Monday, June 28, 2010

Ms, it makes sense to mind your money

Women should pay more attention to investment and family finance due to their longer lifespan and prevent a crisis during a divorce or sudden death of sole bread winner.

Consider a life insurance cover of either whole or term with the child as the beneficiary while setting aside money for a good education because it will cost more than $200,000 in 15 years time to seek for foreign education . Money should also be set aside for emergency fund with at least 6 months of family monthly expenses.

Instructions should be organized and people should be informed where things like record of bank accounts, investments, insurance policies, wills are and easily accessible.

Steps like CPF nomination, will writing, mental capacity act are things which can be done to ensure a smooth transfer of wealth.

Contribution to CPF SRS (Supplement Retirement Scheme) allow claim for tax relief for those who pay income tax and it will be a stream of income with others like rental, CPF Life plan and other investments.

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