How much is enough for retirement in Singapore?
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Agreed, scang.
I am planning my retirement -
I am totally shock majority of you claims that to retire a person needs 1 to 2 million.... :yikes:
Wow All of you leading AN ATAS LIFE... Most Kiasuparents are Rich Landlords, Tai Tai.... me- I only can envy and dream .
when I reach 65 , if CPF Life each month can take out SGD2k ...I will be happy Like An Oasis in the Desert
To have 1-2 million the only thing I can do is to strike TOTO and BIG Sweep.... -
Top 10 Things Everyone Should Know About Saving for Retirement
10. How Much You Should Save for Retirement
9. Even Just Thinking About Retirement Can Help You Save More
8. There Are Tons of Tools to Easily Plan and Manage Your Retirement
7. Choose the Right Retirement Account Type
6. Compounding Is So Powerful It's Almost Magical
5. Don't Miss Out on an Employer Match
4. Look Out for Fees First
3. Automate Your Savings—and Stick with a Plan
2. Getting Started Is Easier Than You Might Think
1. The Best Time to Start Investing Is Now
source: http://lifehacker.com/top-10-things-eve ... 1687055516 -
When your passive income = monthly expenses * 3
you can retire. -
shawnlim88:
I will be very glad if my passive income = monthly expenses/3. :oops:When your passive income = monthly expenses * 3
you can retire. -
shawnlim88:
When your passive income = monthly expenses * 3
you can retire.
You can say that, but it is likely the idea of THAT as your only target is going to demoralize you from even starting out at all.
Many gave up when they are in their 20s, when they form their family with only $1000 left in savings and telling them they need $1 mil or $2 mil like what most voted here because it is just so so so so far away.
They don't even feel like getting started. The grind is hard. -
The high level idea is always this two formulas:
[quote]Wealth Fund required in FI = (Next year’s Expenses in FI per month x 12)/Rate of Return to generate cash flows in FI
Rate of Return of your Wealth Machine(s) required in FI = Rate of Return to generate cash flows in FI+ Rate of Return to keep up with Inflation in FI[/quote]Myhttp://www.investmentmoats.com/wealth-building-2/how-much-do-you-need-for-financial-independence-or-retirement-a-simple-formula-to-guide-you/
Have a few \"pitstops\" on your way to the eventual goal. this would make it more achievable and know you are on the right track
https://i.imgur.com/YswW1hQ.gif\">
Gamify your life as well.
https://i.imgur.com/ywos3XX.gif\"> -
In my humble option, properties is the way to go in SG. My plan is to sell my primary property which is fairly central then move to the outskirts when I retire…since I will have all the time in the world to travel. Then rent 1 out for passive income. Very difficult or very rare for people to really make money in their entire portfolio via stock investment over a long term period…
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i have a couple friend, DINKs ( Double Income, No Kids)…
when they first married, they bought a resale 5 rm HDB in AMK.
after staying there for few years, they sold off that 5rm HDB 2 years ago and downgraded to a 4 rm HDB, few years later, they fully paid up for the HDB flat.
just sharing -
If don’t mind sharing the house with strangers and there are no restrictions on it, I think renting the spare room(s) out is also a way to generate passive income when we are old…
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MrsKiasu:
If don't mind sharing the house with strangers and there are no restrictions on it, I think renting the spare room(s) out is also a way to generate passive income when we are old..
I would prefer to downgrade to a small, small flat. -
starlight1968sg:
Won't be easy to get used to itMrsKiasu:
If don't mind sharing the house with strangers and there are no restrictions on it, I think renting the spare room(s) out is also a way to generate passive income when we are old..
I would prefer to downgrade to a small, small flat. -
starlight1968sg:
Sometimes the rental income can be quite attractive de..say rent 1 room get $500 and 2 rooms you get $1k..MrsKiasu:
If don't mind sharing the house with strangers and there are no restrictions on it, I think renting the spare room(s) out is also a way to generate passive income when we are old..
I would prefer to downgrade to a small, small flat. -
pirated:
Won't be easy to get used to it[/quote]For elderly, the tenant could become their companion or even someone to help watch them..wait something bad happened at least won't need to reach the advance stage..starlight1968sg:
[quote=\"MrsKiasu\"]If don't mind sharing the house with strangers and there are no restrictions on it, I think renting the spare room(s) out is also a way to generate passive income when we are old..
I would prefer to downgrade to a small, small flat. -
MrsKiasu:
Sometimes the rental income can be quite attractive de..say rent 1 room get $500 and 2 rooms you get $1k..
Yes, 1k per mth passive income is tempting but the inconvenience of living with strangers simply puts me off. -
starlight1968sg:
I believe we can adapt de, based on situation..for me, I rented room before so was totally ok with it. .but now I don't even want to have a live-in maid at home..MrsKiasu:
Sometimes the rental income can be quite attractive de..say rent 1 room get $500 and 2 rooms you get $1k..
Yes, 1k per mth passive income is tempting but the inconvenience of living with strangers simply puts me off. -
shawnlim88:
With double income n no kids, shouldn't they be upgrading instead of downgrading?i have a couple friend, DINKs ( Double Income, No Kids)...
when they first married, they bought a resale 5 rm HDB in AMK.
after staying there for few years, they sold off that 5rm HDB 2 years ago and downgraded to a 4 rm HDB, few years later, they fully paid up for the HDB flat.
just sharing -
pirated:
Won't be easy to get used to it[/quote]starlight1968sg:
[quote=\"MrsKiasu\"]If don't mind sharing the house with strangers and there are no restrictions on it, I think renting the spare room(s) out is also a way to generate passive income when we are old..
I would prefer to downgrade to a small, small flat.
Why not? -
shawnlim88:
i have a couple friend, DINKs ( Double Income, No Kids)...
when they first married, they bought a resale 5 rm HDB in AMK.
after staying there for few years, they sold off that 5rm HDB 2 years ago and downgraded to a 4 rm HDB, few years later, they fully paid up for the HDB flat.
just sharing
this is somewhat called a geo arbitrage sometimes. you can purchase a 4 room queenstown flat at 600k, and then when it appreciate, downgrade to a 4 room in yishun valued now at 350k. because of the difference in growth rates in 2 places, you gain an amount of money.
of course this works if you are somewhat location independent. i am surprised not a lot of thing about this -
property is what everyone thinks about when they think retirement, but it has its downsides as well.
the prevailing thought is that inflation heals all wounds. the folks that bought in 1997 only seen their values back in 2010. if you manage to earn rental income then it gets better.
in property soul’s no BS on real estate, she cites one of the property she sees in 2003, at $400k, a condo. the existing neighbour came and chit chat and ask about the purchase price. they commented it is somewhat close to when they bought it.
when did they buy it? 1983 or so. so she went and see if its a property downturned then. it wasn’t
it is shocking that the price remain the same
while many have many to ride up the proeprty cycle from the doldrums in 2003 to now, in this asset inflation cycle with cheap money, it is our children who will have difficulty now.
i believe the growth rates mean revert, that is to say for this 15 years the growth rate is higher at 7%. it may be likely for the next 10-15 years it is 2-3%.
what happens for the new 20-27 year old wealth builders is they need to earn well, get a own property, then free up enough money to buy a 1 mil to 1.5 mil investment property.
there is great concenration risk there. it is good when there is tailwind, but if things do not go your way…