How much is enough for retirement in Singapore?

[zbear]

starlight1968sg:

I am most worried abt medical expenses. Although I have the Private Shield plan, I am not confident that it will cover ALL related expenses. This is the biggest unknown and fear factor in my case.

Medical costs can be reduced if you opt for subsidized wards n not private hospitals. The subsidy is quite substantial.

I know Restructured Hospitals have many financial assistance schemes to help those who face financial problems especially the senior citizens.

[starlight1968sg]

zbear:

starlight1968sg:

I am most worried abt medical expenses. Although I have the Private Shield plan, I am not confident that it will cover ALL related expenses. This is the biggest unknown and fear factor in my case.

Medical costs can be reduced if you opt for subsidized wards n not private hospitals. The subsidy is quite substantial.

I know Restructured Hospitals have many financial assistance schemes to help those who face financial problems especially the senior citizens.

I would go for the cheapest available option. I am most worried that due to whatever reasons, I hv to go to the private hospitals.
And in restructured hospitals, there are private and subsidized rates. The private rates in these hospitals are not cheap at all.

[zbear]

kyith:

Most interesting about recent research is that expenses instead of inflated, tend to go down in retirement

Correct based on my personal experience. I am in the retirement age but I find that I spend much lesser on my daily needs than before.

So why does everyone say - it's difficult to retire if you have been wise enough to save from young?

[starlight1968sg]

zbear:

So why does everyone say - it's difficult to retire if you have been wise enough to save from young?

Pardon?
I thought it would be EASY to retire if you have been wise enough to save from young.

[zbear]

starlight1968sg:

zbear:

So why does everyone say - it's difficult to retire if you have been wise enough to save from young?

Pardon?
I thought it would be EASY to retire if you have been wise enough to save from young.

Huh? Did I phrase my statement wrongly?

This is exactly what I want to say - why does everyone says it's difficult to retire when you have saved enough from young?

[kyith]

Medical expenses should usually be addressed by Medisave and your H&S plan.


No one have good data really. you have to collect as much of these long term case study and see whether it is good enough.

i evaluated and the weakest point of retirement is the healthcare system.

[starlight1968sg]

kyith:

i evaluated and the weakest point of retirement is the healthcare system.

which means the one with greatest uncertainty and unpredictability?

[kyith]

starlight1968sg:

kyith:

i evaluated and the weakest point of retirement is the healthcare system.

which means the one with greatest uncertainty and unpredictability?

not really. its something i have the lowest experience and data.

[lee_yl]

Financially, I think DH and I are in good shape. Free of debts and probably some passive income from rental and dividends.


A neglected area is the mental and physical well being during retirement.

I am more worried that when I lose my mental faculty and physical ability and need to be taken care by a care-giver. One of my persistent fear is to be abused by the care giver. So I have been telling my kids, pls believe your poor mum should I tell tyou that my primary care-giver has been abusing me. Even with CCTVs, there are still blind spots.

[kyith]

lee_yl:

Financially, I think DH and I are in good shape. Free of debts and probably some passive income from rental and dividends.


A neglected area is the mental and physical well being during retirement.

I am more worried that when I lose my mental faculty and physical ability and need to be taken care by a care-giver. One of my persistent fear is to be abused by the care giver. So I have been telling my kids, pls believe your poor mum should I tell tyou that my primary care-giver has been abusing me. Even with CCTVs, there are still blind spots.

thats a good situation to be in and if you have a good idea of your expenses, plus you know the growth rate (conservative) of your stocks and property, you can estimate if you are financially secure (covers the subsistence living) or financially independent (covers the current going expenses)

in retirment you will also need to look at your ability to manage the stocks and property well when your mental cognitive abilities deteroriate. in the wealth building you are currently doing it is rather active management and requires good cognitive abilites which may deterorirate with age.