You Need 1.4k per old person to meet basic living standard

[Throttle2]

To retire properly, one should have income.

Maybe half of what he used to draw prior to retirement.

That should ensure at least a decent retirement instead of a miserable one

Otherwise its a dangerous game of appropriation.

 

Can we survive on even less than $1.4k

Of course when push comes to shove, why not?

Many people surviving on less than $1k

 

So why should we discuss retirement on a miserable $1.4k which does not apply for 99% here

We should be discussing what is reasonable and realistic for and by our own requirements

 

Huat ah everyone!

[Vratenza]

Now a days must ask how old is the fully paid HDB? 

 Can last till you are gone? 

What if suddenly SERS? Got extra cash to reno new place? 

 

I think 1.4k per person per month is really doable but we cannot expect to live like we still have income. Life style will have to be adjusted. To some, in fact it is their lifestyle even before their retirement. And for MCFers here, car ownership must go, we cannot expect to drive and expect 1.4k expense. Those who could afford can continue drivig but should expect to spend more than 1.4k and this is not the consumer group the study is referring to.
I am not a retiree and I am also wondering how much is enough though I believe 1.4k it is enough. I have to openly confess that I will not be in this group, so I have never sat down to work out item by item.
For the interest of discussion, let me start it here and all could chip in and rework the sum.

Good to keep one alive:
Breakfast -$5
Lunch - $6
Dinner - $7
1 kopi session - $3
Total daily - $21,
AVERAGE Total monthly - $630.

Utility bill plus gas(per person) - $50

Transport -$100

Property tax - $50

Groceries plus maintenance - $150?

Avg medical plus insurance $150?

Total about $1,130, leaving behind $270 for saving, contingency , angbao , short holiday once in a while etc etc.

And my assumption is:
1. For lower income bracket group who just need to live by reasonably.
2. Stay in fully paid HDB
2. not a car owners who is about 20% of the population
3. not for condo owners , again those are 20% of the population who are at the higher income bracket.
4. No car expense, no condo maintenance fees etc.
5. When sick, the only place to go is polyclinic and public hospital, and there is medical insurance to cover already.
6. Basic lifestyle, any expensive hobbies, high end stuffs are by choice, those must not be added into the expense here.

The food expense assumption is a very rough estimate, if one goes by ntuc groceries and home cooked food, the per meal cost can be lower, this is where the expense could be further adjusted,.not much though.

Please help suggest what else..

And no but.. ,because.., if.., then again.. , because this is about lowest minimum, so no high end food, no luxury items etc.

Suggestions and comments are all welcome, anonymous dislike is ok with me.....Haha. have a good weekend.

 

[therock]

Nah

 

Go steam

 

https://www.mycarforum.com/topic/2715976-the-love-letter-thread/?p=6694088&do=findComment&comment=6694088

Definitely

 

Have enjoyed and now time to just live simply and heathy

Edited June 8, 2019 by therock

[Ixus75]

I think 1.4k per person per month is really doable but we cannot expect to live like we still have income. Life style will have to be adjusted. To some, in fact it is their lifestyle even before their retirement. And for MCFers here, car ownership must go, we cannot expect to drive and expect 1.4k expense. Those who could afford can continue drivig but should expect to spend more than 1.4k and this is not the consumer group the study is referring to.

I am not a retiree and I am also wondering how much is enough though I believe 1.4k it is enough. I have to openly confess that I will not be in this group, so I have never sat down to work out item by item.

For the interest of discussion, let me start it here and all could chip in and rework the sum.

 

Good to keep one alive:

Breakfast -$5

Lunch - $6

Dinner - $7

1 kopi session - $3

Total daily - $21,

AVERAGE Total monthly - $630.

 

Utility bill plus gas(per person) - $50

 

Transport -$100

 

Property tax - $50

 

Groceries plus maintenance - $150?

 

Avg medical plus insurance $150?

 

Total about $1,130, leaving behind $270 for saving, contingency , angbao , short holiday once in a while etc etc.

 

And my assumption is:

1. For lower income bracket group who just need to live by reasonably.

2. Stay in fully paid HDB

2. not a car owners who is about 20% of the population

3. not for condo owners , again those are 20% of the population who are at the higher income bracket.

4. No car expense, no condo maintenance fees etc.

5. When sick, the only place to go is polyclinic and public hospital, and there is medical insurance to cover already.

6. Basic lifestyle, any expensive hobbies, high end stuffs are by choice, those must not be added into the expense here.

 

The food expense assumption is a very rough estimate, if one goes by ntuc groceries and home cooked food, the per meal cost can be lower, this is where the expense could be further adjusted,.not much though.

 

Please help suggest what else..

 

And no but.. ,because.., if.., then again.. , because this is about lowest minimum, so no high end food, no luxury items etc.

 

Suggestions and comments are all welcome, anonymous dislike is ok with me.....Haha. have a good weekend.

 

Internet bill?  Mobile bill?  If no, how to surf MCF?

 

[Cheesey74]

I think 1.4k per person per month is really doable but we cannot expect to live like we still have income. Life style will have to be adjusted. To some, in fact it is their lifestyle even before their retirement. And for MCFers here, car ownership must go, we cannot expect to drive and expect 1.4k expense. Those who could afford can continue drivig but should expect to spend more than 1.4k and this is not the consumer group the study is referring to.

I am not a retiree and I am also wondering how much is enough though I believe 1.4k it is enough. I have to openly confess that I will not be in this group, so I have never sat down to work out item by item.

For the interest of discussion, let me start it here and all could chip in and rework the sum.

 

Good to keep one alive:

Breakfast -$5

Lunch - $6

Dinner - $7

1 kopi session - $3

Total daily - $21,

AVERAGE Total monthly - $630.

 

Utility bill plus gas(per person) - $50

 

Transport -$100

 

Property tax - $50

 

Groceries plus maintenance - $150?

 

Avg medical plus insurance $150?

 

Total about $1,130, leaving behind $270 for saving, contingency , angbao , short holiday once in a while etc etc.

 

And my assumption is:

1. For lower income bracket group who just need to live by reasonably.

2. Stay in fully paid HDB

2. not a car owners who is about 20% of the population

3. not for condo owners , again those are 20% of the population who are at the higher income bracket.

4. No car expense, no condo maintenance fees etc.

5. When sick, the only place to go is polyclinic and public hospital, and there is medical insurance to cover already.

6. Basic lifestyle, any expensive hobbies, high end stuffs are by choice, those must not be added into the expense here.

 

The food expense assumption is a very rough estimate, if one goes by ntuc groceries and home cooked food, the per meal cost can be lower, this is where the expense could be further adjusted,.not much though.

 

Please help suggest what else..

 

And no but.. ,because.., if.., then again.. , because this is about lowest minimum, so no high end food, no luxury items etc.

 

Suggestions and comments are all welcome, anonymous dislike is ok with me.....Haha. have a good weekend.

 

IMHO, ur budgeting make sense for us normal folks, 1.4K definitely more than enough for a single person and i will venture to say 2k is enough for a couple if go by ur kind of budgeted lifestyle.

 

My thinking is we Sporean at times think n worry too much and it's really contradiction at it best.

 

I mean most of us here good to drink, eat & sleep with no worries but still we worry excessively abt this n that, dunno is it must wait till dun see coffin dun shed tear or see ghost scare dark scenario to realize life is actually quite simple, esp. to live a fulfilling life till we turn to dust..

[RadX]

Internet bill? Mobile bill? If no, how to surf MCF?

 

McDonald lo

 

Witelesssgx

[Ct3833]

IMHO, ur budgeting make sense for us normal folks, 1.4K definitely more than enough for a single person and i will venture to say 2k is enough for a couple if go by ur kind of budgeted lifestyle.

 

My thinking is we Sporean at times think n worry too much and it's really contradiction at it best.

 

I mean most of us here good to drink, eat & sleep with no worries but still we worry excessively abt this n that, dunno is it must wait till dun see coffin dun shed tear or see ghost scare dark scenario to realize life is actually quite simple, esp. to live a fulfilling life till we turn to dust..

Glad that at least no major objections about the estimates. Thanks @Ixus75 for pointing out the missing comms Bill's.

I dont know the study was intentionally align with the standard CPFLife pay out but at least most people should receive about $750 to $1.2k from CPFlife after 65....assuming the goal pole will not move. Meaning, generally, most of the retirees should be able to live by. Of course, in every society, there will be exceptions who will struggle to meet the basic living expenses, just like bros who are at the other end of the curve to say they need 10k a month.

Edited June 8, 2019 by Ct3833

[Unfazed]

I think 1.4k per person per month is really doable but we cannot expect to live like we still have income. Life style will have to be adjusted. To some, in fact it is their lifestyle even before their retirement. And for MCFers here, car ownership must go, we cannot expect to drive and expect 1.4k expense. Those who could afford can continue drivig but should expect to spend more than 1.4k and this is not the consumer group the study is referring to.

I am not a retiree and I am also wondering how much is enough though I believe 1.4k it is enough. I have to openly confess that I will not be in this group, so I have never sat down to work out item by item.

For the interest of discussion, let me start it here and all could chip in and rework the sum.

 

Good to keep one alive:

Breakfast -$5

Lunch - $6

Dinner - $7

1 kopi session - $3

Total daily - $21,

AVERAGE Total monthly - $630.

 

Utility bill plus gas(per person) - $50

 

Transport -$100

 

Property tax - $50

 

Groceries plus maintenance - $150?

 

Avg medical plus insurance $150?

 

Total about $1,130, leaving behind $270 for saving, contingency , angbao , short holiday once in a while etc etc.

 

And my assumption is:

1. For lower income bracket group who just need to live by reasonably.

2. Stay in fully paid HDB

2. not a car owners who is about 20% of the population

3. not for condo owners , again those are 20% of the population who are at the higher income bracket.

4. No car expense, no condo maintenance fees etc.

5. When sick, the only place to go is polyclinic and public hospital, and there is medical insurance to cover already.

6. Basic lifestyle, any expensive hobbies, high end stuffs are by choice, those must not be added into the expense here.

 

The food expense assumption is a very rough estimate, if one goes by ntuc groceries and home cooked food, the per meal cost can be lower, this is where the expense could be further adjusted,.not much though.

 

Please help suggest what else..

 

And no but.. ,because.., if.., then again.. , because this is about lowest minimum, so no high end food, no luxury items etc.

 

Suggestions and comments are all welcome, anonymous dislike is ok with me.....Haha. have a good weekend.

Tq for the quite detailed breakdown sir! But think I must add abit inflation as the value of 1.4k may shrink over time. Edited June 8, 2019 by Unfazed

[RogerNg_185295]

Internet bill? Mobile bill? If no, how to surf MCF?

 

Free WiFi in certain areas?

[Spring]

I would say $3k for a couple is doable.

 

Of course, push comes to shove even $1k per person is doable but I think $1.5k person ie $3k per couple is definitely reasonably comfortable.

 

Why talk about such low benchmarks some bros asking? Well i feel its always good to have a must have benchmark ie minimum requirement so to speak. And this minimum requirement is a must have. Obviously, we strive for higher benchmarks for a more comfortable retirement but at least we know what roughly is a subsistence level we need in a worse case scenario that we cant work for whatever reasons.

 

My 2 cents.....

[Throttle2]

Lets see

Taking my kids all grown up and i dont provide a cent for them

 

The basics will be

 

1. Food grocery household $5000

2. Comms $200

3. Transport (fully paid car & bike) petrol park etc $500

4. Cigar $1500

5. Entertainment $800

6. Medical & insurance $300

7. Misc $1000

 

About $9 to $10k per mth at least

Also add 5% every year for inflation

Xiao liao

Edited June 8, 2019 by Throttle2

[BanCoe]

Wow !! So many here , like all recieved Merdeka Kads ol’ready in mail lately or maybe PG ..... ok me back to table wiping ..... back to topic ..... I agree $3k is doable for a couple with no other debts ....... but medical is still a big rainy day question ...... funeral no expenses ??( must amortize provision ) oso

[Throttle2]

Wow !! So many here , like all recieved Merdeka Kads ol’ready in mail lately or maybe PG ..... ok me back to table wiping ..... back to topic ..... I agree $3k is doable for a couple with no other debts ....... but medical is still a big rainy day question ...... funeral no expenses ??( must amortize provision ) oso

Zhun boh?

 

Which foodcourt or hawker you wipe?

 

Possible to recommend?

I very long no wipe already

Start from cleaning the table legs, also can lah

At least got permanent job....

Edited June 8, 2019 by Throttle2

[BanCoe]

Zhun boh?

 

Which foodcourt or hawker you wipe?

 

Possible to recommend?

I very long no wipe already

Start from cleaning the table legs, also can lah

At least got permanent job....

Table legs ....... hmmm @angcheek speciality and undertables too :..... he’s the Man !!

I tot U is WatchMan

[Angcheek]

I would say $3k for a couple is doable.

 

Of course, push comes to shove even $1k per person is doable but I think $1.5k person ie $3k per couple is definitely reasonably comfortable.

 

Why talk about such low benchmarks some bros asking? Well i feel its always good to have a must have benchmark ie minimum requirement so to speak. And this minimum requirement is a must have. Obviously, we strive for higher benchmarks for a more comfortable retirement but at least we know what roughly is a subsistence level we need in a worse case scenario that we cant work for whatever reasons.

 

My 2 cents.....

 

if they dont stretch cpf to age 92 ... I think the CPF monthly support will help abit . 

[Kyrios]

Interesting read - 16 Overpriced Items in SG

 

https://www.asiaone.com/lifestyle/16-things-are-more-expensive-singapore-other-first-world-countries

[Ct3833]

Lets see

Taking my kids all grown up and i dont provide a cent for them

 

The basics will be

 

1. Food grocery household $5000

2. Comms $200

3. Transport (fully paid car & bike) petrol park etc $500

4. Cigar $1500

5. Entertainment $800

6. Medical & insurance $300

7. Misc $1000

 

About $9 to $10k per mth at least

Also add 5% every year for inflation

Xiao liao

How do you spend $5000 on grocery ? I spend about maybe $2.5k to $3k for a family of 8. Mostly finest or NTUC, plus quality fish and poultry from wet market but not cold storage. Of course I wont say that i could live with 1.4k a month when i retire. $5000 seems excessive.

[Throttle2]

Table legs ....... hmmm @angcheek speciality and undertables too :..... he’s the Man !!

I tot U is WatchMan

 

Erm,....I am the original Table Wiper in MCF leh

Even the term Table Wiper was coined by me.