How much is enough for retirement in Singapore?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.
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How much is enough for retirement in Singapore?

S$500K+
36
19%
S$1M to S$2M+
100
52%
S$3M to S$5M
36
19%
S$5M or more
20
10%
 
Total votes: 192

tyeogh
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Re: How much is enough for retirement in Singapore?

Post by tyeogh » Thu Jul 18, 2019 9:16 am

Cloud Cloud wrote:
Thu Jul 18, 2019 6:54 am
Is there a cap on the amount in the RA?
Not sure if I understand your question. If you refer to how much one can keep in his RA, the answer is no cap.

If you refer to how much one can put inside RA, there is a cap. You can top up your RA up until the ERS amount.

https://www.cpf.gov.sg/Members/Schemes/ ... -up-scheme

Funz
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Re: How much is enough for retirement in Singapore?

Post by Funz » Thu Jul 18, 2019 9:26 am

For me I will expect them to give us a portion of their income and I will not let them think that it is to contribute to the cost of the household but as a responsibility towards us, their parents. Cos if they think it is to contribute to household cost does it mean that they stop giving when they move out? :lol:

Even now, I make them pass to me 50% of all their angbaos and savings.

MrsKiasu
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Re: How much is enough for retirement in Singapore?

Post by MrsKiasu » Thu Jul 18, 2019 9:30 am

best if they give auto .. how arh? say Auntie XX's kids give how much to her every month arh :lol:

ngl2010
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Re: How much is enough for retirement in Singapore?

Post by ngl2010 » Thu Jul 18, 2019 9:38 am

Funz wrote:
Thu Jul 18, 2019 9:26 am
For me I will expect them to give us a portion of their income and I will not let them think that it is to contribute to the cost of the household but as a responsibility towards us, their parents. Cos if they think it is to contribute to household cost does it mean that they stop giving when they move out? :lol:

Even now, I make them pass to me 50% of all their angbaos and savings.
Same thinking as me. Except that DS keeps 100% of his angbaos and savings.

ngl2010
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Re: How much is enough for retirement in Singapore?

Post by ngl2010 » Thu Jul 18, 2019 9:44 am

If we tell them that they need to give us money to contribute to our household expenses, will they think that we also have to contribute to their household expenses when we are 90 years old and living with them? I think it is a bad idea to use this reasoning.


tyeogh
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Re: How much is enough for retirement in Singapore?

Post by tyeogh » Thu Jul 18, 2019 9:45 am

Nebbermind wrote:
Thu Jul 18, 2019 8:35 am
I would assume the $1319 probably arrived from data collected from people around the median of the 80% living in HDB. They donch really care about people living in private prop, do they?
The article below
https://www.straitstimes.com/singapore/ ... le-elderly

Includes private property. It is $1,379 for singles and $2,351 for couples aged 65 and above.

Funz
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Re: How much is enough for retirement in Singapore?

Post by Funz » Thu Jul 18, 2019 9:45 am

Start brainwashing them now. :laugh:

My kids see me giving my parents every month. I do talk about it to them and sometimes I ask them so next time when you start working how much of your income do you think you will give us. And like now they auto pass to me 50% of their angbaos and savings.

MrsKiasu
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Re: How much is enough for retirement in Singapore?

Post by MrsKiasu » Thu Jul 18, 2019 9:58 am

we didn't plan well..our kids don't know we been giving allowance to our parents :sweat:

my mom doesn't give monthly allowance to my grandparents but I believe she gave on ad hoc basis/ buy things for them..coz grandpa is earning quite good at that time..in fact esp married uncles with kids got contribution from the elders..they got their first home with money from their parents..me and dh, we dont remember specifically our parents asked us for allowance when we first came out to work but we gave them from since first come out to work even when we saving money for our hdb/marriage.. we feel good to be able to 'take care' of our parents then so I really hope our kids will have that kind of thinking.

tyeogh
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Re: How much is enough for retirement in Singapore?

Post by tyeogh » Thu Jul 18, 2019 10:06 am

Er....dunno about you guys. I have teenagers. They seem to have grown a mind of their own. I can't even get them to eat dinner together as a family at the same time. My peers report the same. What more give us pocket money in our old age. Yes, we can "train" them with ang baos. That's bec they are living under our auspice and they know they have to comply. Or at least answer "Yes, they will take care of us" .

When they grow their own wings, it is a different story. I know of many who do not give their parents pocket money or give adequately. It became the source of endless family squabbles. I'd be happy alreafy if they dont come to me with "wonderful investment ideas" in my old age.

tyeogh
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Re: How much is enough for retirement in Singapore?

Post by tyeogh » Thu Jul 18, 2019 10:21 am

Btw I have 4 kids. I know their nature. 2 is likely to give and 2 not. Is this called a balanced portfolio? :rotflmao:

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