Retire Smart: Financial Planning made easy

by Lorna Tan

Following the success of her first two books, Talk Money and More Talk
Money, financial journalist Lorna Tan is back with her third personal
finance guide, this time focusing on retirement planning.
In this compilation of articles published from 2015 to 2017, The Sunday
Times Invest Editor cuts through complex financial concepts, schemes
and jargon to help the layman make sense of what is important for
planning his financial future and growing his nest egg.
The timely topics covered include tips on making the most of the various
Central Provident Fund schemes and enhancements, plugging gaps in
ones insurance coverage, and investing smartly without falling prey to
scams. There are also sections devoted to legacy planning, credit and
debt planning and consumer protection.
Suitable for both the fresh school graduate and the more seasoned
investor, Retire Smart will empower them to take charge of their
financial journey as they look ahead to retiring well.
The selection of articles includes:
-10 ways to hack the CPF system
-$1m in CPF by age 65
-Your wealth and how to trust it
-New grad? Never too early to think of retirement
-Deep in debt? Theres help
-When things get critical, how healthy is your plan?
-Lessons on bond investments
- Dont rush into investments linked to virtual currencies

Genres: Finance, Personal Finance

340 pages, Paperback

Published March 5, 2018

Reviews

[Justine Oh · Rating 4 out of 5]

A revision on what I have learned the past few years. I always learned that I have a good FA.

[Hồ Vinh · Rating 4 out of 5]

I bought this book to seek advice on my past purchase of an insurance plan, as well as financial tips in general.

The first purpose indeed fulfilled: Lorna's articles familiarize you with insurance terms, e.g. policy, cash value, rider, factors to weigh in before picking a plan best suited for you. Wanderlust would be intrigued by how variety travel insurance has to offer, spanning from medical to trip cancellation coverage.

The second is catered more to Singapore-specific financial devices. A bit disappointed but understandable given that primary audiences are Sunday Times' readers. The book explains the CPF (Central Provident Fund) scheme, LPA (Lasting Power of Attorney), trust, bonds, REITs, debt planning. Also, It advises investing only in MAS (Monetary Authority of Singapore) regulated products and fact check the increasing amount of investment too good to be true.

Once in a while, there is an enlightening article that focuses on a minority group. I'm genuinely impressed with the article teaching kids a good money habit, with the hong bao they receive every year. Let them help to prepare the red packet to know where the money comes from and an excellent occasion to discuss financial management. Teaching them the magic of compounding interest by opening a savings account with them, plus a money jars system to distribute weekly allowance to "spend", "save", "share" category.

[Marisa · Rating 3 out of 5]

I was looking for a personal finance book that would be more applicable to my needs. I appreciate how this book covers a great deal on CPF, etc that would be handy for locals.

Since the book is made up of past newspaper articles, they are short and bite-sized. If you are looking for more depth, this might not be the book for you.

Reading through this once is sufficient, it is informative but I would prefer other resources for referencing.

[J Siew · Rating 3 out of 5]

A good introduction to financial planning for Singaporeans/ Singapore residents, especially for beginners. Goes by a short article format being Lorn’a previous articles for the ST - which helps in readability but also results in a certain level of repetition.

[Wan Peter · Rating 5 out of 5]

ALL THAT GLITTERS IS NOT GOLD. Do share this book. A good guide book.
Preface : Retails investors who have unwittingly become victims of financial scams and lost their hard-earned savings. Having encountered unscrupulous financial representative who who misrepresented and/or mis-sold products.

[SC · Rating 4 out of 5]

Good book to give the man-on-the-street an introduction to planning/investing for retirement (in Singapore's context).

[truthnwisdom · Rating 2 out of 5]

She could have updated the information and data.... disappointing.

[Dessy · Rating 3 out of 5]

Good insight. But relatable only for Singaporean and SPR

[Serene]

Pity, this is not the right book for me.

Here's my advice to anyone planning to start on this book: Read the blurb!

Retire Smart is simply a collection of Straits Times articles written on personal finance. The book covers topics that are applicable to Singaporeans, including CPF and SRS. Unfortunately, the content is rather repetitve. The author would have done better consolidating the information and presenting them in a proper book.

I would suggest picking out the articles that are of interest to you. There's no point in reading the book cover to cover.

[Min Yen · Rating 3 out of 5]

Key takeaway: Increase healthcare costs portion in retirement plan.