In this video, I’ll share 7 tips on what to do in your 50s, eg cpf, planning for retirement and investing.
► Invest with MoneyOwl and get $20 GrabFood voucher: https://moneyowl.com.sg/app/accounts/sign-up?referral_code=1BRI-40MV
► Get your free stock from Moomoo: http://moomoo.com/en-sg/act/welcome?channel=1002&subchannel=90
► Get your free stock from Tiger Brokers: https://www.tigerbrokers.com.sg/activity/forapp/welcome/?lang=en_US&invite=KELVIN988
► Interactive Brokers for best commission rates: https://www.interactivebrokers.com/mkt/?src=kelvin4&url=%2Fen%2Findex.php%3Ff%3D1338
► Buy Bitcoin with Huobi to get 5% cashback https://www.huobi.com/en-us/topic/double-reward/?invite_code=czd43223
► Buy Bitcoin with OKEx https://www.okex.com/join/10158600
► Buy Bitcoin with FTX to get 5% discount https://ftx.com/#a=KelvinLearnsInvesting
► Keep Bitcoin in Hodlnaut for high interest rate https://app.hodlnaut.com/signup?r=OIMWq0TFV
► Keep Bitcoin in Celsius for high interest rate “189034a5af” https://celsiusnetwork.app.link/189034a5af
► Sign up to Syfe and get 3 months FREE with referral code: KELVIN
► Sign up to crypto.com with code “kelvinlearnsinvest” http://platinum.crypto.com/r/kelvinlearnsinvest
► Keep Bitcoin in Ledger securely https://shop.ledger.com/pages/ledger-nano-x?r=5d26d09c2754
► Invest with StashAway: https://www.stashaway.sg/ref/kelvin-learns-investing-1d9ad164-6aea-443f-833b-47c5d083da71
► Get a special 100% off Endowus fees, on top of $20 off: https://sg.endow.us/3i2GLFT
► Discord chat: https://discord.gg/Sj5HG6sedv
0:00 – Intro
0:41 – Job
When you are around 45 to 54 years old, your earning power is at its peak, afterwards it will start to decline. My advice is, instead of focusing on networking, focus on making friends, because you have alot of experience which you can share with young people.
Also never stop learning, continue to explore new stuff and pick up new skills, that way, you will never be outdated.
1:20 – CPF Special Account Shielding
At 55 years old, you will have a CPF retirement account. It will pull money from CPF SA first, then CPF OA to form the full retirement sum of $186k as of 2021. But the thing is, CPF SA gives a higher interest at 4%, while CPF OA only gives 2.5%. So, it’s better to let it pull more money from CPF OA.
To do that, you can use a trick called CPF SA shielding. Before 55 years old, you can invest the CPF SA money, then sell after the pulling is completed. That way, your CPF money will earn a higher interest overall.
2:21 – CPF as Savings Account
At 55 years old, you will finally be able to access your CPF money. After you have set aside the full retirement sum, you can withdraw anything more than that.
However, if you don’t need the money, it’s best to leave the money sitting in CPF to continue earning a high interest. Only withdraw the money if you need to use it.
4:02 – Insurance
The older you get, the more likelier that you have illnesses, so check that you have the appropriate insurance coverage. If you have very limited cash, at the very least, get health insurance. Health insurance will cover you in case you are hospitalized.
Even though we have medishield, it’s actually not enough as the hospital bills are usually very expensive.
If you want a neutral insurance agent, look for an insurance broker as he can help you to compare between different insurance companies.
4:57 – Lasting Power of Attorney
With lasting power of attorney, we can appoint someone to act on our behalf if we one day become mentally incapacitated, eg dementia.
The process of applying for LPA is quite simple. Check it out here:
5:41 – Savings
Instead of keeping your savings in a bank account, keep it in a cash management account to earn higher interest.
Take note that, it’s still an investment so there’s a small chance of losing a bit of money in the short term. And there’s a withdrawal time, so only put the money that you don’t need in the short term.
6:43 – Investing
The idea of investing in your 50s is to preserve your wealth to use for old age, while trying to grow it safely. You could invest in dividend stocks, ETF or roboadvisor.
*Some of the links and other products that appear on this video are from companies which Kelvin Learns Investing will earn an affiliate commission or referral bonus.*