How much is enough for retirement in Singapore?

[lee_yl]

I don’t care!! The children must give an allowance of at least $300 to both parents when they start working.

They will, in the first few years of work and when living under your roof. What happens when they are married and give infrequently, or none at all? Whatcha going to do to them?

Dont see them? They are already happy with John. Not interested in seeing you.

Scold them?

"Mom I am busy with a customer. Call you back tomoro"

Excommunicate them? Better still for them. No need travel to visit you.

Or maybe they are busy quarrelling with Dick why she must give to her parents, he must give to his parents, end up not enough for their own household expenses etc

How now brown cow?

Maybe I've seen too many things in life

Is it because your in-laws feel that “daughters are married off “ so they paiseh to take their allowance? My MIL insists my hubby must give more than the daughter else others will laugh at her. My parents said I don’t need to give them allowance cos I’m not working but I insist.

DH also mentioned that our love for the kids should be unconditional. I told him if everyone is born to be so auto, then our govt no need to be troubled over old folks sleeping on the streets etc.

Oh yes, my mum mentioned that when we asked for monthly allowance, the children will feel that they are obliged to take care of their parents in old age. Else when there is no such habit and the old folks suddenly ask for it, the children may not be happy. Another thing is, my mum does NOT want me (and my siblings) to use GIRO, must hand her cash. Guess that way, even if not free, I have to visit them and pass them their allowance at least once a month

[lee_yl]

I think the $1,319 is hyperbole. So is the $2m.

$1,500 for a single person is tough. $3k for a couple should be alright. Some expenses can be shared. You can have my facial budget

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?

$1,319 is probably the bare minimum one needs in order to survive in Singapore after retirement (note: this figure does not include medical fees).

DH has been keeping track of the household expenses as well as personal expenses in excel spreadsheets for years. Every single cent he spent, say, drank a a cup of kopi $1.10 at Koufu etc., he will record it down. Guess he has a clearer picture of how much is required after retirement than I do.

DH says he looks at his mum, seems like she doesn’t need to spend $1,319 per month. But that is because we cater to all her needs like medical care, helper cost, her daily meals etc. But to be safe, we cannot assume that such familial support will be available to us in our twilight years

[lee_yl]

tyegh - i agree your Fil's value -unconditional love to kids in need , self sufficient, no monetary expectations- young generation will learn to reciprocate even more and love /respect elders -returns are multiple folds

side story i heard:
a fren mil has more than half a mil cash - stay next block- goes to her son place every day to pass time. cook, eat etc
son give her monthly $ to buy grocery to eat n spend n household. she complained my fren din gave her pocket money , her hub is only son. but she no need extra cash ... according to my fren, they will give her kopi money in new yr, birthday , go out to eat during festive etc she sees her mil as "calculative" n not understanding .. as in her view they are taking care of her and she can keep her > half mil safely in bank / old aged.

But the Ah ma’s half a mil cash is her own savings mah. The daughter-in-law expects the MIL to eat her own savings?

Sometimes even if our children willing to give but son-in-law or daughter-in-law not happy also jialak hor.

[Funz]

For me, them giving a part of their income to us is not about conditional or unconditional love. We love them whether or not they give. I was brought up this way so this is the practise I will pass along to my kids.

We will most likely not need their money and it will eventually go back to them or their kids. If we do need for whatever reasons, it will be there for us to tap into. I believe that it will be less stressful for them if the amount to give to parents is already planned for and put aside compared to on adhoc basis we ask them for cash.

As to how much to give, I think depends on their initial take home pay, maybe 5%. Eventually it is up to them whether to increase the absolute amount or not.

[tyeogh]

Is it because your in-laws feel that “daughters are married off “ so they paiseh to take their allowance? My MIL insists my hubby must give more than the daughter else others will laugh at her. My parents said I don’t need to give them allowance cos I’m not working but I insist.

DH also mentioned that our love for the kids should be unconditional. I told him if everyone is born to be so auto, then our govt no need to be troubled over old folks sleeping on the streets etc.

Oh yes, my mum mentioned that when we asked for monthly allowance, the children will feel that they are obliged to take care of their parents in old age. Else when there is no such habit and the old folks suddenly ask for it, the children may not be happy. Another thing is, my mum does NOT want me (and my siblings) to use GIRO, must hand her cash. Guess that way, even if not free, I have to visit them and pass them their allowance at least once a month

No, my in laws have a son too. Daughters and son same treatment.

Your hubby is right about unconditional love. But it is about timing and approach. We give unconditional love to our kids when young. BUT WE ALSO have to train them when young else they become spoilt ingrate brats.

Yes, train the habit of giving us pocket money when they start work, like my MIL did. It trains filial piety. But don't expect. Over the years, if they continue giving, great. If they don't, it's great too. Understand that they too have their challenges.

For our kids, who likes to see a debt collector every month?

[Nebbermind]

If sons are expected to be the main provider, then I guess it's fair to expect they will be willed whatever left after the last parent's passing... Fair right?

[tyeogh]

tside story i heard:
a fren mil has more than half a mil cash - stay next block- goes to her son place every day to pass time. cook, eat etc.. as in her view they are taking care of her and she can keep her > half mil safely in bank / old aged.

Chek ark MIL. Some people are just born selfish

[MrsKiasu]

how abt open a bank acct (joint or you would have access to) for kids salary crediting?

[tyeogh]

how abt open a bank acct (joint or you would have access to) for kids salary crediting?

Must keep up with the times le. Use Paylah! and Paywave. Rent a Visa machine and ask them to tap their Visa card when entering our house....

[MrsKiasu]

how abt open a bank acct (joint or you would have access to) for kids salary crediting?

Must keep up with the times le. Use Paylah! and Paywave. Rent a Visa machine and ask them to tap their Visa card when entering our house....

and we are really scary parents lor

And you have 4! Rich la you