#1
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How much money needed to Retire?
Not the correct forum to ask this but what the heck. No money, no honey.
I read many articles where one needs $2m to retire in Sg. To me, such writers are not realistic. They exaggerate; to boast or to sell a financial product. What is YOUR OWN retirement plan? Come share. Ps: Realistic please. Don't small boy anyhow talk future. |
#2
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Re: How much money needed to Retire?
with $2m investible cash in property and blue chips dividends stocks at 5% pa low to mimddle risk profile which gives u $100K annually to spend will be a decent live style that I would like to have , bare min,
if not I think will be quite like waiting for the day to come and meaningless in life liao Quote:
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#3
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Re: How much money needed to Retire?
For me, retirement should be around 65. It is the stage where the kids are not dependent on me.
The Straits Times reported an article recently where studies have shown a single elderly person needs S$1,379 to meet basic living needs in Singapore. https://www.straitstimes.com/singapo...single-elderly To me, this is a realistic retirement scenario. |
#4
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Re: How much money needed to Retire?
Try this out. Go on leave for a week and see if you can manage to survive $100 a day including utility and transport and meals. That will give you an indication of how much you need in today’s dollar. Add inflation to it and that will be the amount you need.
Personally 100 is quite enough for 2 with maybe $10 to spare a day. |
#5
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Re: How much money needed to Retire?
Depends on how much you spend.
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#6
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Re: How much money needed to Retire?
For me, I am a simple Joe. I do not have any grand plans. I think my wife and me will be comfortable with $5,000 a month of passive income from 65 onwards. This will comprise of CPF Life and some investment income.
Old people don't need much. I don't need a car at that stage. There is no need to rush to anywhere. Public transport will be scenic at off peak hours. Eating out will be a chore at that age. Fine dining does not appeal. Home cooked food is still the best. If really want to eat out, will choose my fav hawker food. Chicken rice, fish soup, char kway teow which won't cost much. Once a year holiday overseas is good enough. Any more, the legs will struggle to obey. Medical bills? Covered by insurance. Hope the premiums don't rise too fast How will I spend my days? Playing with my grandkids and paying my telco bill to surf SBF! |
#7
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Re: How much money needed to Retire?
Quote:
https://www.straitstimes.com/singapo...single-elderly It is an achievable figure and a respectable amount. Very realistic. Can't try it now bec I am loaded with kids. They skew the numbers. But i suspect my expenditure will be the same as yours. Thanks for sharing bro. |
#8
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Re: How much money needed to Retire?
Quote:
In Malaysia, u need to invest in RM$1 million property to qualify for MM2H retirement program and SGD$1 million cash should be enough to retire. In Thailand, you will need to put a sum of $$ (approx SGD$40K) in their bank and show proof of pension (minimum SGD$500) to qualify for retirement program (many Singaporean do not qualify as we do not have pension unless u are a minister)
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"Do u pity those pathetic fools in Casino, chasing after a poor man's dream of getting rich by gambling"- Donald Trump |
#9
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Re: How much money needed to Retire?
Quote:
When you say "you will need", the assumption is 100% of Singapore citizens must have it IN ORDER to retire, which is not realistic. My question is what is YOUR OWN (realistic) retirement plan? |
#10
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Re: How much money needed to Retire?
Just hope u dum get any sickness n hospitalise tat will wipe out all yr retire saving ...SG can die cannot sick
If not 1.3 to 1.5 monthly will b enough to go thru simple life
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#11
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Re: How much money needed to Retire?
Too cliche bro. Buy medical insurance. Monthly premiums are about $400-$700 a month depending on age. Whatever illness and hospital bills will be paid e.g. a $70k cancer treatment. I believe it can be paid from CPF MA account
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#12
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Re: How much money needed to Retire?
Too old n no extra cash to buy
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Waiting for new post : wishlow123 Bkba333 Senorita9876 xrated1 Waiting for return : kelang 15/4 Bankoantm 15/4 Vivalarity 16/4 AnnouncerShard 16/4 Shoot To Target 18/4 whiskynaam 18/4 arboy123 22/4 |
#13
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Re: How much money needed to Retire?
CPF MA account. You still can't touch your CPF MA after 65 LOL. Other than to buy hospital insurance. So might as well buy.
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#14
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Re: How much money needed to Retire?
bro in your estimation. the 1.5mil is for one person or a couple? if for one person that mean need est 3 mil for a couple to retire?
also does your 1.5mil est include the CPF life retirement sum? Quote:
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#15
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Re: How much money needed to Retire?
Quote:
Basically $1.5-1.6 per person is what you will need realistically to stop working right away with no concern about long term retirement (i.e. financial independence). For anyone who doesn't have that number it means that their savings, however much they currently have will, may not be able to last them in perpetuity. Of course if you know exactly when you will die, then you don't need to plan for financial independence in perpetuity, in which case you can likely get by with a much smaller number. |
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