How much do u need to go slow/retire in singapore?

[Ithunk]

Firstly, one's expectation changes with age. What you deem enough now may well be below your future commitment and desires then.

Next, never assume on sure stability in job, economy or health. Most of us take these for granted.

 

Personally, i have moved my markers a few times in the last 16yrs of work.

 

well there is one thing that i can control...and that is health....but that applies only to me....

 

 

[Fkadir]

well there is one thing that i can control...and that is health....but that applies only to me....

 

Health is out of our control too IMHO. Cannot prevent stomach cancers etc etc no matter how healthy we live our life.

[Ithunk]

wow..going by this, if someone wants to retire at 55 and lives for, let's say, 35 yrs (reasonable due to science)..without passive income generating assets..and taking an average of 4k per month over 35 yrs (very very very rough guess-timation lumping sometimes spending more on health care etc etc)..the amount rough rough chow chow needed would be 4k X 35yrs X 12 months = 1.68 mil

 

thus, needing about 1mil cash before retiring is not so far off I guess..

no wonder our govt says most prob need to work till 67

 

my take is, need to save up/invest as much as possible during working years..'cos working years may almost equals to retirement years (work for about 35 yrs, retire for about 40 yrs)..so if want to have average of 3-4k to spend per month over retirement..working years should be accumulating roughly that amount per month (without taking into account inflation still)..guess-timate hor..please mai flame wa

 

u could take into account year end bonuses and other bonuses so it will add up...

[Ithunk]

anyway the TS is a bit subjective also...it depends on the individuals spending habits

 

[Guyver]

but the fact you already achieved 45% of the plan shows that you can easily manage your life with ease. either you are very sucessful in what you doing or you got strong family supports....

 

to me if i see you that's already retirement success to me. even if you sell off one of your house, still can buy HDB house to stay...

 

imagine those who have to struggle to pay their house loan for HDB flat or put food on the table!

 

Agree with you ..... [nod]

[Cheepo]

Wind30, you are already on the right track because you are far-sighted enough to start planning. Barring any misfortune, you and your wife will make most money in your 40s-50s if you are professionals. That will generate most of your savings for later years. Also some of your investments may mature or bear fruit and you can reap the rewards.

 

Personally I feel many families can make it if they are willing to live a simple life without trying too hard to catch up with the Joneses. I have a friend whose lifestyle go up and down just like the stock market. In good times they live like millionaires, and in bad times they beg others for help.

 

Friends always tease me about my low end thailand-made car. At my age, most of them are driving luxury makes. But I have gotten used to it. Other than annual vacations for the family, my other recreational activities are very low cost: Cycling in the park with the kids, having coffee and toast with my wife etc. No glitz, no fanfare. No need to compare golf clubs or expensive watches.

 

When the crunch comes, your savings will always come in useful. Money cannot buy happiness,, but it can solve a lot of problems, especially those we can foresee like retrenchment, illness etc.

 

All the best to you and God bless!

[Boyboy]

i fully agree..

 

having more luxuries is nice, but in the end, one will get used to the 'luxury'.

 

it's good to have the bare minimum, plus a little. but then again, i've only just started working, bare minimum is abt all that i can afford

[Throttle2]

i hope to retire by 50.

not too old, not too young. still good to go.

Cash wise not much required, maybe $500k as long as I have my portfolio of liquid assets.

 

I'm debt free as it is.

but maybe i'll take on some debt and buy 2 condos and a small commercial property over the next 15 yrs.

I reckon I need at least $10k per month for household use and another $5k for the good times to roll.

So $15k per month is alright.

Hopefully, can retire by then.

Edited August 1, 2009 by Throttle2

[Skunk]

I hope never to retire.

 

I love to work, i also love to play, I have pretty good work-life balance.

 

I see no point in working very hard for a few decades of your prime youth, just to relax the last 20 years when u r old and wrinkly.

 

Live Life today :)

[Throttle2]

I hope never to retire.

 

I love to work, i also love to play, I have pretty good work-life balance.

 

I see no point in working very hard for a few decades of your prime youth, just to relax the last 20 years when u r old and wrinkly.

 

Live Life today :)

 

 

Yes, must always have work life balance......but when building wealth usually Work takes centrestage.

I think retirement is not about staying at home and doing nothing.

It's more of a mental state of mind.

[Skunk]

if the definition of retirement is a state of mind, then i'm already retired LOL

 

I'm not interested in building wealth, so my work doesn't take centrestage....my mind is constantly occupied by my hobbies, my kids, my pets, what i should cook today, which wine to drink....even MCF LOL but never work hehe

[Throttle2]

if the definition of retirement is a state of mind, then i'm already retired LOL

 

I'm not interested in building wealth, so my work doesn't take centrestage....my mind is constantly occupied by my hobbies, my kids, my pets, what i should cook today, which wine to drink....even MCF LOL but never work hehe

 

 

then you ARE indeed retired.

 

well done, Skunk

[Schneider79]

In Singapore, you can hardly retire for good. Your children needs money to survive. Unless your children is about 8 years old. And by then, maybe you can retire after he's on track in the society.

 

If I have SGD$1M today, I'll move to Johor and then work in Singapore. Buy a big house which is like RM$250k and can have papaya trees, rambutan trees, banana trees, rear some chickens and grow some vegetables in the back yard. Buy a OPC Singapore to drive and work for Mac in Singapore as a floor manager. $4k job stress free? I don't think Singapore got such a job. I only know the $300k to $600k are stress free job. Everyday go different offices and meet people and ask someone to make up stories for you to say on TV.

[Cheepo]

I think retirement is not about staying at home and doing nothing.

It's more of a mental state of mind.

 

Well said.

 

When you think you have enough, either slow down your pace in the same line, or switch to something you have always wanted to do but did not have the time or opportunity. When money-making becomes secondary, some interesting things can happen.

 

For myself, I have just started baking. Dabbled here and there and now my friends think it is hotel standard ! (Or maybe they say so because I do not charge them for the cake..) So I may retire/morph into a small time baker. Who knows ?

[Dumb]

Living alone with no commitment, I need at least 3k pm but planning to increase to 5k pm for the next 30 years. Hopefully, no major health expenses, but my medisave will grow to $110k by then. I am prepared to stay in C class and then the medisave should be enough.

[Roborovskii]

Do try to take into account inflation over the next 10-20 years or which ever range of years that you are planning your retirement. Right now imho it's better to put such plans (or commitments) on hold until everything stabilizes.

[Tigershark1976]

I see that there are some retired people in MCF. I am wondering how much do a person need to retire and support what sort of lifestyle?

 

For my case, I am thinking like

 

1 paid freehold terrace house and 1 paid 99yr condo at maybe AMK area. 1 paid car. 200k cash.

 

Then I will "retire" by getting a simple, stress free job that pays maybe 4k/month, enough to cover my expenses, travel twice a year. The condo can rent out and be sold when my single kid needs to go uni.

 

When my kid get married, sell off the terrace and get 2 small place and rent one out.

 

u you guys think it is enough to retire like that? please note I am not going to full retirement but rather getting a simpler job so I will probably still get some income.

 

 

4K stress free job??? unless u believe that inflation its so great that 4K is around the same value of today 1K, otherwise, there is no such thing as 4k no stree job.

 

anyway, if u have fully paid a landed terrace house + 99yrs condo. u basically wont need to worry about you retirement in Singapore.

[Tigershark1976]

I see that there are some retired people in MCF. I am wondering how much do a person need to retire and support what sort of lifestyle?

 

For my case, I am thinking like

 

1 paid freehold terrace house and 1 paid 99yr condo at maybe AMK area. 1 paid car. 200k cash.

 

Then I will "retire" by getting a simple, stress free job that pays maybe 4k/month, enough to cover my expenses, travel twice a year. The condo can rent out and be sold when my single kid needs to go uni.

 

When my kid get married, sell off the terrace and get 2 small place and rent one out.

 

u you guys think it is enough to retire like that? please note I am not going to full retirement but rather getting a simpler job so I will probably still get some income.

 

 

4K stress free job??? unless u believe that inflation its so great that 4K is around the same value of today 1K, otherwise, there is no such thing as 4k no stree job.

 

anyway, if u have fully paid a landed terrace house + 99yrs condo. u basically wont need to worry about you retirement in Singapore. unless u still have 2 to 3 child below 12 when u are retired.