UOB bank is one of the oldest bank in Singapore, and it acquire OUB Bank during the banking consolidation years. I have been using UOB services and products for many years as the bank has strong understanding of Singapore context. A truly Singaporean bank with its fellow citizen concern as its core value.
UOB Income Builder is one of the investment tools build for Singapore Citizen. If you are Singaporean, you should seriously consider this investment tool. Be it for your retirement planning, or for your child education needs, or even for future emergency needs, UOB Income Builder has the solutions for you.
With inflation increasing each year, the saving or fixed deposits interest we are getting from the bank is very small. However, investing in stock poise high risk for many Singapore Citizen with limited financial knowledge. Thus, UOB Income Builder offer the middle ground for us to consider. The Income Builder is a collection of these investment funds (BlackRock Global Multi-Asset Income Fund, JP Morgan Global Income Fund, Schroder ISF Global Multi-Asset Income, United Income Focus Trust and Fidelity Global Multi-Asset Income Fund) chosen by UOB investment specialists. These are diversified funds covering various geographical markets and asset classes and spread across equities, bonds and real estate investment trusts.
Other Online Income Generator
When you are 50 years old and above, you need to start thinking about your retirement needs. For Singapore Citizen who wish to embark on creating business of their own, you may consider to visit my other online income generator to learn about alternative option which will provide even more retirement fund for a longer term. There is a growing number of older workers determined not to end their careers when they reach their retirement age, but it depends very much of their employers especially the private sectors which has become very competitive in the globalization era. Therefore, to have better control over our own destiny and income, I strongly suggest to find work that allow us to earn income when we get older and we ourselves determined how much work we want to do each time.
How Much You Need For Your Retirement Fund
Depending on the lifestyle you wish to maintain after your retirement, the amount of retirement fund you need to set aside can be estimated based on your monthly income before retirement.
Take for example, if you wish to retire at the age of 55 and presuming you can live until 80 years old and the health condition throughout that period is not very critical. You can consider the following formula for simple estimation:
- 80-55 = 25 living years
- 25 x 12 months x S$4,000 monthly salary before retirement
- You will need S$1.2 million in your retirement fund
Above estimation have not include the yearly inflation you need to consider, as well as any illnesses you may develop along the years when you get old. More than S$1.2 million may be needed for you to sustain the same lifestyle you wish to maintain before you retire.
This simple estimation will allow you to determine whether you can retire comfortably or not, without any worrying for certain unforeseen circumstances which may need additional or emergency fund to handle them.
Personally I like to take some buffer for safety zone, and when we are not working the income generation will stop and every month there will only be deduction than addition into your retirement. Just like a car, when you continue to drive and consume the petrol every day but do not top up the petrol, you will run out of petrol at one stage and the car will stop.
Same logic when we apply to our lifestyle when you are retire at home without generating any income, the retirement fund will be consumed very fast and we may even not realized it when it deplete in soonest time than what we can imagine.
Is there a suggestion to preserve our retirement fund and have an income generator to create income when you are old and not able to find work anymore?
Yes, with Internet and Online platform, and your years of working experiences and niche knowledge that yourself know better than others, you can continue to earn income to preserve your retirement fund.
Start learning how to use your computer and utilize the internet and Online platform to share the knowledge in your head. When other people appreciate your wise knowledge and years of experiences you acquired in the past, you can still make a living out of it.
This is vital to sustain your retirement fund. Keen to start the path to create your income for the future, click below and start your journey.