SINGAPORE – A basic financial planning guide launched on Saturday will help Singaporeans to take charge of their financial well-being. Read more at straitstimes.com.
SINGAPORE – A basic financial planning guide launched on Saturday will help Singaporeans to take charge of their financial well-being.
Getting insurance protection of nine times annual income for death and total and permanent disability, and four times annual income for critical illness;Investing at least 10 per cent of income for retirement and other financial goals. The use of the guide is not a regulatory requirement, but MAS strongly encourages financial advisory firms and their representatives to refer to it in their financial planning conversations with customers.
Even if one has insurance policies, emergency funds are important as they can help to pay for non-medical emergencies that are not covered by insurance, MAS said. Term insurance policies are a cost-effective way to ensure protection, especially when lower premiums are “locked in” at a younger age. For example, a woman aged 25, a non-smoker, needs to pay a premium of only about $120 annually for a $200,000 term insurance plan covering death and total permanent disability to age 65.
To help plan and budget for an HDB flat purchase, Singaporeans are advised to check out the Housing Board’s financial guide. That said, there is no such thing as a guaranteed investment that offers high returns without risk of loss, MAS said.
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