when exiting CPF Life. But under the Standard Plan, this is not possible as you can see from the lower Bequest Amounts you can get. The key reason why we will be getting a lower Refund Amount is the interest earned on CPF Life premium contributions, extra interests earned on CPF balances (first 60k) and CPF RA will remain in the CPF Life Pool: these are not considered your money when u exit. (hahaha, we dun know how they pay you back in the monthly payouts)

Conclusion:

I have prepared a table below to summarise the above, highlighting the key differences between the Basic Plan and the Standard Plan. I'll base my decision, not on the monthly payout amount, but on more money back should I need to exit from CPF Life. CPF Life is an insurance plan, so it should do what it should do, ie provide me with funds when I need it most when I exit, not just monthly payouts. Choose the Basic Plan!


(CPF Board allows changing of plans now, you have to cancel CPF Life then rejoin at age 65. However, if the above assumtpions dun apply to you and you have been on CPF Life for some years, it might not be worthwhile to change now.)

Comments

Post a Comment

Popular posts from this blog

CPF@55 Policy Designed to Make the Rich Richer!

CPF@55  Policy Designed to Make the Rich Richer! Do you know that  CPF@55  policy can help you get richer with a bigger SA (Special Account Balance) after 55? Yes, provided your are rich with a big OA (Ordinary Account Balance) and SA which exceeds the FRS (Full Retirement Sum).  Assuming you have $240k (SA), $160k (OA) and FRS is $200k, this is how you can become richer after 55: 1.  2 weeks before your 55th birthday, buy a stable Unit Trust Bond Fund with $200k SA under CPFIS/SA investment scheme (minimum $40k SA must be maintained) 2.  On your 55th birthday, CPFB will transfer $40k (SA) and $160k (OA) to your RA (Retirement Account) to form $200k FRS. 3.  Next day, sell your CPFIS/SA investment of $200k, this will be returned to your SA. 4.  You now have $200k (SA) and $0 (OA) after RA is created! What happens on your 55th birthday if you did not do the hack (ie. step 1&3) above?  CPFB will transfer $200k (SA) to RA.  So after 55, you will have $40k (SA) a
Read more

EWI Global Market Perspective February 2021 (Trial?)

  For a moment, think back to about a year ago. The pandemic's first waves have just hit. New York, London, Tokyo -- major cities are shut down. Millions are out of work. Commerce grinds to a halt. On top of that, financial markets were crashing. Was it unforeseeable? Before you answer, please look at these 3 charts from the January-March 2020 Global Market Perspective , a monthly publication by our friends at Elliott Wave International, the world's largest independent market-forecasting firm. On the same page, you'll also see an invitation to a special opportunity to test-drive their latest, February 2021 Global Market Perspective for 5 days and see what's next for 50+ of the world's top markets: U.S., European and Asian-Pacific stocks, FX, cryptos, bonds, gold and more. Who is Elliott Wave International? EWI is the world's largest independent technical analysis firm. Founded by Robert Prechter in 1979, EWI helps investors and traders to catch mark
Read more

NTUC Fairprice Shares pays 5% dividend!

Yesterday I received the NTUC Fairprice Co-operative's dividend and rebate statement for financial year ended March 31, 2008. I was surprised to receive so much money for this investment! I was holding more shares than I thought. I received 5% dividend and 4% in rebate, which had already been credited to my bank account on September 5, 2008. Too bad, that's the maximum each member can hold. Another very good Capital Protected Dividend Stock to own! Ntuc Income Share Pays 9% Dividend for 2009, credited June 3 2010
Read more