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  #16  
Old 08-09-2020, 01:42 PM
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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  
Old 08-09-2020, 01:53 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by VoicesWithin View Post
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.
Only an idiot will retire in Singapore
  #18  
Old 08-09-2020, 02:55 PM
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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.
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  #19  
Old 08-09-2020, 03:03 PM
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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  
Old 08-09-2020, 03:07 PM
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Re: How much money needed to Retire?

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Originally Posted by blastit View Post
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.
With this type of fucking greedy government, we'll be lucky to have 75%
  #21  
Old 08-09-2020, 03:09 PM
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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  
Old 08-09-2020, 03:29 PM
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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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  #23  
Old 08-09-2020, 03:58 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by stoicism View Post
Actually my number is quite close ($1.6mil). And I think it is exactly that many singaporeans don't have that number that's why they keep working as long as they possibly can.

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.
Bro stoicism, may I ask why you need $1.6m at 65 yrs y.o? You got wife and kids?
  #24  
Old 08-09-2020, 04:04 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by Xgenre View Post
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.
Practical. Good share. Nothing to do also damn boring. I also plan to rent out a room after the kids move out. Get some income. Not so lonely. Hopefully rent to a SYT if the wife approves! Lol
  #25  
Old 08-09-2020, 04:15 PM
REDDEVILS7 REDDEVILS7 is offline
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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  
Old 08-09-2020, 04:42 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by DieCorkStand View Post
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
not if you factor in inflation.
  #27  
Old 08-09-2020, 04:45 PM
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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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Last edited by Destin6wU; 08-09-2020 at 10:46 PM.
  #28  
Old 11-09-2020, 11:55 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by VoicesWithin View Post
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.
Having solid passive incomes can lead to good retirement benefits.
  #29  
Old 12-09-2020, 05:24 PM
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Unhappy 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  
Old 16-09-2020, 02:29 PM
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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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