#46
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Re: How much money needed to Retire?
Hope more bros can share their own retirement plan. Thanks.
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#47
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Re: How much money needed to Retire?
Quote:
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
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Re: How much money needed to Retire?
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$1.8M for a couple or each one $1.8M? |
#49
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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
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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
__________________
Work Hard - But remember to enjoy! No point slogging to earn money only to buy medicine & a nice coffin! |
#51
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Re: How much money needed to Retire?
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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
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Re: How much money needed to Retire?
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#53
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Re: How much money needed to Retire?
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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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24th august 2020: Semi - Retired |
#54
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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
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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.
__________________
Patient is the key to success. |
#56
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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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If an issue can be settle with $, then it is not a real issue But the issue is... I have no $ 如果可以用钱决绝的问题,那就不是真正的问题 但是我的问题是...我没钱 Last edited by havana; 23-09-2020 at 01:18 AM. |
#57
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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.
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#58
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Re: How much money needed to Retire?
Instead of retirement, anyone thought of semi retirement?
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#59
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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
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Re: How much money needed to Retire?
Quote:
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