Talking Point >>> Is your CPF enough for retirement?

[Throttle2]

19 minutes ago, Ct3833 said:

Ignore the marketing part, the points written are real - longer retirement life, medical expenses, not having sufficient saving etc. So we have to work and plan harder to save up for retirement 

 

https://sg.finance.yahoo.com/news/is-saving-for-retirement-a-race-against-time-091823593.html

Wah, selling AIA ah?

 

🤣😂

[Throttle2]

28 minutes ago, Ct3833 said:

Ignore the marketing part, the points written are real - longer retirement life, medical expenses, not having sufficient saving etc. So we have to work and plan harder to save up for retirement 

 

https://sg.finance.yahoo.com/news/is-saving-for-retirement-a-race-against-time-091823593.html

I gave them a chance and tried to use their online calculator but when i tried to put in $15mil , it wouldnt even allow more than $1mil.

Seriously $1mil???  In the future?

back in the 80s , a million may mean something lah.  Definitely not in 2030 and beyond

 

[Ct3833]

57 minutes ago, Throttle2 said:

Wah, selling AIA ah?

 

🤣😂

haha, hang cheng no good, I must do part time lah, gib chance.

But i find that the points are valid for refresh purpose. the numbers S$2,000.00 quoted   is on the low side but it did state "at least ",   for one to rely on public transport, eat simple, no holiday during retirement,  i believe 2,000.00 can get by.  Medical would be a key uncertainty.

[Throttle2]

9 hours ago, Ct3833 said:

haha, hang cheng no good, I must do part time lah, gib chance.

But i find that the points are valid for refresh purpose. the numbers S$2,000.00 quoted   is on the low side but it did state "at least ",   for one to rely on public transport, eat simple, no holiday during retirement,  i believe 2,000.00 can get by.  Medical would be a key uncertainty.

If you talking about survival, $2k of course can lah.   People can do it with $500 too. 
i am talking about proper retirement, which means that i can spend at least as much as i did before retirement.

again whether i end up spending as much or not is another matter but at least i will not have to scrimp and save to live the rest of my last 30yrs.  
Thats my idea of retirement from a financial capability perspective

It takes good management and planning.  Most of all, it takes strong self discipline.

ultimately it is to find the balance between spending and enjoying now versus later.  So there are some things which we may not want to delay 10yrs, there may be things which we may not even want to delay 2yrs or even 2 days.   And there is no right or wrong, as long as you dont ever reach out your hand and ask for help from others and stay responsible for yourself, i wont judge.     Unfortunately, most cry father cry mother for help becos they didnt keep their side of the deal.  In otherwords, they chose YOLO everytime, too many times.    

yes perhaps Insurance in the form of endowment is required for some people as forced savings.  
So that in 30yrs they at least have some small bucket of money to receive.  
But for self disciplined, financially educated guys like me, no need.   

medical insurance coverage, that one is an expense, must have.  Just dont overdo it and cover yourself even for a chipped toenail 😁😂
 

 

[Throttle2]

Is this true , for you?

[Arogab]

2 hours ago, Throttle2 said:

Is this true , for you?

/

The taper should be higher now in SG right?

[Throttle2]

1 hour ago, Arogab said:

The taper should be higher now in SG right?

I dont know leh.

$93k seems very low 

maybe it should be $193k?

[Wt_know]

7 minutes ago, Throttle2 said:

I dont know leh.

$93k seems very low 

maybe it should be $193k?

what about the star making $930K per annum ... how much taper? i don't mind .... lol

[Wt_know]

15 minutes ago, Throttle2 said:

I dont know leh.

$93k seems very low 

maybe it should be $193k?

$93K is a JOKE la .... look at recruitment ads 

a junior level manager or PMET with some experience already making $7K x 12 months +  1 AWS + 1 month bonus = already $98K ... simi taper ... 

can also maintain 9-to-5 ... go home netflix and chill liao ... may be a bit of OT when needed

Edited September 2, 2021 by Wt_know

[Throttle2]

Just now, Wt_know said:

$93K is a JOKE la .... look at recruitment ads 

a junior manager $7K x 12 months +  1 AWS + 1 month bonus = already $98K ... simi taper ... 

can also do 9-to-5 can go home netflix and chill liao ... 

Exactly

[Voodooman]

29 minutes ago, Throttle2 said:

I dont know leh.

$93k seems very low 

maybe it should be $193k?

It is "most people" and happiness is probably more closely tied to age than income. 

$93k is EC class (not here not there), very stress one.

[Voodooman]

4 hours ago, Throttle2 said:

Is this true , for you?

1% (57k) with net worth above $3.85m seems low. So many rich people here. 

[Wt_know]

19 minutes ago, Voodooman said:

1% (57k) with net worth above $3.85m seems low. So many rich people here. 

ask seedly go condo showroom

see the board full with red stickers ... definitely more than 1% la ... LOL

[Throttle2]

20 minutes ago, Voodooman said:

1% (57k) with net worth above $3.85m seems low. So many rich people here. 

57,000 people with networth above $3.85mil sounds quite reasonable leh

basically imagine our new national stadium at full house and every person there has min $3.85mil😄

[Throttle2]

8 minutes ago, Wt_know said:

ask seedly go condo showroom

see the board full with red stickers ... definitely more than 1% la ... LOL

Nah, depends on which condo.

if lousy condo most of those guys dont even hv $3mil net worth

if have also not individually, maybe as a couple

if good condo, many are also dual income and foreigners.  
 

moreover one good size condo development say average 300 units.  
 

55,000 = 183 condo developments. 🤣😂
 

so it does sound quite right. 
 

lets take a sample here. Who has networth min. $3.85m here kee chiu?

☝️

 

1. wt_know

2. voodooman

3. 

4.

Edited September 2, 2021 by Throttle2

[RadX]

Siang ka pager

[RadX]

I agree 3.85m is low but comfy la

[Dp26]

3.85m net definitely not poor but seeing most locals have a big bulk of it in real estate, and any Mickey Mouse condo already minimum 1.5-2m, not much liquid cash if got other assets. 
 

especially if single income or net worth come from 1 out of 3/4 family members. then this becomes 3.85m for a household of 3/4. 

 

but if both couple are also 3.85m each then it’s quite good la in my opinion. 
 

my standard not so high