How much is enough for retirement in Singapore?
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ChiefKiasu:
I heard that hardwarezone.com was sold for S$7.1 million to Singapore Press Holdings.
Oh... we are still waiting for that white knight to come by one day to sweep us off our feet and bring us home and have a happy life ever after. :dancing:
It is true that not everyone who starts an internet forum will get very rich, but it is definitely possible for a very popular forum to earn a neat sum of money through online advertisements. I know of other forums which have much higher traffic. -
tamarind:
Forgot to add that my late father was treated at government hospitals, staying at B2 wards. The government subsidy is very high.I thought my mother has planned quite well.
1. She is staying with us, and renting out her old HDB flat. Her rental income is more than sufficient for her to live comfortably. This is much better than saving any amount of money in the bank. The flat can be rented out for another 40 years, by then she will be over 110 years old.
2. She has about $14,000 in her medisave, earning about $700+ interest every year. I bought NTUC Incomeshield for her, which costs about $800 every year. The interest almost covers the premium.
I strongly advise everyone to get medical insurance for their elderly parents. My later father went through major operations, hospitalized for months, and I did not have to come out with any cash at all. His insurance covered most of it, and in the end, he still had about $5000 left in his medisave account. He had only about $8000 in his medisave when he just retired.
We should not be thinking of how much money to save. It is unwise to live on savings, because savings will be depleted one day.
Instead, we should be thinking of ways to generate passive income such as rental income
And make sure you have medical insurance, don't even think about paying all hospitalization bills using your savings, very few people can afford to do so.
An earlier post mentioned $1 million of medical bills, that was probably due to single bed in private hospitals. Unless you have millions of dollars, it is best to avoid private hospitals.
Actually nowadays C class at public hospitals are very popular, especially for the elderly. Many people, even those with high income, know that this is the best way to save money. -
tamarind:
Wah...Chief going to be \"bee tang\"(rice container) with that....
I heard that hardwarezone.com was sold for S$7.1 million to Singapore Press Holdings.ChiefKiasu:
Oh... we are still waiting for that white knight to come by one day to sweep us off our feet and bring us home and have a happy life ever after. :dancing:
It is true that not everyone who starts an internet forum will get very rich, but it is definitely possible for a very popular forum to earn a neat sum of money through online advertisements. I know of other forums which have much higher traffic. -
tamarind:
Forgot to add that my late father was treated at government hospitals, staying at B2 wards. The government subsidy is very high.tamarind:
I thought my mother has planned quite well.
1. She is staying with us, and renting out her old HDB flat. Her rental income is more than sufficient for her to live comfortably. This is much better than saving any amount of money in the bank. The flat can be rented out for another 40 years, by then she will be over 110 years old.
2. She has about $14,000 in her medisave, earning about $700+ interest every year. I bought NTUC Incomeshield for her, which costs about $800 every year. The interest almost covers the premium.
I strongly advise everyone to get medical insurance for their elderly parents. My later father went through major operations, hospitalized for months, and I did not have to come out with any cash at all. His insurance covered most of it, and in the end, he still had about $5000 left in his medisave account. He had only about $8000 in his medisave when he just retired.
We should not be thinking of how much money to save. It is unwise to live on savings, because savings will be depleted one day.
Instead, we should be thinking of ways to generate passive income such as rental income And make sure you have medical insurance, don't even think about paying all hospitalization bills using your savings, very few people can afford to do so.
An earlier post mentioned $1 million of medical bills, that was probably due to single bed in private hospitals. Unless you have millions of dollars, it is best to avoid private hospitals.
Actually nowadays C class at public hospitals are very popular, especially for the elderly. Many people, even those with high income, know that this is the best way to save money.
Public hosp's queue is very long. How about B2 under pte hosp? I bought mine & children's from GE using medisave. -
tamarind:
HWZ is not just a forum with paid membership scheme and it has printed magazine as well.
I heard that hardwarezone.com was sold for S$7.1 million to Singapore Press Holdings.
It is true that not everyone who starts an internet forum will get very rich, but it is definitely possible for a very popular forum to earn a neat sum of money through online advertisements. I know of other forums which have much higher traffic.
KSP can strive to be bought by some big company too but IMHO, need more work.
:celebrate: -
minnie2004:
We already do! The netbooks and Wii's from the auctions didn't fall out of the sky! :lol:Oh yeah, chief must be making loads of $$ judging from the amount of ads on this site
Wonder if we members here will get a piece of the action -
tankee:
In your opinion, what work is required?
KSP can strive to be bought by some big company too but IMHO, need more work.
:celebrate: -
I personally think a second property is the way to go... not to flip and flip, but to hold as LT investment, and perhaps sell when the market is good. Then hold the profits, and buy again when market dips.
Perhaps this is why our property market is spiralling - got dd for 2 properties per resident haha. I believe investing well means making use of money well. Of course must be careful to tread the line carefully, otherwise can end up being mastered by money instead of being it's master.
On retirement, I would say my aim is not to rely on my kids. having my parents rely on me, I know how difficult that can be for the supporting children, so I intend to be responsible, and finance my own retirement.
Though that might be tough since I'm sandwiched between providing for my parents and my kids now, I believe that that's the right way to go.
Filial piety need not be measured in dollars and cents. I'd rather have the ability to tell my kids that they have the freedom to do what they want with their money, to take care of their own family (will not get any cheaper with time) and to give away the excess.
In my retirement, I don't intend to live lavishly, or take the opinion of 'reaping the fruits' of a lifetime of hard work through fancy holidays or daily feasting, or be disappointed if I cannot do so. I hope to have a meaningful retirement, where I am actively engaged in work that I believe in, probably at a slower pace, since physically might not be able to work at the same rate as now! and hopefully to have time and energy to invest in nurturing grandchildren if any. Gotta keep the mind alive.
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ks2me:
In your opinion, what work is required?tankee:
KSP can strive to be bought by some big company too but IMHO, need more work.
:celebrate:
but :offtopic: here leh
maybe we should start a dedicated thread on this? -
tankee:
In your opinion, what work is required?ks2me:
[quote=\"tankee\"]
KSP can strive to be bought by some big company too but IMHO, need more work.
:celebrate:
but :offtopic: here leh
maybe we should start a dedicated thread on this?[/quote]Pls do if you plan to lor li lor soh on the topic...
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