Q2 2026: insurance picked up the tab
April–June 2026
The portfolio paid out S$42,852 in Q2, up from S$22,845 in Q1. That is well above the S$15,000 quarterly target, although I cannot claim the entire improvement as evidence of investment brilliance. The insurance payment schedule deserves rather more credit.
What changed from Q1?
Annual retirement-insurance payouts contributed S$15,000. They explain most of the increase from Q1 and helped make April the strongest month of the quarter.
These payouts are welcome additions to the annual budget, but I won’t be expecting them to repeat every quarter. Even excluding insurance, Q2 income was about S$27,852, still ahead of Q1 and the quarterly target.
The rest of the improvement came mainly from FCN coupons, which rose from S$6,417 to S$8,711, and REIT-related distributions, which increased from S$1,912 to S$3,816.
Fund payouts were almost unchanged at S$10,944, versus S$10,852 in Q1. Singapore-equity dividends contributed S$1,620, while deposit interest added S$2,735.
What was happening underneath?
The FCN allocation continued to turn over as notes matured and I reinvested. The broad exposures included US equity markets and Bitcoin.
While the chart shows one tidy FCN category, the holdings and payment schedules underneath it were changing. Coupons contributed in every month this quarter, avoiding the gap that made February look rather underwhelming.
The higher REIT-related and Singapore-equity payouts also reflected the distribution calendar. A bigger income bar doesn’t necessarily mean I increased the investment behind it; sometimes more holdings simply happen to pay during the same quarter.
I also broadened the retirement-account fund mix with an Asia-Pacific dividend fund. That was a portfolio change, but not the reason cash income jumped this quarter.
A good quarter, without moving the goalposts
All three months cleared S$5,000, and Q2 finished S$27,852 above the quarterly target. Annual insurance payouts explain much of the bumper result, with higher FCN and REIT-related income providing additional support.
I’m keeping the target at S$5,000 a month. A strong quarter is welcome; it doesn’t mean I need to find new ways to spend the difference.