#16
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Re: How much money needed to Retire?
Most Singaporeans can expect to be washing dishes and pushing trolleys at Changi airport well into their 80s.
Oops, I forgot. Changi airport and SQ have been ass-fucked by Covid.... The only guys who can afford to retire are in the laundry business at the CBD... Enjoy! |
#17
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Re: How much money needed to Retire?
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#18
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Re: How much money needed to Retire?
How much you need depends on your idea of retirement. If you intend to stay home only or travel the world, of course you will need more money.
After 2 months of CB, many friends I know are scared of not having anything to do. Watch tv/netflix can also watch until scared. I jokingly asked if they still plan for FIRE (Financial Independence, Retire Early). If retirement means to stop working and stay home, then this kind of retirement is just waiting for the time to die. I do have friends who are retired. Some rent out 1 or 2 rooms so that they don't live alone. If a heart attack occurs, at least have someone around to call for an ambulance. Rental income good for retirement too. Some drive grab because they can find riders to chat with, everyday go different places, can cover rent/petrol/daily expenses is enough. Plus they have a car to drive around during retirement. 1 guy I know drives 8 am to 12 noon, lunch and go home take afternoon nap, drives 4 pm to 8 pm, then drink beer at the coffeeshop downstairs before sleeping at 11 pm. He is quite happy and has yet to touch his retirement savings. But retirees should be careful of China/Viet/Indo/beer girls lah. Many are butterflies trying to suck honey from as many old men as possible. Don't try to be possessive over such butterflies because old men like to throw money at butterflies so that that butterfly only suck his honey.
__________________
I don't exchange points. So no point adding me hoping I will up you back. No need to pm me about points too. |
#19
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Re: How much money needed to Retire?
Guys, with all these numbers, do bear in mind to factor in inflation of about 2-3% yearly.
May not seem much per year but if we look into 10 years, looking at close to having only 75% of your money's value. |
#20
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Re: How much money needed to Retire?
With this type of fucking greedy government, we'll be lucky to have 75%
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#21
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Re: How much money needed to Retire?
Interesting topic. I have 5 rules when it comes to planning my retirement.
1. Don't depend on the government. No government regardless Singapore or where in the world, will plan my retirement for me. If they do, they are just passing the shit to my kids. 2. Choose 3 locations to retire. Depending on how much I achieve, then I plan where to retire. So now I plan one nice place, two third world countries aka Singapore, Australia and Malaysia. Any countries that is ang moh managed to me is a third world country including USA or Europe. Anytime can go bankrupt one. Not safe. Just as bad as Malaysia. 3. Must make sure I have health and death insurance fully paid for and internationally transferrable. This one hard but can be done. 4. Buy a house in each of the 3 locations and ideally a passive income. In Singapore, my passive income will become my CPF la. In Australia and Malaysia, after selling my HDB can buy 2 to 3 properties la to live on rental la. Not prime area hor. More like the student centric locations. 5. Make sure I finished and tired of womanising. Too expensive a hobby. hahaha. |
#22
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Re: How much money needed to Retire?
I doing planning and I find most Singaporean aren’t afraid to retire less. Which is quite worrying. Imagine 60 and above you’re still working at coffeeshop cleaning table. Not that is wrong or bad, but won’t people want to have a life comfortably enjoy sitting back, travel and play with grandkids?
What’s your dream of retirement like?☺️
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Will be appreciated if can up my points👍🏼 |
#23
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#24
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#25
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Re: How much money needed to Retire?
if you dont over commit on your properties, your monthly CPF life payout (1k to 2k) should be enough for your daily expense. The rest of your cash will be for your entertainment and overseas travel.
N Mmke sure you have hospital and health coverage |
#26
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Re: How much money needed to Retire?
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#27
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Re: How much money needed to Retire?
2020 Full Retirement Sum requires $181,000.
2021 will be $186,000. 2022 will be $192,000. For people born in 1960. In 2020. CPF Life $30,000 Standard Plan - M $239, F $256 Escalating Plan - M $193, F $208 Basic Plan - M $228, F $243 Lets take this year $181,000 balance in Retirement Account(RA). Standard Plan - M $1,176, F $1,267 Escalating Plan - M $927, F $1,008 Basic Plan - M $1,067, F $1,153 So to withdraw $1,000 a month, you need $181,000 in 2020. If you’re still young and planning. By the time 2040 it’ll be close to $250,000? Always do plans to beat inflation.☺️☺️☺️
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Will be appreciated if can up my points👍🏼 Last edited by Destin6wU; 08-09-2020 at 10:46 PM. |
#28
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Re: How much money needed to Retire?
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#29
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Re: How much money needed to Retire?
A 65 + colleague told me. He took his $ with % still stuck in CPF. There is a monthly payout of $1700. He said actually dont need to work. I am kind did not ask a mother of all Q.
Why dont he stay at home? TCSS. Local joke. He worked to pass the time. I dont believe him. Back to this 55 yrs retirement plans. From what i gather from people who taken CPF $. Based on past 2 yrs. There is only one option. Withdraw the $ generate by how much based on gov policy. Or decide not to because dont need to $ as at now. The CPF accounts has good interests. CPF dont really worked in the long term. Founding father said 20 yrs ago. The CPF $ is for the next generation. Dont think over it. Given a chance to change the sys we are scare. Now is too late. There is not much 10 opp MP can do. By the way. Sabah GE on 26 Sep. On news. 73 seats 5 corner fights. All the time I though Sabah is like Sentosa. I was wronged. On the records. We have 93 seats. 10 won by the hammer. How big is Sabah compare to this red dot? 2 times the size? Please tell me. |
#30
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Re: How much money needed to Retire?
I have a good way for an employee like myself. Max out your CPF SA as early as possible, even prioritise it over your HDB loan payment. The compounded interest in SA is just amazing. I was lucky to achieve that 8 years ago, and now I get in excess of 8k interest every year. and thinking that cpf will also pay interest next year on this 8k interest just brings a smile to my face.
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