Published by Autumn on November 03, 2020 An insurance protection gap is typically the difference between how much money you will need compared to how much money you will have in the event of an unfortunate scenario. For example, you may estimate that it will take $360,000 to raise and educate your newborn he or she enters the working world and becomes financially self-dependent. You will be working for the next close to two decades to afford this. If you do not have any savings or life insurance, your insurance protection gap is $360,000. If you already have some
Published by Autumn on November 03, 2020 Planning for retirement isn’t fun. Nor will it give you any near-term gratification. This is why many people prefer to prioritise other, more satisfying, goals such as saving up for a holiday and buying a new car, or more urgent needs such as buying health insurance and saving up for their home down payment. This mindset is underscored by the OCBC Financial Wellness Index, which found that 65% of its respondents claim to be behind in accumulating enough funds to maintain their lifestyle after retirement. Should CPF be your only retirement plan?