How much money needed to Retire?

[VoicesWithin]

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.

[DieCorkStand]

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

Originally Posted by VoicesWithin

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.

[VoicesWithin]

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.

[juzz06]

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.

[Zakarum]

Depends on how much you spend.

[VoicesWithin]

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!

[VoicesWithin]

Originally Posted by juzz06

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.

$100 a day works out to be $3000 a month for a couple. Or $1500 a person a month. It is congruent with the studies.

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.

[snooker]

Originally Posted by VoicesWithin

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.

In Singapore with a fully paid property, you will need to have at least $1.5 million in cash to retire

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)

[VoicesWithin]

Originally Posted by snooker

In Singapore with a fully paid property, you will need to have at least $1.5 million in cash to retire

No offence bro, but this is what I mean by small boy talk. Gin na pak elastic. I am nearing the end of my career and I have not seen many (or any) of my peers with $1.5m in cash IN ADDITION to a fully paid property. Sure, there are rich people in Sg. Maybe only 10% of Sg population or approx 350,000 citizens have it, and I haven't had the good fortune of meeting any of them?

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?

[loneyheart]

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

[VoicesWithin]

Originally Posted by loneyheart

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

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

[loneyheart]

Too old n no extra cash to buy

[VoicesWithin]

Originally Posted by loneyheart

Too old n no extra cash to buy

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.

[stoicism]

Originally Posted by VoicesWithin

No offence bro, but this is what I mean by small boy talk. Gin na pak elastic. I am nearing the end of my career and I have not seen many (or any) of my peers with $1.5m in cash IN ADDITION to a fully paid property. Sure, there are rich people in Sg. Maybe only 10% of Sg population or approx 350,000 citizens have it, and I haven't had the good fortune of meeting any of them?

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?

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.

[I Love Boobs]

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!