Aven Leong & Associates

Watch this video if you are planning to purchase a HDB taking a HDB loan.

Please do remember to do your will or nominations!

Please do not wait until things happen !

Please do not let your love ones go through unnecessary hassle for rights to claim

Please state your intend clearly to remove any dispute

Estate planning is also part of Financial planning

Drop me a DM if you need professional advice if you have not done so.

For home owners who are unsure of using which insurance to cover your mortgage loans, watch this video to find out what is the differences between a Fix Term Life Insurance and a Reducing Term Mortgage Insurance.

1. Premiums, once you lock in the price at certain age, it is levelled throughout the policy term for both

2. Coverage aka sum assured
Level throughout for Fix Term Life while sum assured for Reducing Term reduces yearly accordingly to match the remaining outstanding mortgage loan throughout the policy term

3. Objectives
Fix Term Life - To cover outstanding debts, To leave a legacy, To provide family income replacement
Reducing term - To solely cover outstanding property mortgage loans

4. Period of coverage
Fix term insurance allows you to decide your preferred policy term to meet your needs but once the term is decided, it cannot be changed whereas Reducing term normally pegged to the same tenure as the mortgage loan taken and the policy term cannot be changed as well once the cover date starts

5. Surrender value
there is no cash value for both policies after you decided to cancel the plans halfway.

Do note that that is no, 1 single policy that will satisfy all your financial needs.

Each family is unique, therefore, it is always vital to do a proper financial planning with your trusted financial advisers to better understand how you can mix and match different types of policies which could be tailor-made to meet your family financial objectives.

And of course, it will be my pleasure to meet for a short coffee session if you ever need professional financial advises.

Hi, this is Aven, checking out ~

After 10 years working in the same location (Fuji Xerox Towers), it is time to say goodbye.

Time to embark to a new location, a fresh start and a new beginning !

UE BizHub West (450 Alexandra Road)

Client Testimonial Video by Mr Ang (2)

Client Testimonial Video by Subathira (1)

[ATTENTION to all SELF-EMPLOYED with CHILDREN!!!]

If you are self-employed parents

This is #1 life hack whereby you can get up to $1500 in cash yearly from the government.

It is called the Government-Paid Childcare leave

All you need to do is to check out this website here www.profamilyleave.gov.sg

Once you are in the website, what you need to do is to log via your Singpass

Thereafter, you will have to update your personal and bank details

And you can begin to file for your government-paid childcare leave.

Good news is that father of the child can even claim Government-paid paternity leave !

For more information on which type of childcare leave is available for you, you can read here (https://www.profamilyleave.gov.sg/Pages/About.aspx)

Who knows you might be able to claim more !

There is also a
hotline: 1800-253-4757​
email address: [email protected]
if you need further assistance

Please like my page and share this video to create more awareness in order to help families who might be in need during this crisis period.

Thank you for watching/reading.

PLEASE NOTE: whatever amount you claim is considered taxable income

Find out how you can obtain higher tax relief

Audit year is coming to an end, watch this video to know more about this government scheme that will help us relief some taxes during these challenging times …

I’ve spent many hours condensing what would normally be a complex process into a simple to understand SRS step-by-step guidebook that has saved me thousands

Good news for you is that

All you need to do is comment “SRS” below to receive this e-guidebook for FREE !

So now let us look at what SRS is in a Glance

The Supplementary Retirement Scheme (SRS) is a voluntary scheme that encourage individuals to save for their retirement, over and above CPF with the sole purpose of saving taxes.

So what does this e-guidebook contains?

It is a complete guide with detailed information related to SRS as well as how to create a SRS account

It will also contain a fool-proof SRS calculator

One good thing for you is that if you already have a SRS account, the guide will also include tips on where you can invest your SRS in

So to remind you again !

Audit year is coming to an end

So why wait?

Comment “SRS” below now, to receive this e-guidebook for FREE !

The differences between Hospitalisation Plans and Critical Illness Plans

Many times, I have faced my clients asking me why should I get a Critical illness plan whereby I’m already covered with hospitalisation plan?

And so, I am here to clear the confusion with this 1-minute video

The objective of hospitalisation plan is just to cover your hospital bills in a reimbursement manner which means you pay first, then insurance pay you back later

While the objective of a Critical illness plan is to replace your income when you are still recovering from your illness.

Imagine having diagnosed with cancer,
going for chemotherapy treatment will render you not being able to work due to fatigue.

However, your daily expenses such as utilities bills, handphone bills, personal expenses and outstanding loans are still ongoing.

If you are not able to work, where will the money come from to cover those expenses mentioned above?

this is where CI plan comes into place in order to replace your income so that you can focus on your recovery with a peace of mind without worrying about financial burden.

I hope this video will help you understand more about the difference between hospitalization plans and critical illness plans.

3 Reasons you should never rely on Company Insurance

You see even though some companies’ group insurance is very comprehensive,
you are actually at the mercy of your company.

And Why is that so?

I always emphasize about 3Rs to my clients

- Resign
- Retire
- Retrench

One day either of these Rs will happen, so what will happen next?

You will then decide to buy personal insurance for yourself?

Two things will happen for sure,

1. You will be subjected to medical underwriting, meaning to say any pre-existing illnesses by then will not be covered OR may even not able to take up any insurance at all.

2. You will be much older by then and also taking up insurance plans at a much higher premium.

If you can’t guarantee yourself that you will be working in the same company forever,

what makes you think you are guaranteed to be covered for the rest of your life?

So if you are still currently relying solely on your company insurance, please think twice and speak with your trusted financial adviser today !

In my previous video I talked about problems people are facing when it comes to retirement.
Today I’m going to share with you the different solutions to meet your retirement goals and also quickly go through the pros and cons for each solution.

1. Property
Pros - it can yield you rental incomes, high capital appreciation, easy to purchase

Cons - tenancy issues, high capital sum required to purchase, long process to sell

2. Stocks/shares
✅Pros – higher returns, dividends

❌Cons - market risk, a lot of research needed to be done

3. Bonds
✅Pros – the difference between bonds and equities is that bonds give you coupons so you get a monthly or annual dividend and they are more secured, shorter term and lesser duration and certain guarantees

❌Cons - interest rate risk, credit risk, inflation risk, market risk

4. CPF
✅Pros -minimum of 4% guaranteed returns in SA and 2.5% in OA which is considered relatively high for being a guaranteed interest tool across the market in Singapore.
gives you a guaranteed stream of income regardless of the market economy upon reaching withdrawal age.

❌Cons - illiquid, not within your control as discussed in my previous video

5. Annuity Endowment plans

✅Pros - gives you a guaranteed stream of income regardless of the market economy upon reaching withdrawal age, it is within your control and premiums are waived if diagnose with Critical illness which means insurance companies pay for the remaining term

❌Cons - commitment required to pay for the premiums

Each individual instrument will have their pros and cons and absolutely a good tool for retirement, however you should diversify as much as possible to create a holistic approach towards retirement.

In addition, your risk appetite will also affect your selection among these solutions. Therefore, it is vital for you to seek for a trusted financial advisor for professional advice.

So, these are the few suggestions I have for you, and of course if you have any other good ideas regards to retirement planning, feel free to comment below to share your thoughts.

Problems people faced when relying on CPF for retirement

“Aiya where got Singaporeans retire one”?

“In Singapore you gotta work until you die one”

Sounds familiar to you?

Today, I’ll share with you 4 problems I usually discovered with my clients

Problem Number 1
Most Singaporeans usually pays their mortgage loans using their CPF funds and by the time they finished paying off their housing loans, they are already near to their 50s, thus, they only left a few more years to save for retirement.

Problem Number 2
When you reach 55 years old, your Ordinary Account (OA) and Special Account (SA) will combine to become your Retirement Account (RA) and that’s where the Full Retirement Sum Scheme also known as FRS kicks in. The FRS is always increasing in order to keep up with inflation rate, however it is difficult for some people meet the FRS requirement as their salary doesn’t increase proportionately over the years or even worst, retrenched or resign.

Problem number 3
With the increase in life expectancy in Singapore, the withdrawal age may need to be extended in order not to outlive your resources during retirement.

Problem number 4
As CPF is governed by our government, there are many policies that are not within our control and may change in the future such as the monthly payout, withdrawal age and interest rates that we may not be able to predict

Now I have listed these few problems, to conclude

is CPF still a good tool for retirement?

Definitely it’s a YES

However, it is one of the ways to plan for retirement

So stay tune for my next video, and I will provide other different solutions that are able to meet your retirement goal

Do you know when you reach 30 years old and above, you will get $600/month if you can’t take care of yourself?

If you can’t do any of the 3 out of these 6 activities

1. Toileting
2. Walking
3. Feeding
4. Dressing
5. Washing
6. Transferring

The government will provide you $600 per month for a lifetime !

Here is a good news for you

There is a way to increase from $600 up to $2000 without any cash outlay !

And that is the power of financial planning !

Hi, my name is Aven and I am here to introduce you

CareShield life

It is a mandatory insurance policy from the government that pays all Singaporeans and PRs $600 per month in the event of disability,

while that will provide you some relief, it is definitely not enough.

Therefore it is vital for you to increase this amount through government approved insurance companies as shown in the video

So please do contact your trusted financial advisers

And If you do not have one, feel free to comment below and I’ll introduce someone trustworthy.

For more information on careshield life, please visit the website listed below and thank you for watching

https://www.careshieldlife.gov.sg/home.html

If you are a parent, this post is for YOU !

Do you have friends or even yourself

- still paying education loans after you graduated and got yourself a new job?
- Not being able to further your studies due to money issues which resulted in you having to work instead?

In this society of rat race, would you want to give a head start to your children “50 meters” in front of the starting line or “50 meters” behind the starting line?

As parents, we always hope to give the best in our ability to our children especially when it comes to education.

As the cost of education is rising each day, it is necessary to invest in a savings plan that offers sufficient funds to meet the expenses of education.

And of course, there are many ways to invest but why endowment planning?

The one and only reason is that your children’s future education expenses is guaranteed.
- If you(parent) are not around anymore, insurance companies will pay the remaining policy term until it matures to pay for your children’s education in your absence
- Peace of mind, as you’ve already set aside the necessary for your children’s future education.

Smart parents know how to plan early and take advantage of compounding interest.

You see there are technically only 2 OPTIONS:
👉🏼 Option #1: You save now, and earn interest.
👉🏼 Option #2: You borrow money later and pay interest.

There aren’t really any other options. In fact, it is just a quick decision if you want to save for your children's future education. If it comes out to be free, then use those funds for your own retirement. After all, there is no harm saving, isn’t it?

Plan Ahead, Plan Well