How much is enough for retirement in Singapore?
Posted: Thu Mar 04, 2010 1:56 pm
How much saving do you think is enough for a good retirement in Singapore?
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How much is enough for retirement in Singapore?
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Posted: Thu Mar 04, 2010 2:00 pm
it would depends on the lifestyle that we intend to maintain after retirement.
Posted: Thu Mar 04, 2010 2:04 pm
Yes, anyone can feel free to contribute to this thread. You can be staying in HDB, Condo, landed or GCB. Maybe someone already "retired" after achieving financial freedom .tankee wrote:it would depends on the lifestyle that we intend to maintain after retirement.
Posted: Thu Mar 04, 2010 2:18 pm
IMO, expense after retirement can be a lot higher than when working.
1. More time on hand, so more recreation activities and perhaps more overseas trips.
2. No more company's benefits to offset cost, like transport allowance, medical benefits or allowance, company mobilephone, etc
3. Older .... higher medical expenses.
kind of demoralised after thinking about it ....
1. More time on hand, so more recreation activities and perhaps more overseas trips.
2. No more company's benefits to offset cost, like transport allowance, medical benefits or allowance, company mobilephone, etc
3. Older .... higher medical expenses.
kind of demoralised after thinking about it ....Posted: Thu Mar 04, 2010 4:04 pm
seriously, $1M is not enough and $1 might be too much.
I know of a semi-retired businessman. He slipped on the wet floor at his condo pool, fell and hit his head on a metal bench and became comatose. While he was in a coma, he suffered a stroke. Despite having insurance, his family had to sell their condo and use up all their savings to treat him. Total expenses almost $1M AFTER INSURANCE. Guess what, he died 6 months after discharge.
My own grandmother is still around, 93 years old this year. She retired without a single cent in her pocket almost 40 years ago. (in the old days, people retire young lol) Now she's still around, hobbling around on her walking stick and scolding everyone. She really doesn't need money, all her 9 children, each contribute $50 monthly, enough for all her needs. She's healthy and doesn't require any medication, except calcium supplements.
All the "you need at least $1M to retire" is all part of a grand plan by "financial advisors" to make u feel worried all the time, and park your money with them, so u will be "secured" in old age. Pui. The financial institutions can't even secure their own future, want to secure yours/ours?
And "retirement" is really a 21st Century urban myth. In the old days, after people stopped their jobs, they were "employed" by their children to care for grandchildren, cook and what not. That was what kept my grandma healthy and fit, lots of manual labour, even into her 80s.
Everytime i see those overweight and lazy 60 year olds talking about retirement, i see a couple of pigs oinking away. The sooner society gets rid of the concept of "retirement", the better it is for everyone. Nobody will be in a rush to save up, people won't make risky investment decisions, people stop having so many frowns and furrows on their faces, society slows down and is happier.
For myself, the day i "retire" is the day i step into my coffin. At current life expectancy of 80+ years, to totally stop work and laze around for 15 years, is a crazy idea born out by lazy pigs.
I know of a semi-retired businessman. He slipped on the wet floor at his condo pool, fell and hit his head on a metal bench and became comatose. While he was in a coma, he suffered a stroke. Despite having insurance, his family had to sell their condo and use up all their savings to treat him. Total expenses almost $1M AFTER INSURANCE. Guess what, he died 6 months after discharge.
My own grandmother is still around, 93 years old this year. She retired without a single cent in her pocket almost 40 years ago. (in the old days, people retire young lol) Now she's still around, hobbling around on her walking stick and scolding everyone. She really doesn't need money, all her 9 children, each contribute $50 monthly, enough for all her needs. She's healthy and doesn't require any medication, except calcium supplements.
All the "you need at least $1M to retire" is all part of a grand plan by "financial advisors" to make u feel worried all the time, and park your money with them, so u will be "secured" in old age. Pui. The financial institutions can't even secure their own future, want to secure yours/ours?
And "retirement" is really a 21st Century urban myth. In the old days, after people stopped their jobs, they were "employed" by their children to care for grandchildren, cook and what not. That was what kept my grandma healthy and fit, lots of manual labour, even into her 80s.
Everytime i see those overweight and lazy 60 year olds talking about retirement, i see a couple of pigs oinking away. The sooner society gets rid of the concept of "retirement", the better it is for everyone. Nobody will be in a rush to save up, people won't make risky investment decisions, people stop having so many frowns and furrows on their faces, society slows down and is happier.
For myself, the day i "retire" is the day i step into my coffin. At current life expectancy of 80+ years, to totally stop work and laze around for 15 years, is a crazy idea born out by lazy pigs.
Posted: Thu Mar 04, 2010 7:01 pm
It's a moving target.
At the rate Singapore is going,
after u are 'allowed to retire' at 65,
we will all end up washing toilets, cleaning tables
n serving at MacDonalds for pocket money.
At the rate Singapore is going,
after u are 'allowed to retire' at 65,
we will all end up washing toilets, cleaning tables
n serving at MacDonalds for pocket money.
Posted: Thu Mar 04, 2010 8:07 pm
well, hubby and i have had our fair share of partying, travelling and treats. we are at this stage of our lives whereby we are looking at a more relaxing and simple lifestyle.
i hope to have at least $2m. but of course the more money the better it is
the $2m should exclude money set aside for kids' education. house should be fully paid and no loans when he retires.
the money is for medical needs rather than for big luxury items.
i hope to have at least $2m. but of course the more money the better it is
the $2m should exclude money set aside for kids' education. house should be fully paid and no loans when he retires.
the money is for medical needs rather than for big luxury items.
Posted: Thu Mar 04, 2010 8:21 pm
Assuming that you're spending roughly the same as you're working. You'll need at least 20 to 30 times your yearly salary for your retirement. Why ?
The reason is that you can use that amount of asset to generate a 4-5% yearly cashflow which is roughly equal to your salary.
The reason is that you can use that amount of asset to generate a 4-5% yearly cashflow which is roughly equal to your salary.
Re: How much is enough for retirement in Singapore?
Posted: Thu Mar 04, 2010 8:50 pm
i cannot predict the future, but for a start, i think this should serve as rough guide....KSP wrote:How much saving do you think is enough for a good retirement in Singapore?
https://www.cpf.gov.sg/cpf_trans/ssl/fi ... input1.asp
Posted: Thu Mar 04, 2010 8:51 pm
did you consider inflation?Petlover wrote:Assuming that you're spending roughly the same as you're working. You'll need at least 20 to 30 times your yearly salary for your retirement. Why ?
The reason is that you can use that amount of asset to generate a 4-5% yearly cashflow which is roughly equal to your salary.