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  #46  
Old 17-09-2020, 10:30 AM
VoicesWithin VoicesWithin is offline
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Re: How much money needed to Retire?

Hope more bros can share their own retirement plan. Thanks.
  #47  
Old 17-09-2020, 10:44 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by ttocaw View Post
Everyone wished they can have a couple of M heading into retirement but reality sometimes is not as rosy. They are both salaried workers their whole life. No big up big down types.

My in laws retired last year at 63 & 65.
Both of them live in a fully paid up 4 room flat and they were on the old retirement sum scheme but they opt to join the CPF life a few years back.

Both topped up to FRS base on the figure a few years ago, not sure how much.

Both their CPF will give them a cash flow of about 2.7k between the 2 of them till the day they pass once both hit payout age. They have private annuity that pays about 200+ a month each. I'm not sure how much they are getting from the old retirement sum scheme if any since they chose to join CPF life. I'll assume none.


They are holding hard cash of 150k give and take in a mix of fixed deposits, cash and government bonds.

They have some bank stocks but worth less than 100k now given the state of the market.

Plus allowance from their children, a 4k ish cash flow for an elderly retired couple in SG is very comfortable considering that the flat is fully paid and they don't drive.

They now netflix and chill most of the time, go walk around shopping, drink coffee, meet old friends chit chat and take long bus ride for sightseeing or go queue for famous hawker food.

Everyone's lifestyle is different, the number might work for you but not for others with more commitment or a bigger family.

Retirement is a race everyone runs at their own pace with their own finish line.

Most important of all is health.
What is a few M if you don;t have the health or life to enjoy it ?

CPF is like the girl you don't want to sleep with but end of the day, when you need a hole, it's there, provided you planned for it hahaha.
Can't depend on it totally but if you plan in advance and use it as a backup, it can complement whatever you have.
thanks for sharing. it looks to me that at least maxing the FRS is the fundamental minimum.

from your post though, how did you arrive at 4k-ish cash flow?

I would say 4k for a couple is comfortable and about right, taking into account any possible future medical needs (not the bank-busting type). So 4k per month, if projecting retirement at 62 years old and taking a safe number of years of 30 years (to over-estimate as no opportunity to work again if run out of funds at 80+, 90 years old), that's 48k per year.

for 30 years, comes to about 1450000 (or 1.45mil) thereabouts. this is not all hard cash of course and can take into account the cpf payouts (though there are some who say take cpf as a bonus). of course, if want to count until 100 years old, then it's about 1.8mil. then, if want to add buffer like interest (though I think 4k per couple covers that), then maybe that's why some people say 2mil (again, no necessarily all cash la).

and this most impt: Health is most important, then Family
  #48  
Old 20-09-2020, 05:30 AM
henry_ang10 henry_ang10 is offline
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Re: How much money needed to Retire?

Quote:
Originally Posted by fastshot View Post
thanks for sharing. it looks to me that at least maxing the FRS is the fundamental minimum.

from your post though, how did you arrive at 4k-ish cash flow?

I would say 4k for a couple is comfortable and about right, taking into account any possible future medical needs (not the bank-busting type). So 4k per month, if projecting retirement at 62 years old and taking a safe number of years of 30 years (to over-estimate as no opportunity to work again if run out of funds at 80+, 90 years old), that's 48k per year.

for 30 years, comes to about 1450000 (or 1.45mil) thereabouts. this is not all hard cash of course and can take into account the cpf payouts (though there are some who say take cpf as a bonus). of course, if want to count until 100 years old, then it's about 1.8mil. then, if want to add buffer like interest (though I think 4k per couple covers that), then maybe that's why some people say 2mil (again, no necessarily all cash la).

and this most impt: Health is most important, then Family

$1.8M for a couple or each one $1.8M?
  #49  
Old 20-09-2020, 06:06 AM
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Re: How much money needed to Retire?

I just learned this recently.

Cash is not cool especially 1 mil cash sitting in bank earns nothing.

Gold is money.
Silver is future money.
  #50  
Old 20-09-2020, 10:09 AM
pakpak2001 pakpak2001 is offline
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Re: How much money needed to Retire?

[QUOTE=repairman;20218067]
========================
cpf only $20k not even enuf to cover basic cpf
Comcare only $550 per mth, need to pay only $180 rental
how to retire
now can only DIY
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  #51  
Old 20-09-2020, 10:36 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by fastshot View Post
I would say 4k for a couple is comfortable and about right, taking into account any possible future medical needs (not the bank-busting type). So 4k per month, if projecting retirement at 62 years old and taking a safe number of years of 30 years (to over-estimate as no opportunity to work again if run out of funds at 80+, 90 years old), that's 48k per year.

for 30 years, comes to about 1450000 (or 1.45mil) thereabouts. this is not all hard cash of course and can take into account the cpf payouts (though there are some who say take cpf as a bonus). of course, if want to count until 100 years old, then it's about 1.8mil. then, if want to add buffer like interest (though I think 4k per couple covers that), then maybe that's why some people say 2mil (again, no necessarily all cash la).
I see the problem. Maths and logic. You don't take $4k a month and multiply it by the next 40 years that you are going to live; and then come to the conclusion one needs $1.8m to retire.

And then the next person on the internet, without reading much, asks if it is for a single person or a couple, implying one needs $3.6m to retire!

Everyone is just scaring each other with myths! Have you guys given this any serious thoughts?

***************

Simple maths:


***************

When one buys the CPF Life ERS at 55, it cost $270k and pays out $2k for life. So for a married couple, to get $4k a month income, it is just $270k x 2 = $540k.

Not $3.6m

If one works all the way after school, with compound interest,.getting $270k in his CPF SA account at 55 y.o is not difficult. Almost all my peers are there.

And we do not have $3.6m spare cash!
  #52  
Old 20-09-2020, 01:31 PM
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Re: How much money needed to Retire?

I tot CPF Life is only at 65 then decide?

https://www.cpf.gov.sg/eSvc/Web/Sche.../LifeEstimator
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  #53  
Old 20-09-2020, 01:46 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.


Even you had million of cashs but will you have time to spend all before die?

Oh yea.

When you die.... you cannot bring $ along.

Need to calculate properly.

I think $3k per month should be enough.


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  #54  
Old 20-09-2020, 10:34 PM
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Re: How much money needed to Retire?

Its the spending thats depleting ur savings. Saved $1million for retirement also no use and will use up in a few years time.

Better to buy a Condo and collect rent than keeping $ in the bank.
  #55  
Old 21-09-2020, 12:10 PM
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Re: How much money needed to Retire?

Buying a condo, rent out and collect rent is a good strategy, if your condo is fully paid. If your condo is not fully paid, you still need to pay the mortgage loan. So your actual amount you take home will be lesser.
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  #56  
Old 22-09-2020, 12:58 AM
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Re: How much money needed to Retire?

Google Youtube for "1M65" on how to Get $1 Million at 65 using Your CPF
That guy, Mr Loo talk about putting $130k cash into your & spouse CPF SA for 35yrs.The prevailing interest rate of 4 per cent compounded over time will grow both of your combined CPF balances to $1 million by 65 years old!!!
For math enthusiasts, the 1M65 concept can be distilled into this very simple formula: $130,000 x (1+0.04)^35years x 2 = $1,000,000

But then, how many of us can have $130k cash at age +20???
Alternatively...I have done the math. If we put $2k of our chicken fund in CPF(SA) every year for 30yrs , the final amount would have almost double up
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Last edited by havana; 23-09-2020 at 01:18 AM.
  #57  
Old 22-09-2020, 03:22 AM
xxx_OrOcO_xxx xxx_OrOcO_xxx is offline
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Re: How much money needed to Retire?

Really depends on each individual lifestyle. Just need to calculate your regular monthly expenses and add the inflation rate annually; you can get an estimation of what you need every year.
  #58  
Old 22-09-2020, 05:36 AM
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Re: How much money needed to Retire?

Instead of retirement, anyone thought of semi retirement?
  #59  
Old 22-09-2020, 08:49 AM
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Re: How much money needed to Retire?

Yeah semi retirement better.

For me ideal case is have that nest plus cpf life and it’s for u to enjoy I.e. travel or go concert or performance u like.

Then need to do something on a weekly basis to sustain ur daily expenses. Don’t need a lot, I think $50 a day is enough. Teach an instrument, tuition maybe. For me I’m working towards coaching my favorite game.
  #60  
Old 22-09-2020, 10:02 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by havana View Post
Google Youtube for "1M65" on how to Get $1 Million at 65 Using Your CPF
That guy, Mr Loo talk about putting $130k cash into your & spouse CPF SA for 35yrs.The prevailing interest rate of 4 per cent compounded over time will grow both of your combined CPF balances to $1 million by 65 years old!!!
For math enthusiasts, the 1M65 concept can be distilled into this very simple formula: $130,000 x (1+0.04)^35years x 2 = $1,000,000

But then how many of us can have $130k cash at age +20???
Alternatively...I have done the math. If we put $2k of our chicken fund in CPF(SA) every year for 30yrs , the final amount would have almost double up
I saw an article on the papers couple of years back talking about this formula as well. Instead of putting into the spouse account, the well-to-do parents max out their children's SA as the earliest opportunity. Anybody whom can afford may choose to do this.
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