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  #61  
Old 22-09-2020, 11:02 AM
VoicesWithin VoicesWithin is offline
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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
My wife and me found out about this late in life in our early 40s. We shifted as much as we can from OA to SA. Then again, we had little in our OA after paying monthly mortgage. Some months we transferred a few hundred dollars only. Nonetheless, it still collects better interest in SA. My wife managed to top up SA to the max level which is FRS. I came close. Bec of what we did, I shared earlier i now collect $10k interest annually while my wife collects $13k, without doing anything. Free $23k a year! These figures will increase every year. It is good money and a wise strategy.

Like you said, who amongst us have $130k, at 20 y.o. It is only people in the 40s that have this amount in their SA. I encourage everyone to do this if you haven't already done it. It is such a good "kang tao" that the Govt refuses to allow more top up after FRS.

Now that my home is fully paid up and I can't transfer to SA anymore, I am accumulating OA (yet once again) at the pathetic 2.5% interest to build about $25k per child for their tertiary education. Almost there. Then my journey is done.

Thanks for sharing. Hope more bros can share their OWN retirement plans.
  #62  
Old 22-09-2020, 11:10 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by poongko View Post
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.


I am targeting $2.5k per month for myself and will be happy with it. Less than you.

On a side note, a combined $5k per couple is better than a single person $3k because some household expenses can be shared e.g buy washing machine.

Thanks for sharing.
  #63  
Old 23-09-2020, 02:46 AM
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Re: How much money needed to Retire?

"Retire early slow travel" is also another idea to retire
Basically U live on a budget of +$1.5k per pax per month and move from places to places in cheaper countries like Philippines and Thailand. If you are a couple U probably only need +$2k...
To finance this, U can rent out your whole HDB/condo. I expect the expenses to be...
-Rental $700 (Airbnb)
-Food $300 (Cook and eat out once a while)
-Shopping $100
-Transport $100
-Misc $300

The only issue is Visa free is usually for 30 days. After that U are required to pay for visa extension or make "Visa run" adding cost to your monthly expenses. The whole idea of "Retire early slow travel" will only appeal to those who are adventurous and want to see the world. Being Singaporean, we have the advantage to travel around Asia easily and return back home fast should any issue arises.
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Last edited by havana; 23-09-2020 at 06:42 PM.
  #64  
Old 23-09-2020, 05:11 PM
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Re: How much money needed to Retire?

I do know of an early retiree (40s now), travel every month prior to COVID19. TBH, cost of living is darn high in Singapore. Just choose other liveable cities in Asia Pacific, one will realise things are cheaper in general.
  #65  
Old 24-09-2020, 07:30 AM
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Re: How much money needed to Retire?

other than those rich rich people, for commoners in sg, u think can retire comfortably? haiz.
  #66  
Old 24-09-2020, 07:43 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by VoicesWithin View Post
My wife and me found out about this late in life in our early 40s. We shifted as much as we can from OA to SA. Then again, we had little in our OA after paying monthly mortgage. Some months we transferred a few hundred dollars only. Nonetheless, it still collects better interest in SA. My wife managed to top up SA to the max level which is FRS. I came close. Bec of what we did, I shared earlier i now collect $10k interest annually while my wife collects $13k, without doing anything. Free $23k a year! These figures will increase every year. It is good money and a wise strategy.

Like you said, who amongst us have $130k, at 20 y.o. It is only people in the 40s that have this amount in their SA. I encourage everyone to do this if you haven't already done it. It is such a good "kang tao" that the Govt refuses to allow more top up after FRS.

Now that my home is fully paid up and I can't transfer to SA anymore, I am accumulating OA (yet once again) at the pathetic 2.5% interest to build about $25k per child for their tertiary education. Almost there. Then my journey is done.

Thanks for sharing. Hope more bros can share their OWN retirement plans.
Great strategy. But you are putting $$ in a pot where you have no control in and subjected to policy changes. The withdrawal and goal posts keep changing. You see liao very shiok but can withdraw fully or not? I think quite high chance cannot. In the next 20 years, some scholars will come out with new ideas pertaining to the CPF SA. But again, we suck thumb since we don’t have control over the policy. In the end, your plan sure backfire
  #67  
Old 24-09-2020, 07:48 AM
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Re: How much money needed to Retire?

Bro VoicesWithin,

Up you 16 point.

Good for you to do this way.

Another aspect - every year can deposit $7,000 up to $14,000 inot CPF and these can be tax deductible. You end up pay less tax and earned higher interest.

Go to CPF and talk with them.



Quote:
Originally Posted by VoicesWithin View Post
My wife and me found out about this late in life in our early 40s. We shifted as much as we can from OA to SA. Then again, we had little in our OA after paying monthly mortgage. Some months we transferred a few hundred dollars only. Nonetheless, it still collects better interest in SA. My wife managed to top up SA to the max level which is FRS. I came close. Bec of what we did, I shared earlier i now collect $10k interest annually while my wife collects $13k, without doing anything. Free $23k a year! These figures will increase every year. It is good money and a wise strategy.

Like you said, who amongst us have $130k, at 20 y.o. It is only people in the 40s that have this amount in their SA. I encourage everyone to do this if you haven't already done it. It is such a good "kang tao" that the Govt refuses to allow more top up after FRS.

Now that my home is fully paid up and I can't transfer to SA anymore, I am accumulating OA (yet once again) at the pathetic 2.5% interest to build about $25k per child for their tertiary education. Almost there. Then my journey is done.

Thanks for sharing. Hope more bros can share their OWN retirement plans.
  #68  
Old 24-09-2020, 10:09 AM
VoicesWithin VoicesWithin is offline
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Re: How much money needed to Retire?

Quote:
Originally Posted by bignehneh View Post
Great strategy. But you are putting $$ in a pot where you have no control in and subjected to policy changes. The withdrawal and goal posts keep changing. You see liao very shiok but can withdraw fully or not? I think quite high chance cannot. In the next 20 years, some scholars will come out with new ideas pertaining to the CPF SA. But again, we suck thumb since we don’t have control over the policy. In the end, your plan sure backfire
Dear sir, respectfully your logic don't make sense. I merely transferred from CPF OA to CPF SA. Both of them I still cannot control. I just earn better interest at 4%. So no, I am not "putting $$ in a pot that will backfire". All citizens and PR have to contribute to CPF. I am just making better use of the money that is already stuck in CPF.

My ageing 70+ mom still collects money from CPF under the old schemes. So yes, we can withdraw fully. CPF eating our money is a myth.
  #69  
Old 24-09-2020, 10:21 AM
VoicesWithin VoicesWithin is offline
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Re: How much money needed to Retire?

Quote:
Originally Posted by lipe View Post
Bro VoicesWithin,

Up you 16 point.

Good for you to do this way.

Another aspect - every year can deposit $7,000 up to $14,000 inot CPF and these can be tax deductible. You end up pay less tax and earned higher interest.

Go to CPF and talk with them.
I know a peer who is doing this. I considered the matter. Like the bro in the above comment, I am not keen to put extra money into CPF - an instrument I have little or no control over, even though they offer an attractive 4% compound interest.

I rather invest any retirement money into other instruments which I have control over. It may earn less interest or be subject to more risk. At least i have control. Anyway, I have a big family and there is not much left to invest after feeding all.

Thanks for sharing and thanks for the points. Feel free to add me money not points ya
  #70  
Old 24-09-2020, 12:15 PM
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Re: How much money needed to Retire?

Find out all of you damn loaded.
  #71  
Old 24-09-2020, 02:14 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.
I created a thread on this subject in my other forum 7 years ago.

It can be found at

https://www.sammyboy.com/threads/the...thread.151153/

This post in particular shows you how to estimate how much you will need.

https://www.sammyboy.com/threads/the.../#post-1515996
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  #72  
Old 24-09-2020, 02:47 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by sammyboyfor View Post
I created a thread on this subject in my other forum 7 years ago.

It can be found at

https://www.sammyboy.com/threads/the...thread.151153/

This post in particular shows you how to estimate how much you will need.

https://www.sammyboy.com/threads/the.../#post-1515996
Thanks Boss Sam. It is an interesting read. Most of us after a certain age know the maths, the instruments, what it takes etc. I am just keen to survey ordinary man-on-the-street samsters like me what is their OWN retirement plan. You know, get the richer ones to buy me coffee

Please share yours if you can. Intrusive, but we are all using nicks
  #73  
Old 24-09-2020, 10:54 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by solidarity View Post
Find out all of you damn loaded.
Exactly my sentiments.
  #74  
Old 25-09-2020, 10:34 AM
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Re: How much money needed to Retire?

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Originally Posted by henry_ang10 View Post
$1.8M for a couple or each one $1.8M?
was for couple. one pax where got so much
  #75  
Old 25-09-2020, 08:03 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by lipe View Post
Bro VoicesWithin,

Up you 16 point.

Good for you to do this way.

Another aspect - every year can deposit $7,000 up to $14,000 inot CPF and these can be tax deductible. You end up pay less tax and earned higher interest.

Go to CPF and talk with them.
Better to put in SRS, also tax deductible. can withdraw after 62, limit 40k per annum if not working by then. better than put in cpf as I understand topup amount cannot be withdrawn and it form part of your monthly payout after 65, if I am not wrong. The amount u put in SRS can use to buy shares, put FD, etc. Do not leave it in SRS and do nothing as it earn paltry interest, board rate. For me I use the $ to buy bank shares and keep for long term. Annual dividend is good but if you buy at the peak price, you will lose out. If this happens, then buy more, if have $, to average up. Before doing so make sure to read up and have some knowledge of the stock market
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