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

[BanCoe]

At least you have increment

I dont even have salary

Hmmm...... Table Wiper cum WatchMan .... 2 jobs n unemployed .....

[Throttle2]

Hmmm...... Table Wiper cum WatchMan .... 2 jobs n unemployed .....

[therock]

It's a different model, so they say..

https://www.straitstimes.com/singapore/different-method-used-to-calculate-cpf-payout-sums-mom

 

(I still think 1.4k is a rather realistic, albeit low figure..)

 

 

A recent study, which had found that those in Singapore aged 65 and up would need at least $1,379 a month to achieve a basic standard of living, is "useful for personal goal-setting and retirement planning".

However, the methodology used by its researchers is fundamentally different from the Government's method of arriving at payout sums under the Central Provident Fund (CPF), a key pillar for retirement adequacy, said Mr Shaun Goh, director for retirement systems at the Ministry of Manpower (MOM).

The study, which was based on an established research method known as minimum income standards (MIS), was done by a team of researchers led by Assistant Professor Ng Kok Hoe of the Lee Kuan Yew School of Public Policy at the National University of Singapore.

It had gathered people aged 55 and above in focus groups to talk about what they considered to be their basic standard of living, before arriving at the figure of $1,379 a month.

This amount, which assumes that a senior would be in good health, covers expenses for social activities such as meals at restaurants, and also factors in the sum a senior needs in order to buy a two-room HDB flat.

"Such income standards can help by translating societal values and real experiences into unambiguous and substantive benchmarks that policy can aim for," Dr Ng had said when the study was released in May.

 

 

MOM, which did not say if it agrees with $1,379 as a baseline figure for what Singaporeans need in old age, had established the CPF retirement sums and corresponding payouts by examining actual expenditure patterns reflected in the Household Expenditure Survey (HES), said Mr Goh. The HES is conducted once every five years.

 

This was done at the advice of experts from the CPF Advisory Panel, which was convened in 2015 to recommend ways to improve the CPF system.

 

[therock]

https://www.straitstimes.com/singapore/not-meaningful-to-focus-on-average-healthcare-expenses-as-needs-differ-moh

 

 

As healthcare needs, and consequently healthcare costs, differ greatly from one individual to another, it is "not meaningful" to focus on average expenses that an individual requires, said a spokesman for the Ministry of Health (MOH).

He was responding to queries from The Straits Times on the average amount that an individual should set aside at the age of 65 for healthcare needs, if one does not factor in means-tested assistance.

A recent study had said that an individual aged 65 and above would need $1,379 a month to cover basic needs, but it had assumed good health and not factored in healthcare expenses.

MOH said factors that may affect healthcare costs include one's lifespan, the type of treatment sought and whether one has chronic illness or severe disability.

"But at the same time, we recognise that this same variation can lead to anxiety among Singaporeans, because they are worried about an unexpected, large healthcare bill," said MOH.

The ministry has thus been tackling this on multiple fronts, with a focus on keeping care affordable and accessible for all Singaporeans, said the spokesman. "Our healthcare financing system is designed to ensure that no Singaporean, including the elderly, is denied access to appropriate healthcare because they cannot pay."

 

 

Subsidies of up to 80 per cent are provided to Singaporeans across all care settings, while MediShield Life protects Singaporeans from large hospitalisation bills and selected costly outpatient treatments for life, even if they have a pre-existing condition.

 

[RogerNg_185295]

Another report says that 800 per month enough already.

[therock]

Too many people aren't investing..

https://www.straitstimes.com/business/banking/1-in-3-singaporeans-do-not-invest-most-financially-unprepared-for-retirement-ocbc?cx_testId=20&cx_testVariant=cx_1&cx_artPos=8#cxrecs_s

 

 

SINGAPORE - About one-third of Singaporeans do not invest and see investing as a form of gambling, even as the majority of respondents were found to be financially unprepared for retirement.

In particular, half of those among the sandwiched generation - people who support their ageing parents and their own children at the same time - struggle to cope and have significantly greater worries about their financial status compared with the average Singaporean.

These are some of the key takeways from OCBC's inaugural Financial Wellness Index, which polled 2,000 working adults in Singapore between the ages of 21 and 65 on the state of their financial health.

Overall, Singapore received a score of 63 out of 100 in this first study, indicating that Singaporeans have started taking care of their financial health but are still behind on most indicators.

There are 26 indicators altogether, including factors such as regular rate of savings, investments, financial retirement planning and having enough funds in times of crisis.

The study found that most Singaporeans are aware of the basics - they save an average of 26 per cent of their salary, and 82 per cent of respondents have proactively got insurance coverage.

 

 

But they fared more poorly when it came to investments. Some 34 per cent do not invest, while 36 per cent of investors have investments not performing to their targets. Out of those who invest, 27 per cent speculate excessively for quick gains.

 

Most are neither equipped for financial emergencies nor well-prepared for retirement. About half have enough savings to last six months, while almost three-quarters are not on track with their retirement plans. Some 65 per cent of respondents are not accumulating enough funds to maintain their lifestyle after retirement.

In particular, the sandwiched generation was found to have more financial worries compared with the rest. Some 63 per cent are concerned that they are not able to spend beyond their basic needs, compared with the Singapore average of 51 per cent.

 

[Inlinefour]

Too many people aren't investing..

https://www.straitstimes.com/business/banking/1-in-3-singaporeans-do-not-invest-most-financially-unprepared-for-retirement-ocbc?cx_testId=20&cx_testVariant=cx_1&cx_artPos=8#cxrecs_s

 

my classmate invested then lost 1 over million so he jumped off from 25th floor 

[boonhat_91]

I thought Singaporeans got "forced" investment..

 

up to 5% returns

Too many people aren't investing..

https://www.straitstimes.com/business/banking/1-in-3-singaporeans-do-not-invest-most-financially-unprepared-for-retirement-ocbc?cx_testId=20&cx_testVariant=cx_1&cx_artPos=8#cxrecs_s

 

[steveluv]

A friend of mine have been renting out his 3-room flat over the years for $1.7k-$2k. He converted that to Thai baht and live in Thailand very happy everyday. Now he no longer used to living in Singapore (me too).

Edited July 17, 2019 by steveluv

[13177]

A friend of mine have been renting out his 3-room flat over the years for $1.7k-$2k. He converted that to Thai baht and live in Thailand very happy everyday. Now he no longer used to living in Singapore (me too).

Even lets say he rent out for $1.7k for 3 years also have quite a big amount siah!    

[Mustank]

my classmate invested then lost 1 over million so he jumped off from 25th floor

I thought Singaporeans got "forced" investment..

 

up to 5% returns

Many people asking how to put in more you know