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  #31  
Old 16-09-2020, 02:44 PM
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Re: How much money needed to Retire?

Another way is, if you do not do investments/trading, is to put into an instrument like an endowment plan.

Returns may not be overly fantastic, but it can beat inflation or at the least, be on par.
  #32  
Old 16-09-2020, 03:14 PM
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Re: How much money needed to Retire?

retire in sg or elsewhere
  #33  
Old 16-09-2020, 04:06 PM
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Re: How much money needed to Retire?

Quote:
Originally Posted by nocsag View Post
retire in sg or elsewhere
No such thing as retirement in sg unless you are an elite, or a bastard like Liew Mun Leong
  #34  
Old 16-09-2020, 04:42 PM
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Re: How much money needed to Retire?

Actually if you hit the minimum retirement sum, you can technically "retire" in Singapore assuming you have no other debts or dependents.
Assuming you get around $1.3k a month for living expenses and live alone

Food: $15 a day = $450 a month
Transport: $120 for Adult Concession
Broadband & Mobile: $100
Utility Bills: $100
Geylang (Thai Hooker) 4x/Month: $200
Regular Massage 4x/Month: $200
Total: $1170
Still got some spare change for the occasional beer session.

Of course if I buy own groceries, use the fan and live in Geylang area, I save on transport, utility and food expenses. Means more money to screw those hookers probably 3x/week. Old liao also cannot too many times
  #35  
Old 16-09-2020, 05:08 PM
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Wink Re: How much money needed to Retire?

How much you need to retire really depend on what is your desire life style at each retirement age band. The other consideration is whether there are dependents. Let say ...

50 to 55
55 to 60
60 to 65
65 to 70
70 to 75
75 and beyond

For me retirement does not meant sitting around doing nothing. Doing things that you love, enjoy and want to do which may also generate income but not chasing after income in your earlier year of retirement (50 to 65). On retirement, key headache is what to do with so much times in your hands.

Health is important if you want to have a fulfilling and a happy golden years which allow u to do things that u want. I would put a figure of 40K a year with no liability to be comfortable pursuing your interests (with some self discipline) without worrying about $$$ ...
  #36  
Old 16-09-2020, 07:02 PM
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Re: How much money needed to Retire?

Everyone wished they can have a couple of M heading into retirement but reality sometimes is not as rosy. I'm nowhere near retirement but my in laws' figures might give some insight to those who are almost there.

They are both salaried workers their whole life. No big up big down types.

My in laws retired last year at 63 & 65.
Both of them live in a fully paid up 4 room flat and they were on the old retirement sum scheme but they opt to join the CPF life a few years back.

Both topped up to FRS base on the figure a few years ago, not sure how much.

Both their CPF will give them a cash flow of about 2.7k between the 2 of them till the day they pass once both hit payout age. They have private annuity that pays about 200+ a month each. I'm not sure how much they are getting from the old retirement sum scheme if any since they chose to join CPF life. I'll assume none.


They are holding hard cash of 150k give and take in a mix of fixed deposits, cash and government bonds.

They have some bank stocks but worth less than 100k now given the state of the market.

Plus allowance from their children, a 4k ish cash flow for an elderly retired couple in SG is very comfortable considering that the flat is fully paid and they don't drive.

They now netflix and chill most of the time, go walk around shopping, drink coffee, meet old friends chit chat and take long bus ride for sightseeing or go queue for famous hawker food.

Everyone's lifestyle is different, the number might work for you but not for others with more commitment or a bigger family.

Retirement is a race everyone runs at their own pace with their own finish line.

Most important of all is health.
What is a few M if you don;t have the health or life to enjoy it ?

CPF is like the girl you don't want to sleep with but end of the day, when you need a hole, it's there, provided you planned for it hahaha.
Can't depend on it totally but if you plan in advance and use it as a backup, it can complement whatever you have.


I look forward to be able to surf SBF leisurely while drinking kopi when i retire.
  #37  
Old 17-09-2020, 01:29 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by VoicesWithin View Post
No offence bro, but this is what I mean by small boy talk. Gin na pak elastic. I am nearing the end of my career and I have not seen many (or any) of my peers with $1.5m in cash IN ADDITION to a fully paid property. Sure, there are rich people in Sg. Maybe only 10% of Sg population or approx 350,000 citizens have it, and I haven't had the good fortune of meeting any of them?

When you say "you will need", the assumption is 100% of Singapore citizens must have it IN ORDER to retire, which is not realistic.

My question is what is YOUR OWN (realistic) retirement plan?
work hard! I'm retired.. that's why I can give such advise.. looks like u are still far off..
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  #38  
Old 17-09-2020, 01:33 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by attilio2003 View Post
bro in your estimation. the 1.5mil is for one person or a couple? if for one person that mean need est 3 mil for a couple to retire?

also does your 1.5mil est include the CPF life retirement sum?
$1.5 mil is for single + a reasonable partner..
when say couple it's very subjective.. some girls can squeeze a guy dry even when he has a gold mountain.

CPF retirement is just $180K and locked until u reach 65. not a very big sum if u manage to have $1.5 mil cash. U can include but monthly expenditure will reduce a little
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  #39  
Old 17-09-2020, 01:37 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by stoicism View Post
Actually my number is quite close ($1.6mil). And I think it is exactly that many singaporeans don't have that number that's why they keep working as long as they possibly can.

Basically $1.5-1.6 per person is what you will need realistically to stop working right away with no concern about long term retirement (i.e. financial independence). For anyone who doesn't have that number it means that their savings, however much they currently have will, may not be able to last them in perpetuity.

Of course if you know exactly when you will die, then you don't need to plan for financial independence in perpetuity, in which case you can likely get by with a much smaller number.
Congratulations! you are among the 300,000 Singaporean that has a minimum of $1.5 mil to retire. Only those that have the ambition to have financial independence will know what it takes to retire without worrying about $
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  #40  
Old 17-09-2020, 01:51 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by Wisetiger View Post
How much you need to retire really depend on what is your desire life style at each retirement age band. The other consideration is whether there are dependents. Let say ...

50 to 55
55 to 60
60 to 65
65 to 70
70 to 75
75 and beyond

For me retirement does not meant sitting around doing nothing. Doing things that you love, enjoy and want to do which may also generate income but not chasing after income in your earlier year of retirement (50 to 65). On retirement, key headache is what to do with so much times in your hands.

Health is important if you want to have a fulfilling and a happy golden years which allow u to do things that u want. I would put a figure of 40K a year with no liability to be comfortable pursuing your interests (with some self discipline) without worrying about $$$ ...
This is a good statement... it really depends on what u want to do after retirement

Most people do not want to be sitting at home, watch tv, take bus go botanical gardens and wait to die.

Retirement will not be "boring" if u can travel to all the exotic locations, experience new culture, new food and beautiful scenery

$1.5 million will help u overcome the boredom of retirement.. you no longer need to stay home watch tv, play chess at HDB void deck..

Retirement is about rewarding yourself after 30+ years of working and climbing the ladder to success. It's time to spend $$ and make yourself happy. $$ can buy happiness!!
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  #41  
Old 17-09-2020, 09:28 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by TMNT99 View Post
I have a good way for an employee like myself. Max out your CPF SA as early as possible, even prioritise it over your HDB loan payment. The compounded interest in SA is just amazing. I was lucky to achieve that 8 years ago, and now I get in excess of 8k interest every year. and thinking that cpf will also pay interest next year on this 8k interest just brings a smile to my face.

I have done this some time back. I collect $10k a year in interest while my wife collects $13k. You are right about that smile. Especially when the money comes from Ah Gong! Seldom do we rape them back. Sweet revenge!
  #42  
Old 17-09-2020, 09:38 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by snooker View Post
work hard! I'm retired.. that's why I can give such advise.. looks like u are still far off..
Congratulations. But not wise use of money. I have a few friends who own 4-5 fully paid condos in addition to their own home. Net worth definitely more than $1.5m. My point is nobody (I know) keeps $1.5m in cash. And $1.5m is not the absolute minimum one needs to retire as you professed. Rem to buy us coffee ya?
  #43  
Old 17-09-2020, 09:43 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by repairman View Post
Actually if you hit the minimum retirement sum, you can technically "retire" in Singapore assuming you have no other debts or dependents.
Assuming you get around $1.3k a month for living expenses and live alone

Food: $15 a day = $450 a month
Transport: $120 for Adult Concession
Broadband & Mobile: $100
Utility Bills: $100
Geylang (Thai Hooker) 4x/Month: $200
Regular Massage 4x/Month: $200
Total: $1170
Still got some spare change for the occasional beer session.

Of course if I buy own groceries, use the fan and live in Geylang area, I save on transport, utility and food expenses. Means more money to screw those hookers probably 3x/week. Old liao also cannot too many times
Funny how our sexual entertainment needs oust other expenses! Yup, when older, not really keen to do so often. I know haha. So the once a week romp to geylang needs a second look. Thanks for sharing.
  #44  
Old 17-09-2020, 09:59 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by Wisetiger View Post
How much you need to retire really depend on what is your desire life style at each retirement age band. The other consideration is whether there are dependents. Let say ...

50 to 55
55 to 60
60 to 65
65 to 70
70 to 75
75 and beyond

For me retirement does not meant sitting around doing nothing. Doing things that you love, enjoy and want to do which may also generate income but not chasing after income in your earlier year of retirement (50 to 65). On retirement, key headache is what to do with so much times in your hands.

Health is important if you want to have a fulfilling and a happy golden years which allow u to do things that u want. I would put a figure of 40K a year with no liability to be comfortable pursuing your interests (with some self discipline) without worrying about $$$ ...
$40k a year works out to be $3.3k a month. For a single person, it looks generous. Very achievable. Thanks for sharing.
  #45  
Old 17-09-2020, 10:28 AM
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Re: How much money needed to Retire?

Quote:
Originally Posted by ttocaw View Post
Everyone wished they can have a couple of M heading into retirement but reality sometimes is not as rosy. I'm nowhere near retirement but my in laws' figures might give some insight to those who are almost there.

They are both salaried workers their whole life. No big up big down types.

My in laws retired last year at 63 & 65.
Both of them live in a fully paid up 4 room flat and they were on the old retirement sum scheme but they opt to join the CPF life a few years back.

Both topped up to FRS base on the figure a few years ago, not sure how much.

Both their CPF will give them a cash flow of about 2.7k between the 2 of them till the day they pass once both hit payout age. They have private annuity that pays about 200+ a month each. I'm not sure how much they are getting from the old retirement sum scheme if any since they chose to join CPF life. I'll assume none.


They are holding hard cash of 150k give and take in a mix of fixed deposits, cash and government bonds.

They have some bank stocks but worth less than 100k now given the state of the market.

Plus allowance from their children, a 4k ish cash flow for an elderly retired couple in SG is very comfortable considering that the flat is fully paid and they don't drive.

They now netflix and chill most of the time, go walk around shopping, drink coffee, meet old friends chit chat and take long bus ride for sightseeing or go queue for famous hawker food.

Everyone's lifestyle is different, the number might work for you but not for others with more commitment or a bigger family.

Retirement is a race everyone runs at their own pace with their own finish line.

Most important of all is health.
What is a few M if you don;t have the health or life to enjoy it ?

CPF is like the girl you don't want to sleep with but end of the day, when you need a hole, it's there, provided you planned for it hahaha.
Can't depend on it totally but if you plan in advance and use it as a backup, it can complement whatever you have.


I look forward to be able to surf SBF leisurely while drinking kopi when i retire.
Very good sharing! Your PIL profiles are quite similar to mine. Except that I do not dabble in stocks - for the reasons you stated - and use an investment property instead to generate income.

Your PILs are doing great at $4k-ish a month. Their simple lives is the envy of many including me. Often, I have suspected one does not need much money in the retired years. What is one to do with all the money at that age?

I have a big family of my own. So compared to my peers with smaller or no family, I lag them monetarily. If I were to tax all my children, I will run into a 5 figure retirement income, which i dont need. So no, my figures excludes allowances from kids. I don't want to depend or impose on them. I want them to have their own lives. Come visit dad once in a while, good enough for me.

Thanks for sharing bro!
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