How much does studying in the United Kingdom cost?

Have you wondered how much does it cost to study overseas? Find out more in the guest post by sgeducate below.

How much does studying in the United Kingdom cost?

An undergraduate degree from a foreign university has longed been seen as unattainable for the average Singaporean. Mind-boggling school fees, coupled with astronomical living expenses have made many cringe at the mere thought of sending their child overseas.  Indeed, such an experience does not come cheap. The United States, United Kingdom and Australia are popular study destinations, where the exchange rate rarely works in our favour.  Yet, speaking to several of my counterparts has made me realize that some overestimate the cost of an overseas education. So, how much does studying abroad really cost? In this article, we will look at the cost of studying in the UK.

Credits: http://pixabay.com/en/stamp-commitment-approval-study-451285/

United Kingdom

The cost of studying in the UK is dependent on location (London vs Non-London) and the course chosen. We will select two schools as a basis of comparison.


University of College London (Based in London):

Fees (2015 entry): £15,660 for most Arts/Humanities/Social-Sciences courses. £20,700 for most Science and Engineering programmes. £30,800 for Medicine.

Living Expenses (30-week academic year + Easter & Christmas vacation) 
1) Accommodation: £5850
2) Food: £2145
3) Travel: £888
4) Books/Equipment: £390
5) Leisure: £1950

Total Living Expenses: £11223

Based on the calculations above, a student studying in UCLwill have to fork out roughly (per year):

Arts/Humanities/Social-Sciences: £15,660 + £11223 = £26883 ≈ 56,240 SGD
Science/ Engineering: £20,700 + £11223 = £31923 ≈ 66,784 SGD
Medicine: £30,800 + £11223 = £42023 ≈ 87,905 SGD

For a three-year arts course in UCL, it will cost roughly 169K SGD.



University of Bristol:

Fees (2015/2016 entry): £15,200 for most Arts courses, £18300 for science courses and £18,300(first two years) + £33,900 (subsequent 3 years) for medicine.

Living Expenses (30-week academic year + Easter & Christmas vacation) 
1) Accommodation: £5460
2) Food: £1100
3) Travel: £750
4) Books/Equipment: £300
5) Leisure: £1500

Total Living Expenses: £9110

Based on the calculations above, a student studying in Bristol will have to fork out roughly (per year):

Arts: £15,200 + £9110 = £24310 ≈ 50,852 SGD
Science/ Engineering: £18,300 + £9110 = £27,410 ≈ 57,335 SGD
Medicine: £27,410 ≈ 57,335 (years 1 and 2) , £43010 ≈ 89,978 SGD ( each subsequent year)

For a three-year arts course in Bristol, it will cost roughly 153K SGD.


Evidently, based on the estimates above, studying in London is more expensive than studying in other cities. Having broken down the figures, I hope that you would have a better understanding of how much it costs to study in the UK.


*Do note that the above figures are based on estimations and information available on the websites of various Universities. Airfares have not been included in the calculations. Costs will vary depending on the school chosen, how one controls personal expenditure and changes in the exchange rate.

*This is a guest post by sgeducate. Republished with permission
Look out for more related posts at http://sgeducate.blogspot.sg

Warranty buyers beware - know what you are paying for

Consumers can buy warranties on any number of products these days, ranging from a new vehicle to a small gadget or appliance. Before you lay down more money for a warranty, here are a few things you should know:

• Be sure you fully read any warranties before you buy them and don't be afraid to ask questions if something you read needs clarification.
• Warranties do not cover all damage. For example: Vehicle warranties may exclude damage related to after-market modifications to engines, power trains or suspension systems. If you buy a used vehicle that comes with these types of modifications, the warranty may not cover damage to or in the event that those modifications fail. Be sure you understand the limitations of any warranty you are thinking about buying.
• Some warranties require you to pay a fee or copayment if you need to use the warranty. For example, smartphone warranties often require you to pay a fee each time you use them.
• Do the math. Weigh the cost of the warranty over the time period it covers. Would it cost you the same or less money to replace the item if it broke during the warranty period?
• Does your homeowner or renter's insurance cover the item? Your policy may cover you if the item is stolen or destroyed in a fire or other incident. Check your policies and deductibles first, and remember that insurance policies typically don't cover damage to items that you break. 

Read more about warranties and service contracts on our website. Questions? You can contact our consumer advocates online or at 1-800-562-6900.

National CashFlow Competition 2015

Have you ever thought that you could have a glimpse of your future in Singapore and understand how making the right financial decisions can affect your life indefinitely? Do you think that making decisions on buying a house, buying insurance, investing in stocks, bonds and even starting a business is too much to handle? Are you confused about how economic events can affect your financial life?

As a young person growing up in Singapore, inevitably we will have concerns for the future. Now, with a newly designed board game called Asset Finesse™ (AF), we can experience making financial decisions for our future. The best thing is when we make a wrong decision, we can learn from it and not make the same mistake in our real lives.

I've been invited to play this game a couple of times now. This game has a realistic element to our lives in Singapore. It is a revelation of how our life will turn out in the future base on the financial decisions we make. For the first time in history, you too can experience this game through an annual financial board game competition called National CashFlow organised by NTU Interactive Investment Club (NTU IIC) and sponsored by Great Eastern Life Assurance Co Ltd.

All of us can join this competition regardless whether we are studying or working.

What Is National CashFlow Competition 2015?

National CashFlow Competition (NCF) 2015, is the largest annual event proudly presented to you by NTU-IIC. This year, the committee is happy to introduce a newly designed board game, Asset Finesse™ (AF). This board game is suitable for anyone who seeks to understand the economics of Singapore as well as learn to appreciate the uniqueness of a small but powerful country. More importantly, it provides players with a fun-learning experience about finance in general.

There will be 3 categories:

1. Secondary - For Secondary Schools in Singapore
2. Tertiary - For JCs, Polys and ITEs
3. Open - For undergraduates and any members of the public 

On the day itself, all categories will compete separately at the preliminary round (participants only have to go through one round). Winner from each table at the preliminary round will then proceed to the final round.


Highlights of Asset Finesse™:

• Singapore context -> CPF token, HDB flat, baby bonus
• Economy cards -> The economy state will keep changing throughout the game (thriving, steady, flat and poor outlook)
• Objective: accumulate net assets of 200k 
• Insurance events such as natural disaster/fire/illness -> highlight the importance of having an insurance 

What can you look forward to?

• Get to play the newly created board game, Asset Finesse™
• Be INTRODUCED to the fundamentals of the various investment platforms
• Be TRAINED in financial literacy-- read financial statements and manage your assets
• HONE your skills in accounting, wealth management and investing in a risk-free environment
• Look forward to a FUN learning experience with our enthusiastic and dynamic facilitators​
• FREE Goodie Bags, ATTRACTIVE prizes, NEW friends and MANY MORE​ waiting for you!

The top three prizes will be given to winners from EACH category. Other participants will be entitled to lucky draw prizes as well as goodie bags.

First prize is a 13-inch MacBook Air!!

Details​ of the Actual Day Event

Date: Saturday, 21st March 2015
Time: 0930 to 2000 hrs
Venue: Great Eastern Centre, Centre for Excellence (Raffles Place)

Registration Fees: $10 per participant
(You will be entitled to free event T-shirt, free Goodie bag and stand a chance to win Macbook Air)

Training Sessions

Participants are welcome to come down for a FREE training session conducted by the NCF team. The details of the public training session are as follow:
Date:    Saturday, 28th February 2015​
Time:   1000 to 1200 hrs (1st session) or 1230 to 1430 hrs (2nd session)
Venue: S4-SR3
             Nanyang Business School
             50 Nanyang Avenue, Nanyang Technological University, 639798

Note: Register for this training session via http://goo.gl/forms/r4VW1fkxwO

A mass training session will also be conducted for all participants one week prior to the actual event day. The details are as follow:
Date: Saturday, 14th March 2015
Time: 0900 to 1200 hrs (Secondary School Category)
          1400 to 1700 hrs (Tertiary/Open Category)

Venue: Great Eastern Centre, Centre for Excellence (Raffles Place)


Interested?

Wait no longer! Sign up now by clicking on the link below and get ready for a day of fun!
http://goo.gl/forms/11Y2VlllER​

Registration deadline: 12th March 2015, 2359 HRS

For more updates and details, do visit their Facebook page at https://www.facebook.com/joinNCF​ or their website at http://ntu-iic.org/ncf/

Does your insurance premium seem high? Make sure your agent has right info

If you receive your homeowner or automobile insurance renewal and think the premium doesn’t seem right, it’s a good idea to check in with your insurance agent to make sure the company is using accurate information in the rating of your policy. Insurers use many factors to determine the amount you pay for insurance, some of which include where you live, the type and value of the property you are insuring, your driving record, marital status and your driving habits.

You should confirm all of that information is accurate, including your social security number, which insurers collect to get your credit score. Most insurance companies use information in your credit history and other factors to calculate your rate. Each company weighs these factors differently, so your credit score’s effect on your insurance rates will vary from company to company. Additionally, the credit history of the first person named as the insured on a policy might be used in rating. Be sure to ask your agent about how that can affect your rates.

Read more about:

• Credit scoring and auto insurance. 
• Credit scoring and homeowner insurance.

If your insurance agent or company has any of this information incorrect, it can result in you paying more—or less--than you should for your insurance.

If you have questions about insurance, contact our consumer advocates.

Consumer alert: Recent widows are target of life insurance scam

We’ve received reports that a scammer is targeting people who recently lost a spouse in the Spokane area.

The scammer has called several women who recently lost their husbands. The caller says there’s a life insurance policy on the spouse, but the policy hasn’t been paid on in recent months. The caller instructed the surviving spouse to send cash or gift cards in order to get the life insurance benefit. In all cases, no policy existed.

If you get an inquiry from someone who says they have an insurance policy you’ve never heard of, document as much information as you can in case you need to report it to the police. Then, call the insurer and determine whether there is in fact a policy. You can look up insurance companies and their phone numbers on our website. If you find out someone is attempting to scam you, report it to your local law enforcement agency. You can find a list of law enforcement agencies on the state's 211 website.

An insurance company will never call you and ask you to send them cash or gift cards in order to get a life insurance benefit. Sadly, even during a time of grief, consumers have to be on guard against scammers.

More information:

• If you have questions about insurance, contact our consumer advocates online or at 1-800-562-6900.
  
• Read about how to find an old life insurance policy on our blog.

Income Tax Guide for Individuals 2014-2015

Related Plans :  LIC New Endowment Plan Table No - 814, LIC New Jeevan Anand Plan Table No - 815

To Health Insurance product click Religare Health Insurance. 

Life Insurance Doesn't Have To Be Confusing

The insurance industry has and will always be confusing. Please feel free to contact us with any questions or concerns you might have!

844-298-7027

www.FamilyFirstLifeMD.com

Looking For A New Career? Visit Our Jobs Website www.FamilyFirstLifeJobs.com

Life Insurance Frequently Asked Questions (FAQs)

Life Insurance FAQ

Q. Must my beneficiary have an insurable interest?
A. No. If you buy a policy on your own life, you become the owner of the policy. As the owner, you can name anyone as beneficiary, even a stranger!

Fast Facts

Life Insurance Myth: I'm single, or married with no children, so I don't need life insurance.

Fact: Life insurance can help you cover your debts as well as help you provide for your loved ones in the event of death, even for those without children.

A Personal Message To My Readers

I have been so busy the past 2 weeks that I didn't manage to write a proper post for this week. As such, I thought of just writing a personal message to all of you here during my lunch break at work.

I am mostly anonymous on my blog but in recent times, I've started to slowly meet up with people out there and reveal my true identity. More and more people have come to know of my blog and while talking to a few friends recently, I mentioned its getting more scary that people all around me are reading the stuff that I write. I have friends and family members coming to tell me that their friends are also reading my blog and I see my own friends sharing my posts on Facebook as well. One of the most surprising thing was I got to know that one of my articles was actually used as reading materials in a local university.

The articles I write caters mainly to young people as what many of you might have realised. I know that finance topics can be quite complicated so I always try to keep things simple. I like simplicity in life.

This year, I will be even more busier with events, writing more articles, more networking sessions and meet ups and speaking engagements. I would never have imagined that I would get involve in all these 2 years ago. A passion, which started the blog, to reach out to young people, had created opportunities for me. I had the chance to meet up with high profile and influential people which was a humbling learning experience for me.

I always say that finding your passion in life is important. It does attract opportunities into your life and it also attract successful people into your life. Money comes after that. Talking about money, just this 2 months alone, my estimated passive and extra income is set to cross over 1.5k now.

Some of you may be experiencing financial difficulties in your family which made you realise the importance of financial planning. Some of you may have gotten yourself into financial problems because of bad financial decisions in the past. But, no matter how big your problem is, always remember to look ahead to a better future. Change the way you think, change your lifestyle, choose wisely the people whom you associate with and you'll be on your way to success.

Chinese New Year is just around the corner. Here's wishing everyone Gong Xi Fa Cai!! Enjoy the reunion, the gatherings and the holidays!!

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Top 10 types of complaints we got from consumers in 2014

A big part of what we do is helping consumers resolve complaints they have against insurance companies. In 2014, we received and processed 6,135 complaints from consumers and helped them recover more than $9.5 million in insurance billings, refunds and claims issues.

Here are the top five categories of complaints we fielded from consumers in 2014 for both property and casualty (P&C) insurance, and life and disability (L&D) insurance. 

 
Property insurance covers losses of physical property, including homes, rental residences, anything you own, vehicles, boats, and essentially anything you own. Casualty insurance pays for negligence and liability. Collectively, property and casualty insurance is referred to as P&C insurance. Not surprisingly, three of the top five complaint types we got for P&C insurance involve auto insurance and claims.

1. Auto insurance liability claims. Frequent complaints we heard from consumers involved disputes of liability in auto claims, the degree of their liability in the claim, poor investigations by insurers, disputed accident facts and complaints from at-fault drivers about insurers trying to collect money from them.
2. Personal injury protection (PIP) claims. Washington drivers can get PIP insurance to pay for claims that involve injuries to the driver and passengers in their personal vehicles. We received complaints about delayed payments, denied claims, reduced payments, insurers questioning the medical necessity of care, and their requests for medical exams following an accident. PIP insurance is additional coverage to an auto insurance policy and consumers can choose to waive the coverage; however, they often don’t recall waiving the coverage and call us to complain that their insurer won’t pay PIP claims. It’s important to read your policies and know what you are covered for.  
3. Auto collision claims. Complaints included delayed payments, denied payments, reduced payments, and arguments about what caused the collision. Insurers do not have to pay for damage that wasn’t caused by a covered peril, such as a collision. For example, if the car’s axle snaps and causes the driver to crash, the insurer will pay for the collision damage but they won’t pay for the snapped axle because it’s a maintenance issue. We also heard from consumers who had complaints about the auto shops they selected to do the repairs. We do not regulate repair shops or repair work, so it’s up to consumers to work with the businesses they select.
4. Commercial insurance claims. Commercial insurance is purchased by businesses to cover their property and liability related to their business. We heard from consumers about delayed claim payments, denied payments, reduced payments and disagreements about what caused the loss. As with auto collisions, we heard from businesses that had issues with contractors and the way they did repair work, which is not under our regulatory authority. We also heard from businesses about premium audits, which insurance companies are allowed to conduct periodically to evaluate whether the business is paying a premium that’s too high or too low for their policies, and we received complaints when insurers canceled or opted not to renew policies, which they are allowed to do with advance written notice.
5. Homeowner insurance, which covers your home, contents, and personal liability. We received complaints from consumers about delayed claim payments, denied claim payments, reduced payments, liability disputes, problems with contractors and their work, policy cancellations and non-renewals. We also received complaints about insurance companies not paying for the cause of the loss. For example, if an old hot water tank bursts due to rust and deterioration, and the water damages your floors, the insurer will generally pay for the damage to the floors but not to replace the old water tank, which is considered a homeowner maintenance expense. 

Life insurance pays your beneficiaries after your death. Health insurance helps pay for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses. Disability insurance pays you an income if you become disabled and unable to work. We respond daily to questions about health insurance coverage and policies. Here are the top five complaint types:

1. Medical necessity denials. Consumers filed complaints with us after their insurance companies denied surgery or treatment preauthorization because they questioned the medical necessity of the treatment. Health insurance plans define medical necessity in their contracts, which generally state the treatments must be in accordance with generally accepted standards of medical practice, clinically appropriate in terms of type, frequency, extent, site and duration and considered effective for the patient’s illness, injury or disease. Washington state insurance laws do not give our agency the authority to make medical judgments or determine when a treatment is medically necessary. When insurers deny coverage based on medical necessity, we encourage consumers to exhaust their appeal rights and involve their providers in their appeals.
2. Preauthorization of certain medications. Health insurers require preauthorization of certain medications before they will pay for the drug, depending on if the drug is medically necessary. Medical insurance plans set medication policy criteria based on accepted standards of practice, peer-reviewed medical literature and the availability of similarly effective and less costly options, including generic drugs. Washington state insurance laws do not give our agency the authority to make medical judgments or determine when a drug is medically necessary. When insurers deny coverage based on medical necessity, we encourage consumers to exhaust their appeal rights and involve their providers in their appeals.
3. Policyholder services. Some of the most common complaints we received involved premium notices and billing. The premium is the consumer’s monthly cost for insurance. We heard from many consumers who purchased a plan through the Washington Health Benefits Exchange. Because there was a delay in transmitting premiums from the Exchange to the health insurance companies, consumers’ health insurance was suspended and sometimes cancelled. We assisted consumers in establishing their coverage and getting medications. We also heard from consumers about cancellations. Sometimes policies were cancelled because the policyholder failed to advise the insurer that they had a different bank account, resulting in non-payment of premiums. In some cases we were able to get coverage reinstated. We also helped consumers reinstate their coverage when the entire family’s health plan was cancelled by mistake instead of removing coverage for just one family member. 
4. Life insurance. Life insurance companies can require consumers to answer questions about their medical history and their lifestyle practices. Sometimes, life insurance policies lapse because the consumer misses payments due to a move or for other reasons. If this happens to you, contact the company immediately and ask that your policy be reinstated. Depending on your situation, the company may reinstate your policy without requesting that you provide current medical information.
5. Claim-handling delays. We received complaints from consumers about delays in processing claims. In those cases, we contacted the company to find out the reason for the delay. Sometimes we found delays were caused by human errors--the wrong information was submitted by the medical provider or the provider used the wrong Current Procedural Terminology (CPT) code.  

If you have a complaint, contact our consumer advocates by phone or online. Read more about how we helped consumers in 2014.

 

Readers' Challenge - Increasing Your Active and Passive Income

In the previous readers' challenge, I gave a challenge to save 50% of your income by setting up an automatic fund transfer. However, saving money has its limits if our income is too low. Therefore, increasing income is also important. But don't get me wrong. You still must focus on saving money if you've not done so. If you already have the habit of saving, then increasing income is the next step for you.

There are many ways to increase our income both in active and passive terms. Active income means the income we earn from our active work where we exchange time for money. Passive income means the income we earn from money working for us. Hence, we can basically earn money in two ways, we work for money or money working for us.


Increasing your Active and Passive Income

Increasing income is not as straight forward as saving money. It takes time to build up our capacity to earn more. But, once we have built it up, it becomes easier and easier.

Here are some ways which I think can potentially increase our income:


1. Upgrade your Professional Skills 

Upgrading our skills set is probably the most basic thing that we can do to increase our active income. Taking up relevant certification courses will enhance our profile which may get us a higher paying job.


2. Learn Communication Skills

Certification will only help us to gain entry into a job. Whether we will excel in our career will depend a lot on how we interact with people. Do you interact well with your boss? If you're a manager do you interact well with your staff? In our work, we probably can't do everything alone and have to depend on some of our other colleagues to get a job done. Good communication skills will definitely help us to work better with other people.


3. Expand your Network

The people we know in our lives will determine our future. Building up meaningful relationships with people in our industry may prove to be useful somewhere in the future. If you choose the right network to build upon, your chances of success can increase a lot.


4. Discover and Build on your Passion

Passion is a powerful force. I've written a few articles on passion in my blog and am an advocate of finding your passion in life. Passion makes us excel in the things we do. We spend hours upon hours on something we are passionate about. A person who's passionate in art will spend many hours drawing. A person who's passionate in sports will spend many hours training and sweating it out. The end result is they become so good at it that people notice their talents and approach them. They get opportunities from everywhere.

If you've yet to discover your passion in life, take some time off your busy schedule and think about your interest. What are the things in life that makes you excited? Keep searching and never give up. Finding your true passion will make your life more meaningful instead of just living everyday without a purpose.


The Challenge - Start another Stream of Income 

Focusing on increasing our current income is important but have you thought of starting another stream of income? Some of my friends I know still teach tuition apart from their full time job. Some are doing their own freelance jobs such as selling property or even health products. Others like me are blogging and writing which happens to earn some money apart from the passion which started it.

Doing a side line job is a good way to have another stream of income. But, the problem is it takes up our time and time is limited in our lives. We still need time for our family, our friends and our own rest and recreation needs.

Apart from doing a side line job which is an active income, we can start another stream of income by creating passive income. Passive income is money working for you. This can be done through investing in property and collecting rent from tenants, investing in stocks and collecting dividends, creating a product/intellectual property and collecting royalties.

Actions to take for this challenge

1. Start a side line job if you have the time

Apart from teaching tuition, those of you who like to write can also be freelance writers who get paid perfor every article written. Those who can do web site designing can also be freelance web designers. Or you can even be a freelance translator, proofreader etc. Check out Elance for freelance job opportunities.

2. Learn how to invest to create passive income

You can invest in virtually everything. You can be an investor in a business, invest in stocks, invest in properties etc. One thing to take note of is to invest in something within your circle of competence. Putting your money into something you are not familiar with is never a good idea.

3. Learn to create your own products/intellectual property. 

A good way to start exploring is to know what you are interested in. Examples of people who have created their own products are book authors who have the passion to write on specific topics, singers who record their own album, artist who create stunning art pieces.

4. Sell your own Stuff

There are many avenues to sell any kind of products online now. Got some unwanted clothes, gadgets, accessories that you want to sell? You can try this app called Carousell where you can sell virtually anything. It is quite popular now that I hear many of my friends talking about it. You can just make a couple of hundred dollars just by selling your unwanted stuffs at home.

Are you ready to take up the challenge? Try some of the ideas above and you'll be on your way to a richer life.

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Related Posts:
1. Readers' Challenge - Cutting Down Your Expenses in 2015 To Save 50% of Your Money
2. Make Money Investing For Passive Income

Washington consumers and the Anthem data breach

Insurance giant Anthem today announced that up to 80 million consumers nationwide may be affected by a data breach of current and former customers’ names, social security numbers, contact information and birthdates. It does not appear that any health information was obtained.

Anthem has told the Insurance Commissioner that affected Washington consumers are largely enrolled in Apple Health, the state’s Medicaid program. Anthem does not have any indications at this time that Washington consumers who are enrolled in private, individual health insurance are affected by the breach.

Insurers are required to notify the Insurance Commissioner of security breaches that involve Washington consumers’ information. The Insurance Commissioner will remain in close contact with Anthem as more information is available. The Insurance Commissioner is also working with the National Association of Insurance Commissioners on this increasingly common occurrence.

Anthem has created a webpage at www.anthemfacts.com for consumers to find information about the breach and set up a toll-free number for people with questions at 1-877-263-7995. Anthem will contact affected consumers and is offering free credit monitoring and identity protection to people who are affected.

Two men plead guilty in thwarted insurance fraud attempt

Two men pleaded guilty to attempted theft in an insurance fraud case that was investigated by Insurance Commisisoner Mike Kreidler’s Special Investigations Unit (SIU).

In January 2014, Emad Mohammed, 26, crashed a 2003 Corolla while merging onto I-5 from SR 516, totaling the car and injuring himself. That day, his cousin Imran Nsaif, 30, called his insurer, Progressive, to make a claim on his commercial auto policy. Nsaif operated a truck that transported autos on a trailer and claimed the Corolla was struck by a hit-and-run driver while Mohammed was loading it onto the truck. Nsaif told the insurance company he was transporting the car for an auto dealership and they were loading the car onto the truck on the side of the road. Progressive obtained a copy of the Washington State Patrol collision report, which contradicted what Nsaif and Mohammed told the insurance company. Additionally, the collision scene photos did not show Mohammed’s rig at the scene of the accident.

Progressive denied the $7,500 claim and referred the case to Commissioner Kreidler’s SIU.

Mohamed and Nsaif were charged in King County Superior Court in September 2014 with a felony. On Jan. 29, 2015, Mohammed and Nsaif pleaded guilty to attempted theft and were sentenced to 100 hours of community service, to be completed by July 29.

Insurance fraud costs everyone. Estimated to be 10 percent of all insurance claims, the cost of fraud is passed on to consumers through increased premiums. Citizens can report suspected insurance fraud to the Insurance Commissioner.

CPF Advisory Panel's Recommendations - 3 Basic Options You Need To Know

The first round of changes to the CPF system has been announced just a few days ago. From what I see, most of the changes are just renaming of the terms which were used previously with a few other additional flexibility to the system. This was indeed what a lot of people want for the system, to have more flexibility in handling their CPF monies. Let's take a look at the changes recommended.

The changes can be sum up into 3 different options as below:

1. Basic Retirement Sum (BRS)

It was previously not known to many people that they can actually pledge their property to leave just half of the minimum sum and draw out the rest in cash. Many people are still confused by the word minimum sum which has been completely removed in this round of changes. So, if you're still confused by what the term minimum sum means, you don't have to crack your head about it any more. Just forget about it.

The BRS will be set at $80,500 and be increased 3% every year from 2017 to 2020. If you set aside this BRS of $80,500 at age 55, the basic payout you'll be eligible at age 65 is about $650 to $700 for life. Your property will still be pledged in this instance. This BRS sum is half of the Full retirement sum below.


2. Full Retirement Sum (FRS)

Now, this is where the word minimum sum is replaced. The FRS is what we called the Minimum sum previously. This amount will be set at $161,000 for those turning 55 in 2016. If you set aside this amount at age 65, you can expect a full payout of $1200 to $1300 a month for life. If you do not pledge your property, most likely you'll be under this option.


3. Enhanced Retirement Sum (ERS)

This is a new initiative which is being recommended. The amount is set at a maximum of  $241,500 (3x the Basic Retirement Sum). This means anyone who wants to top up extra either from their excess CPF or cash to their CPF Life (Retirement Account) can do so to enjoy higher payouts at the payout eligibility age of 65. If they top up to the maximum of $241,500 by age 65, they can expect to receive $1750 to $1900 per month for life.


There you go, 3 basic options that you need to know for the changes to the CPF system. Besides the 3 basic options, there are also other additional details which you may want to take note of:

1. Flexibility to withdraw your Retirement account savings at age 65

If you turn 55 from 2013 or later, you can withdraw up to 20% of your Retirement Account savings at age 65. This is inclusive of the $5000 that can be withdrawn from age 55.

2. Draw down age is renamed to Payout eligibility age 

The payout eligibility age is at age 65. This is the time where you can start getting monthy payouts from your CPF account depending on the amount you have set before (BRS, FRS or ERS).

3. Start your payouts later, up to age 70

There is an option to start receiving monthly payouts at a later age. The advantage is every year you defer the payouts, monthly payouts permanently increase by 6-7%.

4. Top up your spouse’s CPF so that he/she can also have higher payout

Any amount you have above your Basic Retirement sum can be transferred to your spouse's special or Retirement account if you choose to.


Conclusion

The 3 basic options basically allows us to decide how much we want as payout for retirement when we reach age 65. You can receive about $650-$700 per month under the BRS, $1200-$1300 per month under the FRS and a maximum of $1750-$1900 per month under the ERS.

I suppose more changes will be announced on a later date. With the 3 options and the flexibility to withdraw 20% of our retirement savings at age 65, I think in a sense, it does make the system more flexible. The basic purpose of the CPF to provide for retirement needs still applies. Let's see what other changes will be announced in due course.

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Your Love Relationship and The Stock Market

Do you remember the last time you fell in love with someone you like? What were the emotions you experienced? You would probably feel excited but at the same time tensed. You may even feel happy but at the same time think how can this be real? Some people say relationships are only exciting during the so called honeymoon period and  becomes less exciting and more comfortable after some time. So how do all these relates to our journey investing in the stock market?

The stock market is full of emotions. It is more complicated than a love relationship between 2 person and even more complicated than a love triangle situation. The stock market is made up of emotions of hundreds of thousands and even millions of people. How does it look like in a chart?

Credits: myenticingjourney.wordpress.com

There are so much emotions as you can see from the chart above. Its like an emotional roller coaster ride. Every investor will go through the stages of excitement, thrill, fear, panic, hope and optimism. Let's take a look at the stages a new investor would probably go through:


1. Excitement

Credit: www.flickr.com

Most new investors who want to start investing would start with excitement. Its like they really fall in love with the stock market. Out of the people I met so far, I've never seen anyone who starts investing without feeling excited. However, when there is excitement, most would forget that they need to be logical as well. This happens in a love relationship as well. It seems like when we fall in love, we forget all about our brains.


2. Thrill

This is the so called honeymoon period in a relationship. The thrill to meet one another everyday. The thrill to talk to one another everyday. This emotion is much more exciting than the excitement phase. For investing, new investors get the thrill when they make some money from the stocks they buy. The stocks start to go up and they see their portfolio increase from $100 profit to $1000 profit to $10,000 profit. This is the thrill which is very real.


3. Fear

Credit: http://commons.wikimedia.org/wiki/File:Scared_Child_at_Nighttime.jpg

Thrill and excitement dies off after awhile for most of the events in our lives. The dream job which you thought would last you for the next 10 years becomes boring after just 1 year. The excitement and thrill of owning that new gadget dies off after awhile. The thrill of a new relationship becomes more comfortable and mundane after sometime when you realise that your partner may not be that perfect. This is the real test for us. For investing, the stocks you bought is losing money. It does not seem as perfect as what you imagined it to be. Now you might be thinking, should I sell or should I average down and buy more? It is very hard to make a decision when you have fear.


4. Panic

After fear comes panic where we make rash decisions. For love relationships, we may end up quarrelling and breaking up. There are lots of hurts involved when we make panic decisions. For investing, we lose so much money that we just sell the stocks away, not thinking whether is it the right thing to do?

In relationships, you'll realise that there are no perfect people out there. In investing, you'll realise that there are no guaranteed money making stocks out there. This is the stage where we really need to calm ourselves down and think carefully on why we started the relationship or invested in that stock in the first place? The partner you chose to be with may not be that perfect now but he or she is probably the same person whom you first knew. The stocks which you bought may be going down a lot in price but it may still be the same company which you know is strong. The fundamentals may still be good.

If you calm yourself down now and make the right decisions, you may realise that the partner you have is still good and you can invest more time and fall in love all over again. If you think that the stocks you bought seems to be still fundamentally stable, you can invest more and average down the price.

On the other hand, if you've thought about it carefully and think that the situation is different from the first time you encountered, then you should cut loss and move on. This applies for both relationships and investing in the stock market.


5. Hope and Optimism

If you've made the right decisions in point 4 above, then hope and optimism comes into your life. Your relationship with your partner becomes stronger now as you put in more effort for it. The investments you average down is going back up and you start seeing profits.

Credit: www.flickr.com

There are also times when we have to cut loss for our investments. If we know we invested for the wrong reasons in the first place or we are not sure why we invested in that particular stock, cutting loss will let us have a new beginning with clearer direction for our portfolio.

For relationships, sometimes a break up may be inevitable if both are really not compatible. In this case, its better to move on where there will always be hope for a better future.

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Less than two weeks left to enroll in health plan for 2015

The last day to enroll in a health plan for 2015 is Feb. 15. Coverage takes effect March 1 if you enroll before 11:59 p.m.

If you qualify for a subsidy or Medicaid, you should obtain health insurance through the Washington Healthplanfinder, our state’s health benefit exchange. If you do not qualify for a subsidy, you can buy a health plan directly from an insurance company. Here’s a list of the plans that are available in Washington.

There are ways to qualify for a special enrollment after Feb. 15, including losing health coverage provided by an employer, adding dependents and consumers who had trouble enrolling through Washington Healthplanfinder. Read more about special enrollments.

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