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

[13177]

give parents money too.

 

misc. go see doctor, etc. all these bits here and there add up.

Ya, forgotten on giving parents money. So most people expenses all on high side. Lol.

No, it doesn't include insurance. 

 

For insurance, I am on Mindeath Aviva plan. pretty cheap. And also the top plan for medishield (whatever that is these days). 

 

But do take note, we are talking about insurance and not those investments being sold by insurance companies as insurance right?

 

Frankly I don't give parents any money but I wouldn't consider this as part of ordinary expenditure for calculation.

 

Healthcare wise, am covered for the company for now. But different company will have different benefits.

All insurances lo, whether it is govt or those insurance companies. Those you need to pay monthly for the insurance policies should consider.

[Ct3833]

Die liao.. my family combine income now oso no smell this amount..

 

to spend $5k/$6k in future must earn how much now?

Drive Ody as early as 2004? cannot be 5k/6k lah. Anyway, my example refers to a  certain % of the household population, not for every families. We know in a society, there will always be % of people who would struggle to meet their end needs, there would be % of people who think $5k is far too low, it is very subjective.  The $5k/$6k I quoted is spending and life style that i personally feel is not excessive or not too overly deprived.  Others may have different view, there is no right or wrong answers, including mine.  

[Knoobie]

 

You will be surprised that our government will use these figures to justify higher min. sum...

 

 

my first thought exactly. 

 

1.4k/mth each in today's context is more than "basic" living standard.

[Jman888]

give parents money too.

 

misc. go see doctor, etc. all these bits here and there add up.

 

 

by the time you reach 60, you are hoping if your children will give you money    

[Tianmo]

I suppose "old" refer to retired liao.

 

1.4k a month can actually feed a family of 5 living in a 3 room flat now I think.  I watch some documentary shows presenting some low income families in SG, some families get by with less than this amount every month. 

 

I dont think I will need that much when I retired, in fact I dont think I even spend that much money on myself now on basic needs. 

 

Most expenses now are mainly spend on the children, household, and mayb the maid and car.        

[Evillusion]

my first thought exactly.

 

1.4k/mth each in today's context is more than "basic" living standard.

Brace for impact....

[Jman888]

if a retired couple have $2.4K and doing nothing whole day, they probably going to help look after grandchildren and spend on them   

[Spring]

I would think at this age housing is settled, only monthly utility fees. Food wise should be ntuc and home cook most of the time, healthy, quality and cheap. Most of the rest are stretchable. This is for people who could afford the basic plus some decent stuff occasionally. No car of course.

Kind soul bro therock mentioned $280 per month type is the other end of lower population.

 

I personally think "comfortable"(not excessive) retirement spending should be about $5k to $6k per month per couple from age 65 to 75 with car and house fully paid. This is the time one could walk, tour, meet up with friends, still can taste food and wine, once a week some decent wine or so. After 75 , one would slow down in everything, that is when spending will also go down but make sure there is medical coverage. What I think is doable but one need to start his financial planning younger.

You are another millionaire in the making. I have to highlight that money is not yours if you do not spend it, and remember you cannot bring it along with you. Haha. But salute to you on your prudence spending!

 

I think $4k per couple is comfortable n more realistic both in terms of spending and also accumulating. 

Spending as in eating at home, hawker centres and with occasional restaurants only, nearby trips, possibly a B&B car etc 

 

As you have mentioned, about $2.3k will come from CPF Life so you will need another $1.7k per mth which if multiplied by 30 years would mean about $600k in savings by 2 persons. This can be achieved thru insurance policies, personal savings and if really needed, downgrade of hse or even reverse mortgage if needed.

 

So all in all, I think it can be achieved and not so doom and gloom as some hv prophesised.

 

That said, there will be people who are not able to reach these targets for various reasons and I do understand that health care costs, unforeseen expenses, escalating cost of living etc could throw a spanner in the works to even people who think they have amassed sufficient savings, my 2 cents...... 

 

[Sosaria]

Just a rough guide to my average mthly expenditure:

 

1. Transport: 150 *2pax = 300

2. Food + groceries: 10*2.5 pax*30 days= 750

3. Utilities: 110

4. Telecommication: 25 (mobile)*1 pax (other one company pays) + 30 (internet) = 55

5. Childcare (aft subsidy): abt 600 

6. Misc(clothes, household appliance replacement, etc) : 200 

 

Oops, okay la. slightly exceeded as I forgot to account for childcare in my initial estimate. Very expensive these days. 

 

Also doesn't include housing which is under CPF (is that even my money?)

 

Since the topic is about elderly, is okay not to include children related expenses, I guess. Just want to find out how much it takes for an old couple to live up to almost the same standard as now.

 

Children's expenses are a big multiplier. Noticed your utilities bill is quite low, but when you add more kids in - the extra amount of water used, for hygiene, laundry. Add also extra electricity for aircon ... wahhh ...     

[AlfaLove]

If I may jump in and share my experience of an almost 55-year-old single:

 

Eating out at hawker centres lunch and dinner 3-4 days a week: $180 pm

Groceries (NZ steak, fruit, chocs, wine, bread, rice): $250 pm (Cook at home and entertain simple meals on weekends for friends. Cannot eat steak, durian and chilli crab every day)

 

Mobile: $25 pm

Internet: $30 pm

iTunes movies purchases, streaming movies and music channels: $65 pm

 

Utilities: $95 pm

Estate maintenance and conservancy: $460 pm

 

Home cleaning once a week: $280 pm

 

MRT+Bus: $30 pm (Don't go out everyday because work from home)

 

Car petrol+insurance+tax: $400 pm (Used car paid in full, with 3rd party insurance. Not counting repairs and spare parts)

 

Accident/Life, medical and hospitalisation insurance: $260 pm

 

I don't have monthly housing loan because my parents passed on and left me the flat. (But may have to budget for deep cleaning and renovations/new aircon compressor/repainting every 10 years.) Property tax is less than $100 pm.

 

Holidays to Japan or Europe are every 2-3 years and will likely cease after 70+. Airfare and shopping from stock dividends.

[Kusje]

Woah. Your monthly maintenance is really high...

Woah. Your monthly maintenance is really high...

[Vratenza]

Wait for it.... Someone will come out to capitalize on this "information" to justify some policy change. 

 

Wow... that's a lot

 

https://www.straitstimes.com/singapore/study-finds-1379-a-month-needed-to-meet-basic-living-standard-for-single-elderly

 

 

 

[Ct3833]

If I may jump in and share my experience of an almost 55-year-old single:

 

Eating out at hawker centres lunch and dinner 3-4 days a week: $180 pm

Groceries (NZ steak, fruit, chocs, wine, bread, rice): $250 pm (Cook at home and entertain simple meals on weekends for friends. Cannot eat steak, durian and chilli crab every day)

 

Mobile: $25 pm

Internet: $30 pm

iTunes movies purchases, streaming movies and music channels: $65 pm

 

Utilities: $95 pm

Estate maintenance and conservancy: $460 pm

 

Home cleaning once a week: $280 pm

 

MRT+Bus: $30 pm (Don't go out everyday because work from home)

 

Car petrol+insurance+tax: $400 pm (Used car paid in full, with 3rd party insurance. Not counting repairs and spare parts)

 

Accident/Life, medical and hospitalisation insurance: $260 pm

 

I don't have monthly housing loan because my parents passed on and left me the flat. (But may have to budget for deep cleaning and renovations/new aircon compressor/repainting every 10 years.) Property tax is less than $100 pm.

 

Holidays to Japan or Europe are every 2-3 years and will likely cease after 70+. Airfare and shopping from stock dividends.

Looks like your source of income is self sustainable or like a endless burning candle.

[Spring]

If I may jump in and share my experience of an almost 55-year-old single:

 

Eating out at hawker centres lunch and dinner 3-4 days a week: $180 pm

Groceries (NZ steak, fruit, chocs, wine, bread, rice): $250 pm (Cook at home and entertain simple meals on weekends for friends. Cannot eat steak, durian and chilli crab every day)

 

Mobile: $25 pm

Internet: $30 pm

iTunes movies purchases, streaming movies and music channels: $65 pm

 

Utilities: $95 pm

Estate maintenance and conservancy: $460 pm

 

Home cleaning once a week: $280 pm

 

MRT+Bus: $30 pm (Don't go out everyday because work from home)

 

Car petrol+insurance+tax: $400 pm (Used car paid in full, with 3rd party insurance. Not counting repairs and spare parts)

 

Accident/Life, medical and hospitalisation insurance: $260 pm

 

I don't have monthly housing loan because my parents passed on and left me the flat. (But may have to budget for deep cleaning and renovations/new aircon compressor/repainting every 10 years.) Property tax is less than $100 pm.

 

Holidays to Japan or Europe are every 2-3 years and will likely cease after 70+. Airfare and shopping from stock dividends.

Adds up to just over $2k per mth which is what I mentioned ($4k per couple). In fact it shld be even less than $4k cos some items are shared between the couples like conservancy chgs, utilities, property tax, internet etc 

 

That said, your estate maintenance and conservancy is extremely high. Even staying in condos is at most $350-$400 max per mth, more often less than that.

 

Anyway, thks for your detailed figures as good to get real life numbers from someone who actually walks the talk!

[Alfc]

by the time you reach 60, you are hoping if your children will give you money

Depends on how you bring out your kids (what values). If they can buy big houses, cars, holidays and yet give nothing, they are well brought up to take care of themselves and their own well being only. Another story if they are hardly keeping up with basic needs.

 

 

And did one set example oneself. If one dun give, what expectation do one have the right that the children give?

[Soya]

U fellas neber factor in retirement job as table wiper ah? Heard in MCF easily $500k pa in a bad month wor...

[Kxbc]

give parents money too.

 

misc. go see doctor, etc. all these bits here and there add up.

and monthly income taxes too. it's an expense.

[Sosaria]

Looks like your source of income is self sustainable or like a endless burning candle.

 

He is single, so by now at age 55 probably save up a lot already if he has been employed all the while. In fact, if my life turned out that way, I'd probably be semi-retired by that age, live off part-time work and rentals from various properties bought from saving by not getting married and having kids