NightWind 4th Gear September 5, 2021 Share September 5, 2021 I saw several articles that set a minimum cash needed of SGD1.3mio. Personally i would exclude CPF and assume that the house and car are all paid up. https://www.straitstimes.com/business/need-13m-to-retire-depends-how-you-live I dont think we can rely safely on CPF as its basically money we cant access directly and the rules change all the time. So i would rely only on actual SGD1.3mio cash in bank per person. And this assumes you retire at age 65 and expire by age 80 and live modestly in Singapore. If we retire in Koh Samui or Lombok or Bali we need alot less cash. Singapore is a very very expensive place for the average joe to retire in. But the same average joe can buy a nice villa and live like a King in Koh Samui, Phuket, Lombok, Bali. ↡ Advertisement Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 5, 2021 Share September 5, 2021 (edited) 34 minutes ago, NightWind said: I saw several articles that set a minimum cash needed of SGD1.3mio. Personally i would exclude CPF and assume that the house and car are all paid up. https://www.straitstimes.com/business/need-13m-to-retire-depends-how-you-live I dont think we can rely safely on CPF as its basically money we cant access directly and the rules change all the time. So i would rely only on actual SGD1.3mio cash in bank per person. And this assumes you retire at age 65 and expire by age 80 and live modestly in Singapore. If we retire in Koh Samui or Lombok or Bali we need alot less cash. Singapore is a very very expensive place for the average joe to retire in. But the same average joe can buy a nice villa and live like a King in Koh Samui, Phuket, Lombok, Bali. $1.3mil at 65 today to retire sounds ok lah oh no, the miillions of Singaporeans only hv CPF!!!!!😱😱😱😱 and its probably not even half of $1.3mil inside. muayhahahahah Edited September 5, 2021 by Throttle2 1 Link to post Share on other sites More sharing options...
NightWind 4th Gear September 5, 2021 Share September 5, 2021 20 minutes ago, Throttle2 said: $1.3mil at 65 today to retire sounds ok lah oh no, the miillions of Singaporeans only hv CPF!!!!!😱😱😱😱 and its probably not even half of $1.3mil inside. muayhahahahah SGD1.3mio does not include health care. That item is a budgeting nightmare bottomless pit. N like most singaporeans i m far from that figure. It gets worse also coz with the influx of Hong Kees and PRCs, housing and other staples already see huge inflation. At same time Covic19 has seen our pay packet shrink, with many becoming unemployed or part time workers. With Singapore becoming the Monaco of Asia and home to the rich HK and PRCs, the plight of us locals will be reduced to subsistence level living. We will work long hours at reduced real wage rates with more uncertainty just to live hand to mouth. So many have no option but to leave. Link to post Share on other sites More sharing options...
Stary Turbocharged September 5, 2021 Share September 5, 2021 On 9/3/2021 at 3:48 PM, Throttle2 said: Thats why dont complicate your life, take big loans, carry so many mortgages. Enough is enough already, do things that can increase happiness not stress and complications in life. for younger people, of course must fight harder and cheong more lah. Dont slack Bro, nowadays, banks got many strict criteria from credit score to LTV to TDSR to dunno what else......not easy to anyhow get big loans also. This is perhaps why when covid hit last year, we don't hear many fire sales or sell-off. Link to post Share on other sites More sharing options...
Volvobrick Supersonic September 5, 2021 Share September 5, 2021 4 hours ago, NightWind said: I saw several articles that set a minimum cash needed of SGD1.3mio. Personally i would exclude CPF and assume that the house and car are all paid up. https://www.straitstimes.com/business/need-13m-to-retire-depends-how-you-live I dont think we can rely safely on CPF as its basically money we cant access directly and the rules change all the time. So i would rely only on actual SGD1.3mio cash in bank per person. And this assumes you retire at age 65 and expire by age 80 and live modestly in Singapore. Life expectancy at 65 (male) here is another 20 years. So need to cater for another 5 years in your calculations. Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 6, 2021 Share September 6, 2021 15 hours ago, NightWind said: SGD1.3mio does not include health care. That item is a budgeting nightmare bottomless pit. N like most singaporeans i m far from that figure. It gets worse also coz with the influx of Hong Kees and PRCs, housing and other staples already see huge inflation. At same time Covic19 has seen our pay packet shrink, with many becoming unemployed or part time workers. With Singapore becoming the Monaco of Asia and home to the rich HK and PRCs, the plight of us locals will be reduced to subsistence level living. We will work long hours at reduced real wage rates with more uncertainty just to live hand to mouth. So many have no option but to leave. Singapore lang so sad…..😰 Link to post Share on other sites More sharing options...
Spidey10 Supercharged September 6, 2021 Share September 6, 2021 19 hours ago, NightWind said: SGD1.3mio does not include health care. That item is a budgeting nightmare bottomless pit. N like most singaporeans i m far from that figure. It gets worse also coz with the influx of Hong Kees and PRCs, housing and other staples already see huge inflation. At same time Covic19 has seen our pay packet shrink, with many becoming unemployed or part time workers. With Singapore becoming the Monaco of Asia and home to the rich HK and PRCs, the plight of us locals will be reduced to subsistence level living. We will work long hours at reduced real wage rates with more uncertainty just to live hand to mouth. So many have no option but to leave. leave go where? leave also need money ler….See the MM2H plans...increase limit leh...AU and NZ still need $$ to invest...not easy! think stay here and continue to work till …..PHV driver or cleaner ler... 1 Link to post Share on other sites More sharing options...
Rm2s 5th Gear September 6, 2021 Share September 6, 2021 21 hours ago, NightWind said: SGD1.3mio does not include health care. That item is a budgeting nightmare bottomless pit. N like most singaporeans i m far from that figure. It gets worse also coz with the influx of Hong Kees and PRCs, housing and other staples already see huge inflation. At same time Covic19 has seen our pay packet shrink, with many becoming unemployed or part time workers. With Singapore becoming the Monaco of Asia and home to the rich HK and PRCs, the plight of us locals will be reduced to subsistence level living. We will work long hours at reduced real wage rates with more uncertainty just to live hand to mouth. So many have no option but to leave. I'd suggest don't look at numbers given by financial services people, look at your own expenses and work out the number. I've been keeping track of my monthly expenses for years, broke down by categories so that I know where my money went. One study that was, imo, properly done is here: https://whatsenoughsg.files.wordpress.com/2019/05/what-older-people-need-in-singapore-a-household-budgets-study-full-report.pdf Very long report but it gives a glimpse into what ordinary elders in Singapore wants/have/use during retirement. While $1,300+ a month in today's money seems a bit low for me, it does give me a reference point for my own math. 1 Link to post Share on other sites More sharing options...
Arogab Turbocharged September 6, 2021 Share September 6, 2021 21 hours ago, Throttle2 said: $1.3mil at 65 today to retire sounds ok lah oh no, the miillions of Singaporeans only hv CPF!!!!!😱😱😱😱 and its probably not even half of $1.3mil inside. muayhahahahah Not true that Singaporeans only have CPF lah. I know many of them just quiet quiet and stay low profile only Link to post Share on other sites More sharing options...
Wt_know Supersonic September 6, 2021 Author Share September 6, 2021 (edited) 3 hours ago, Spidey10 said: leave go where? leave also need money ler….See the MM2H plans...increase limit leh...AU and NZ still need $$ to invest...not easy! think stay here and continue to work till …..PHV driver or cleaner ler... go thailand look for bro steve .. with plenty of love … Edited September 6, 2021 by Wt_know Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 6, 2021 Share September 6, 2021 (edited) 1 hour ago, Arogab said: Not true that Singaporeans only have CPF lah. I know many of them just quiet quiet and stay low profile only Heehee…. Dont talk about the minority lah…. i also quiet quiet not driving supercar mah… muayhaha becos cannot go up hdb mscp Edited September 6, 2021 by Throttle2 2 Link to post Share on other sites More sharing options...
Arogab Turbocharged September 6, 2021 Share September 6, 2021 1 minute ago, Throttle2 said: Heehee…. Dont talk about the minority lah…. i also quiet quiet not driving supercar mah… muayhaha This one we all know mah. See your Lolex we all know liao. I wouldn't say minority Singaporeans are like that lah, it should be more than minority Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 6, 2021 Share September 6, 2021 2 minutes ago, Arogab said: This one we all know mah. See your Lolex we all know liao. I wouldn't say minority Singaporeans are like that lah, it should be more than minority I wonder how much CPF is available for the average guy after the move to the RA….. Link to post Share on other sites More sharing options...
Arogab Turbocharged September 6, 2021 Share September 6, 2021 15 minutes ago, Throttle2 said: I wonder how much CPF is available for the average guy after the move to the RA….. I don't mean that. But if a normal Singaporean and is working normally. He should have savings mah. Only those who I know yah. I know of a guy who was my senior at work on first job, Not forward looking guys, not get married and always go drinking in those Viet and Thai pubs. Never grow his job professionally and now becomes a grab driver claims he got no savings at the age of 50. I need to also clarify grab drivers I mention here does not mean no good please. (I don't want to offend anyone due to posting) What I meant is those people who never take life seriously gets no saving. 2 Link to post Share on other sites More sharing options...
Wt_know Supersonic September 6, 2021 Author Share September 6, 2021 (edited) 35 minutes ago, Throttle2 said: I wonder how much CPF is available for the average guy after the move to the RA….. no worry la ... isn't recently got an article shows that quite a big percentage of cpf holder got smelly smelly $500K in their cpf ? .... huat ah! ownself praise ownself liao ... Edited September 6, 2021 by Wt_know Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 6, 2021 Share September 6, 2021 27 minutes ago, Wt_know said: no worry la ... isn't recently got an article shows that quite a big percentage of cpf holder got smelly smelly $500K in their cpf ? .... huat ah! ownself praise ownself liao ... Trust me, i am not worried.🤣 Just wondering. 1 Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 6, 2021 Share September 6, 2021 35 minutes ago, Arogab said: I don't mean that. But if a normal Singaporean and is working normally. He should have savings mah. Only those who I know yah. I know of a guy who was my senior at work on first job, Not forward looking guys, not get married and always go drinking in those Viet and Thai pubs. Never grow his job professionally and now becomes a grab driver claims he got no savings at the age of 50. I need to also clarify grab drivers I mention here does not mean no good please. (I don't want to offend anyone due to posting) What I meant is those people who never take life seriously gets no saving. Dont know what you talking about leh.😁 Link to post Share on other sites More sharing options...
Kopites Supersonic September 6, 2021 Share September 6, 2021 2 hours ago, Rm2s said: I'd suggest don't look at numbers given by financial services people, look at your own expenses and work out the number. I've been keeping track of my monthly expenses for years, broke down by categories so that I know where my money went. One study that was, imo, properly done is here: https://whatsenoughsg.files.wordpress.com/2019/05/what-older-people-need-in-singapore-a-household-budgets-study-full-report.pdf Very long report but it gives a glimpse into what ordinary elders in Singapore wants/have/use during retirement. While $1,300+ a month in today's money seems a bit low for me, it does give me a reference point for my own math. Quote Do not save what is left after spending, but spend what is left after saving. Unquote. Don't need to keep track expenditures. ↡ Advertisement 1 1 Link to post Share on other sites More sharing options...
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