How to spend your time as a retiree

[Throttle2]

I am not sure have our government done their homework. How many retiring at 65 will have at least $500K? Hoping their HDB will provide that sum while they live on the street? Even if that is something they have to consider, that sum is for both husband and wife, divided by 2

In my opinion, the CPF scheme is already outdated and use entirely for housing. Need to revamp the provision housing to cater for people who need them to stay and not for investment while the CPF is being retained for retirement.

You are right but it aint no fault of the govt here.

We are responsible for our own retirement.

 

Which is why i have always disagreed on using a lot of CPF for housing.

It makes people feel richer than they are and spend more than they can truly afford.

In todays context, cpf is only a suplement to retirement at best.

 

As for all these talk about millionaires in Singapore.

How many are true millionaires without taking into account their roofs.

 

Folks who think highly of themselves being a millionaire becos they own a flat valued at $1mil better think twice. They cannot use the money unless they liquidate and move out of singapore.

Or sell out and rent til death.

 

Say at 65, we sell hdb and get $1mil cash. We still need to plan another 20yrs.

Even if rent alone cost only $2k a month for the next 20yrs, what is left for daily expenses?

Basically end up sitting in kopitaims lor.

Just like what we see today.

 

This is not to hit out at anyone but more for us to reevaluate our position and plan for future.

And of course to each his own in managing his own finances

Good luck and all the best, fellas.

[Victor68]

You are right but it aint no fault of the govt here.

We are responsible for our own retirement.

 

Which is why i have always disagreed on using a lot of CPF for housing.

It makes people feel richer than they are and spend more than they can truly afford.

In todays context, cpf is only a suplement to retirement at best.

 

As for all these talk about millionaires in Singapore.

How many are true millionaires without taking into account their roofs.

 

Folks who think highly of themselves being a millionaire becos they own a flat valued at $1mil better think twice. They cannot use the money unless they liquidate and move out of singapore.

Or sell out and rent til death.

 

Say at 65, we sell hdb and get $1mil cash. We still need to plan another 20yrs.

Even if rent alone cost only $2k a month for the next 20yrs, what is left for daily expenses?

Basically end up sitting in kopitaims lor.

Just like what we see today.

 

This is not to hit out at anyone but more for us to reevaluate our position and plan for future.

And of course to each his own in managing his own finances

Good luck and all the best, fellas.

 

Unfortunately, the majority don't see this. They are very happy when they 'made' a huge profit from the HDB sale. That is provided they are moving out of Singapore and carrying this cash out. If you are a Singaporean and plan to stay put here, what you have described will happen. 

 

Even if you are going to live with your children, they would have to buy your expensive HDB. So who is paying for your gain? If the young couple couldn't afford, won't you have to help pay for them from your 'profit'? Many have done just that and when you are broke, that is when they don't need you. after being a millionaire, you ended homeless.   

 

[Nzy]

You are right but it aint no fault of the govt here.

We are responsible for our own retirement.

 

Which is why i have always disagreed on using a lot of CPF for housing.

It makes people feel richer than they are and spend more than they can truly afford.

In todays context, cpf is only a suplement to retirement at best.

 

As for all these talk about millionaires in Singapore.

How many are true millionaires without taking into account their roofs.

 

Folks who think highly of themselves being a millionaire becos they own a flat valued at $1mil better think twice. They cannot use the money unless they liquidate and move out of singapore.

Or sell out and rent til death.

 

Say at 65, we sell hdb and get $1mil cash. We still need to plan another 20yrs.

Even if rent alone cost only $2k a month for the next 20yrs, what is left for daily expenses?

Basically end up sitting in kopitaims lor.

Just like what we see today.

 

This is not to hit out at anyone but more for us to reevaluate our position and plan for future.

And of course to each his own in managing his own finances

Good luck and all the best, fellas.

 

Sadly, many people still think CPF life is enough for retirement. I know many of my friends who still don't bother to plan for retirement cuz they think that the CPF life payouts will be enough.

[Wt_know]

sell HDB move to JB ...

i am very obedient one and listening to govt advice ...

sgd500k = myr1500k

can eat a lot of bah kut teh and char kway teow

huat ah!

Edited December 13, 2017 by Wt_know

[Solar]

sell HDB move to JB ...

i am very obedient one and listening to govt advice ...

sgd500k = myr1500k

can eat a lot of bah kut teh and char kway teow

huat ah!

So old already better go easy on these oily stuff

[Hoseyboh]

So old already better go easy on these oily stuff

[kdash]

My frend retired no sell HDB but rented it out. Follow wife buck to sibu sarawak kiau kar yeo Lum par....

[Pocy]

My frend retired no sell HDB but rented it out. Follow wife buck to sibu sarawak kiau kar yeo Lum par....ðð

......

[Throttle2]

So old already better go easy on these oily stuff

[Viper76]

Maybe i will set up a coaching clinic .e.g. swimming classes and basketball .

 

 

how come it's so DIFFERENT from the brochure that I see for retirement planning?

or this only apply to AMDK land. is it too late for me to cabut to Perth?

 

[Victor68]

My frend retired no sell HDB but rented it out. Follow wife buck to sibu sarawak kiau kar yeo Lum par....

[West]

500k looks big, but we divide into 20 years, it's only 25k a year.

 

It's barely scraping by in current context.. Definitely not enough in 20 years with the inflation.

 

Put 500K in CPF, you can get $12.5K yearly. That is without even touching the 500k.

[Throttle2]

Put 500K in CPF, you can get $12.5K yearly. That is without even touching the 500k.

Thats $1k a month, just nice for daily chee cheong fun and kopi o lor.

[Acewin]

Put 500K in CPF, you can get $12.5K yearly. That is without even touching the 500k.

If you are still holding on to your HDB I don't think most folks here will have 500K in CPF.

[Throttle2]

Unfortunately, the majority don't see this. They are very happy when they 'made' a huge profit from the HDB sale. That is provided they are moving out of Singapore and carrying this cash out. If you are a Singaporean and plan to stay put here, what you have described will happen.

 

Even if you are going to live with your children, they would have to buy your expensive HDB. So who is paying for your gain? If the young couple couldn't afford, won't you have to help pay for them from your 'profit'? Many have done just that and when you are broke, that is when they don't need you. after being a millionaire, you ended homeless.

 

The majority dont see it and worse still think they are damn steady compared to our neighbors.

In Singapore, you have no chance to live off the land. Becos you cant afford the land. Hahah

 

In malaysia or thailand, you can still live simply having a small piece of land to grow food and a small farm. Can have a nice fulfilling retiree life.

[Throttle2]

If you are still holding on to your HDB I don't think most folks here will have 500K in CPF.

Yup. Jialat right?

When you truly think about it.

[Acewin]

Yup. Jialat right?

When you truly think about it.

After reading all these thread made me worry

[kdash]

After reading all these thread made me worry

 

better to worry now and do something about it, rather than regretting when the time comes.