Jonathan Chua

Many of the people who engage the services of a financial planner tend to do so as retirement approaches. This is natural; retirement is a big step. Here is a financial planning to-do list if you are within 10 years of retirement. Sock Away as Much as Possible For many retirement savers, these are the highest income years of their careers. This is the time to contribute the maximum amounts possible to your employer’s retirement plan, IRA accounts and the like. While these contributions will not have the years to compound as those made in your 20s and 30s, every bit helps. (See also: Financial Planning: It's About More Than Money.) Check Social Security While there is some discussion as to the future solvency of Social Security, it's likely that those currently in their 50s will receive their benefits. You can get your statement and check your benefits here. The Social Security Administration has also indicated that they will resume mailing statements, so keep an eye out f...

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Some medical doctors are paid commission fees of 20% to 30% of the physiotherapy bill if they refer their patients – such as those who require rehabilitation due to injury or illness – to private physiotherapy clinics Dodgy practices have emerged in the healthcare industry, involving doctors, physiotherapists, insurance agents & third-party administrators (TPAs) splitting money from inflated insurance claims among themselves via a referral and commission system, TODAY has learnt. Responding to queries, the Ministry of Health (MOH) said it has received feedback on such practices, & will be looking into the matter. “MOH takes a serious view of any attempts to defraud the healthcare system at the expense of Singaporeans,” a ministry spokesperson said. “Fraudulent behaviour such as unnecessary referrals & false claims for services not rendered raises the overall costs of healthcare in Singapore, and leads to Singaporeans paying more for their healthcare services and ins...

Homeowners insurance is a contract designed to protect you as a homeowner against sudden and accidental losses. The home insurance policy is a contract between the homeowner, also known as the insured, and the insurance company. The contract creates an agreement that, in exchange for the premium paid by the home owner, the insurance company will compensate the homeowner for unexpected, sudden, and/or accidental damage or disasters that occur to the home, and/or the contents of the home, as agreed upon in the policy wording. Homeowners insurance protects a homeowner's assets and ensures that a covered loss, risk or disaster will not leave them in financial distress. Whether you are looking to buy insurance as a first time homeowner, referencing information to make sure you are getting the best value for your money, or looking for help to understand your policy, here are some basics about homeowners insurance. How Does Homeowners Insurance Work? Your insurance policy is a c...

While shares and bonds and time deposits are more traditional investments, a large number of Singaporeans also use life insurance policies for long-term investments. Indeed, consumers here hold more than 13.1 million life insurance policies & insurance now accounts for 9.3% of households’ net worth. A key question some investors may have is whether buying a whole life insurance policy as an investment is better than buying a cheaper term insurance policy & investing the difference elsewhere. It is important to start by looking at why one should buy life insurance at all. Fundamentally, the goal of life insurance is to make sure beneficiaries such as young children or elderly parents have enough money to pay for their needs if something happens to the breadwinner in the family. There are several types of life insurance that can achieve this objective. The simplest option is term life insurance. You pay a premium, and the insurer guarantees that it will pay your benefi...