Delayed Retirement Age And Other Changes In Singapore Retirement

Despite the economic headwinds, the retirement age will begin to shoot up in 2022. Manpower Minister Josephine Teo highlighted they “did not arrive at this date lightly even though towards the later part of our deliberations, it was clear to us that the economic conditions have changed quite considerably.” All that is left for us to do is to adapt to the recent changes in the retirement age and CPF contributions.

INCREASED MOM RETIREMENT AGE

Foresee a gradual increase in Ministry of Manpower’s retirement age. Currently, the official retirement age is 62 years old. This number will increase to 63 years old in 2022 and to 65 years old in 2030. Do you think a higher retirement age is desirable?

Nonetheless, Prime Minister Lee Hsien Loong greatly emphasized that there is no change to the CPF payout ages and withdrawal. You may withdraw money from your CPF RA upon reaching 55 years old and start receiving CPF LIFE payouts from age 65. All these were discussed during the National Day Rally.

ALTERED EMPLOYMENT PROCESS

Possibly one of the most affected with the changes in the retirement and re-employment age is your employer. It is completely legitimate to work up to the MOM re-employment age. Your employer cannot deny you that.

At the moment, the re-employment age is 67. It will increase to 68 years old by 2022 and eventually become 70 years old by 2030. It is highly encourage that employers equip these employees with necessary training and skills to help them tackle the contemporary positions.

In light of the aging workforce, the Tripartite Workgroup on Older Workers made several other suggestions to restructure the work environment in Singapore.

RAISED CPF CONTRIBUTION RATES

Aside from the changes in retirement and re-employment age, the CPF contributions for workers beyond age 55 will be raised. This will be felt from January 1, 2021 onwards. The extra CPF contributions will go straight to your CPF Special Account.

When the CPF contributions for the 55-60 years old age group increases by 2021, the allocation for your CPF (SA) will jump from 3.5% to 5.5%. The rest will remain the same.

Image Credits: unsplash.com

May these guidelines and significant changes help you decide for a better future ahead!

Sources: 1 & 2

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Foolish Things People Do With Their Money

We have all made mistakes in the past, especially when it comes to money and relationships. While some are knowingly reckless, others are less obvious. That being said, here are some foolish things that people do with their own money.

Awareness is the key to change!

BEING OVERLY CONSERVATIVE WITH ONE’S INVESTMENTS

Whether you are terrified to max out your savings or to dive into uncharted territories, Millennials are not investing hugely in the stock market. Consider your risk tolerance while you are in your early 20s as this is the best time to bounce back after a decline. Compound interest entails that it is beneficial to stay in the market as early as you can. Simply put, a risky investment while you are young has time to correct itself.

Apply this ideal towards your retirement fund. Set a diversified portfolio directed to your retirement fund and ensure that the risk exposure is based on your age and timeline.

ABSORBING THE INTERNET SCHEMES

Let us face it! The Nigerian Prince you have waiting for may never come. Although Internet scams have become more sophisticated than ever, you must not give your sensitive bank information to anyone that pleads for it.

Some people carelessly give out their account passwords in the name of love. You have to think twice! You are merely opening yourself to identity theft by doing so. Mark suspicious emails as spam and leave them alone.

MAKING FINANCIAL DECISIONS ON YOUR OWN

A family is a unit and it is helpful to have an open communication with your partner. As financial decisions and career paths affect multiple people in the relationship, you must discuss these as a unit. Relocating, childcare, long working hours, or converting to entrepreneurship are examples of factors that involve the sole earner as well as other family members.

If you belong to a dual-income household, do not make the daft decision of managing your ambitions on your own. Ensure that you are on the same page when in comes to managing your household and your career goals to avoid conflicts.

DISMISSING YOUR CREDIT CARD REPORT

Despite being a free service, checking one’s credit card report is not something that people do religiously. It is important to check your report to help you catch suspicious activity, prevent identity theft, and report unauthorized purchases.

Image Credits: pixabay.com

In addition to keeping an eye on fraud, you can track your credit score progress.

Sources: 1 & 2

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How To Spot Fake Rich People In Singapore

Trying to spot whether a person is fake rich or not is much like asking whether a bag came from a real designer or not. You can never fully answer the question unless you take a close look at it. It is challenging to judge whether someone is an average Singaporean or a wealthy one because there are many fake rich people that can look as realistic as the authentic ones.

On that note, here are four tips to help you spot a fake rich person.

THEY NEED VALIDATION

People who attach their worth to their lavish lifestyle often need validation. They want others to share their insights on their jobs, their material possessions, or their home. They care more about how they will be perceived than the quality of the products that they will acquire.

For instance, fake rich people focus on the designer brands and not its quality. They may even own a couple of designer pieces and try to sneak in an imitation or two. It does not matter if they poke a hole in their wallets! The bigger the logo, the happier they become.

Many affluent people could not care less about the brands! They focus on comfort and quality. Unless they are aiming to make a statement, they stick to more subtle pieces.

THEY MAKE EXCUSES

Recently, notorious fake heiress Anna Sorokin was convicted of swindling about US$200,000 from New York’s elite. She often made excuses such as leaving her credit cards behind or paying next time. You have to be cautious when hanging out with someone who frequently forgets his or her wallet, which is parked in a car far from the restaurant. Fake rich people make up excuses to avoid the burden of paying.

Do not get me started with whether that car exists only in social media or in real life!

THEY WANT TO COMPETE

Observing how a person will behave when faced with someone who is experiencing success can help you filter out an insecure person. Fake rich people typically grab the chance to share their material possessions and achievements whenever they mixed in a group of people. They have a tendency to compete in order to savor the spotlight. Talk is cheap!

On the flip-side, successful people ask more questions to get insights on other people’s passions, journeys, and struggles.

THEY PURCHASE LIABILITIES

Material goods that depreciate its value over time are called liabilities. People who want to flaunt their wealth usually buy liabilities on credit or on installments. Whether they purchase a flashy entertainment set or the latest Prada bag, the fake rich would want to immediately show off their purchases to others.

Image Credits: unsplash

As we all know, it is recommended to use credit to acquire assets rather that liability. That is called a good debt!

Sources: 1 & 2

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Affordable Makeup Products That Can Compete With Luxurious Brands

Whether you are showered with smiles or hugs, the best things in life are free! What is the second best thing for makeup enthusiasts? Well, cheap yet quality cosmetics.

Times have changed for the world of makeup as many drugstore brands have amp up their game. Indie beauty brands and online cosmetics have carved out a niche of inexpensive makeup and beauty products. Read thru this list to learn more about the affordable brands that perform really well.

NYX

A true makeup enthusiast would know that NYX is pronounced as Nicks and not N-Y-X. Whether you are into pigmented powders or creamy lip formulas, NYX has different formulas for you. Its prices are among the most affordable ones available in Sephora Singapore. Hence, it is a good place to start when experimenting with your makeup looks.

Personally, I am a fan of the Lip Smocking Fun Colors collection as it is creamy and pigmented. What’s more? It is priced at about S$10 a pop! Fill your kit with NYX products like this, before splurging on luxury brands.

MAYBELLINE

Did you know that the Maybelline Company was curated by a 19-year-old entrepreneur named Thomas Lyle Williams in 1915? Well, this American brand came a long way since then! You see, drugstores are flooded with Maybelline products that do not disappoint.

For instance, long-wearing liquid lipsticks often do not live up to the expectation. Enter Maybelline SuperStay Matte Ink Liquid Lipstick! These liquid lipsticks could outlast a kissing session or an unlimited buffet. It is so clingy that the brand even created a makeup remover for it. You cannot go wrong with Maybelline SuperStay (retails for about S$17.90)!

NEUTROGENA

One of the things that my mom obsess about is body oil. From Argan oil to Coconut oil, you name it and she has it. Her go-to brand for the luxurious sheen is Neutrogena. Neutrogena, founded in 1930, was originally a cosmetics company called Natone.

Neutrogena Body Oil (about S$20) or bath oil has a heavenly scent that would take you back in time. You see, almost every bathroom in the ’90s has that musky almond scent. This product will give you a silky soft skin post-shower.

COLOURPOP

Many of us are familiar with this last inexpensive brand due its wide array of lip products. What’s more? Its products are vegan, cruelty-free, and affordable. I am referring to none other than ColourPop.

Image Credits: unsplash.com

ColourPop is available for your online consumption. Many find ColourPop No Filter Matte Concealer as their holy grail. With 30 shades and long-wearing formula, this concealer covers your dark circles and blemishes. It is only S$11.50 per piece at Lazada Singapore.

Source: Allure

 

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Surefire Ways To Make Your CV Stand Out

Your heart is pounding and your sweat is drenching. Within your hands are your Curriculum Vitae (CV) and other supporting documents. You are about to answer some interview questions. An interview that can either make or break your career.

One of questions that you prepared for was: “What makes you stand out among your peers?” It is a query that underlies your attributes and characteristics. It sets you apart from the rest. This question can also be answered by a well put together CV. Highlighting your distinct characteristics can help the interviewer determine whether you are the ideal candidate for the job.

On that note, here are 5 ways to ensure that your CV stands out from your peers.

#1: PLAY WITH COLORS

Colors play a huge part in creating impressions. Red can ignite excitement while green can induce calmness. You have to understand the association between a color and your brand. This way, you can choose a palette that will best describe your brand.

Stick to darker blue hues to convey loyalty, honesty, and responsibility. Use red to convey passion, aggression, and emotion. Lastly, you may use turquoise to convey prestige and high ideals.

Do a quick search on Color Psychology to determine the colors that you can use on your CV. Use these colors to highlight the headers or as a background.

#2: LIMIT YOUR BULLETS

I, for one, tend to skip on some lengthy bullet points. As an interview, I look for at least four bullet points for each section. I do not need to know the entire story on how you became a professional! Choose your bullet points wisely.

Be specific whenever possible. You cannot put a bullet point stating that you have “improved the sales considerably”. Instead, you must use quantitative measurements (e.g., improved sales by 20% in the last quarter).

#3: CHOOSE YOUR SKILLS

When it comes to CVs, one skill seems to pop up more often. This skills is none other than communication. You see, almost all the jobs require you to have excellent communication skills. Hence, there is no need to claim it. Show off your excellent communication skills through the interview.

If you are still insisting that putting communication skills in your CV is a must, you have to give examples. Say that you have spoken in workshops or company team buildings. You may also narrate your contributions on website or on print.

#4: EMPHASIZE YOUR ACCOMPLISHMENTS

Your accomplishments can set you apart from the rest. Use powerful verbs when doing so. Begin with enticing keywords such as improved, resolved, initiated, and increased. These go beyond simply stating your duties and responsibilities.

Remember to describe your previous employment experiences by highlighting how you solve the problems. This way, you stress that you added value to the company.

#5: HIGHLIGHT YOUR AWARDS

Aside from accomplishments, awards are tangible form of recognition. Include a category for awards or honors that you received throughout the years. Demonstrating that others value your contributions can greatly influence the interviewers decision.

Image Credits: unsplash.com

Quality recommendations are another form of recognition. Thus, you have to select people who know your skills and accomplishments the best.

Sources: 1 & 2

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