Quality advice in retirement planning. Roy A. Varghese, CPA, CFP ipac Singapore

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1 Quality advice in retirement planning Roy A. Varghese, CPA, CFP ipac Singapore

2 outline 1. Intro to financial planning landscape 2. Overview of ipac client offer and market 3. Case study of pre-retirement client issues 4. Case study of client in retirement 5. Conclusion: How public and practitioners can benefit from actuarial science

3 emergence of financial planning After 50,000 years of human civilisation, financial planning has emerged in the past 20 years. Why?

4 role of financial planning today It helps us make the most of the great opportunities and challenges of 21st century life: choice longer and healthier lives funding lifestyle choices, especially during retirement

5 my grandfather s retirement plan. 8 Children

6 Wharton Study Asset Rich and Cash Poor in Singapore Most Singaporeans will have less than minimum replacement income in retirement Early retirement in the future may be a luxury few can afford

7 traditional planning risk asset allocation return lifestyle

8 lifestyle financial planning 1. Lifestyle 2. Return 4. Risk 3. Asset Allocation

9 lifestyle financial planning lifestyle goals implement client choices - trade-offs desires, needs, dreams

10 mass affluent market Age 40 to 50 years Married with kids Dual income professionals Combined annual income of S$ 250K Common goal: Retire at age 55 to 60 with at least S$ 6K pm in today s purchasing power till age 90

11 case 1: pre-retiree client Setting goals, including retirement funding, understanding trade-offs, target rate of return, asset allocation and risk tolerance with ipac s Strategic Lifetime Model

12 typical mass affluent pre-retiree couple Market value of home S$ 1-1.5M Cash 50,000 CPF, CSV 150,000 Equities & net prop 300,000 Mortgage & liabilities (800,000) Min Net Worth S$ 1M Looks impressive by world standards but

13 issues for pre-retirees 1. Life insurance 2. Paying off mortgage 3. Liquidity 4. Kids tertiary education 5. Private medical insurance 6. Tax & estate planning 7. Emigration planning

14 base case in accumulation phase

15 wish list now become goals

16 obstacles to execution of retirement plan DISCRETIONARY SPENDING on vacation, cars, branded goods lead to low savings outside CPF and home LACK OF INVESTMENT FRAMEWORK NO DISCIPLINE or PATIENCE

17 conclusion for pre-retirees Need appreciation for trade offs between immediate gratification and medium/long- term goals Will they seek and pay for advice?

18 product gap for preretirees Balanced portfolio with income generation capacity to beat CPF OA guaranteed returns Pure long-term endowment product not appropriate due to inflation risk

19 case 2: retiree couple Validating the retirement plan through ipac s Strategic Lifetime Model

20 typical mass affluent retiree couple Market value of home S$ 1M or more Cash 300,000 Fixed income 200,000 Equities & net prop 1,000,000 Min Net Worth S$ 2M ++

21 issues for retirees 1. Adequate medical insurance 2. Maintaining home + old age care 3. Liquidity how much to retain in cash 4. Estate planning how much to distribute prior to death 5. Taxation CGT in other jurisdictions

22 optimal sources of retirement income in 2006 dollars Managed portfolio (Depleting fund) S$ 3,000 Annuity 1,500 Rental income 1,500 Total monthly retirement income S$ 6,000 Excludes 2 nd career or part-time work

23 conclusion for retirees Need to strike a balance between enjoying retirement lifestyle and not outliving resources Will they seek and pay for advice?

24 product gap for retirees Fixed income space (inflation adjusted product) to fund 50% of retirement income Annuity products not developed

25 intellectual framework for investing ~ value: asset prices can be defended and sustained value ~ time: discipline, not emotion, drives investment decisions quality time ~ quality: sustainable contribution to wealth creation diversity ~ diversity: across the drivers of investment returns

26 solution - unique lifestyle plan unique lifestyle plan lifestyle goals investment strategy Ongoing review planning strategies

27 making the most of life s choices today ~ have a living financial plan ~ invest better ~ get professional help ~ start now

28 how we can work together Accumulation phase solutions to improve CPFIS in OA and SA space Private pension plans Enhancements to annuity products

29 ipac s vision Improving the quality of people s lives through a living financial plan

30 Disclaimers This presentation does not constitute any offer, an invitation or a recommendation to enter into any transaction or to adopt any particular investment strategy and reliance should not be placed on the views expressed in this presentation when making investment and/or strategic decisions. This presentation is for general information only and does not have any regards to the specific investment objective, financial situation and the particular needs of any specific person. This information contains data from a number of sources. No warranty or representation is made that the presentation is free from errors and/or omissions. Investors may wish to seek advice from an adviser before making investment decisions. In the event an investor chooses not to seek advice form an adviser, the investor should consider whether the product is suitable for him. Insurance policies are long term commitments and early termination of insurance policies usually involves high costs and the surrender value payable may be less than the total premiums paid. An investment in unit trusts and/or other investment products, is subject to investment risks, including the possible loss of the principal amount invested. The value of units and the income accruing to the units, if any, may rise and fall. Past performance and any forecasts made are not necessarily indicative of future performance. The information in this presentation may not be reproduced in whole or in part without the prior consent in writing of ipac Singapore.

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