“Having the right amount of money at the right time and with certainty is key!” explained Ms Christine Wong, a Senior Manager at Calibre Advisory, a group of financial planners representing Great Eastern Life.
Together with Mr Brian Lee, Director of Financial Services at Calibre Advisory, Ms Wong treated guests to insightful tips at the National University of Singapore (NUS) Greater Good Forum titled Key strategies to financial success and happiness in your golden years.
With 14 years of experience in actuarial and financial planning, Ms Wong shared her knowledge for choosing the best financial plan, which is the first step to successful planning.
There are many factors to consider, such as, the risks of managing the principal sum yourself versus taking small payouts, assessing the attractiveness of yields and the longevity risk, especially as life expectancy continues to rise.
Another common issue that families struggle with is how to avoid family disputes and bullet-proof your estate plan to ensure family harmony.
Mr Lee advised, “Remove elements of surprise, undue influence or unfairness in your will. Communication with beneficiaries is crucial. It makes clear your intention and leaves no room for argument. Levelise your giving – meaning equal out your non-liquid assets with your liquid ones to avoid conflict. Provide children with the option to remove, or replace, the main trustee or allow them to name their own trustee. Include a no–contest clause in your will. Avoid probate by ‘transferring’ assets in other ways, such as life insurance nominations, jointly-owned properties and bank accounts, and assets held in living trust.”
Both Ms Wong and Mr Lee also left guests with practical tips on the best type of insurance plans to buy in old age, what to consider when making a nomination, and the key differences between trust nominations and revocable nominations.
And most importantly, “make philanthropy part of your legacy,” Mr Lee added.
The NUS Greater Good Series and Forums are a series of intimate dialogue sessions and workshops that allow the audience to connect with the speaker on topics related to philanthropy as well as issues that impact community and society. For further information on the NUS Greater Good Series and Forums, contact the Events team at firstname.lastname@example.org.