How much is enough for retirement in Singapore?

[starlight1968sg]

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Thanks Kyith for the above.

[kyith]

thanks starlight for posting this.


the idea of this stages of wealth is firstly, to satisfy our yearning to measure where we are, or where our friends are in a prudent manner.

secondly it is to pace our wealth progression.

notice there isn’t a retirement in this meter. I don’t think retirement is the right way to look at things, if you research up the history why there is retirement in the first place.

it is usually replaced with financial independence or freedom

[starlight1968sg]

kyith:

thanks starlight for posting this.


the idea of this stages of wealth is firstly, to satisfy our yearning to measure where we are, or where our friends are in a prudent manner.

secondly it is to pace our wealth progression.

notice there isn't a retirement in this meter. I don't think retirement is the right way to look at things, if you research up the history why there is retirement in the first place.

it is usually replaced with financial independence or freedom

the diagram is easy to understand. Most impt, it allows us to see where we stand now ie how far we are from the goal.
Thank you.

[ryuunix]

fluffyboy:

I am currently holding 300k cash entirely in fix deposit. I am unemployed currently and relies on the fix depost interest income for my daily living expenses. Any advice how to make my money work harder yet at the same time low/zero risks? Reason being these are my entire life savings and I cant afford to lose the capital.

Its true that fix deposit might not be enough. If your profile is so conservative, you might need to get a work to supply your expenses. Stagger your $300k into different parts to different instruments: OCBC has a 2.33% (help someone to pay payment of $500 per month and the person pay you back. but this promo is going to end soon), F.D (1 to 2%) , Bonds (2 to 4%), some banks have structured deposits (1 to 3%), Dividend paying funds (3.5 to 5%) that don't burn on Net Asset Value, etc. If you are close to retirement age, perhaps you might wanna know in CPF (2.5% is higher than your F.D).

Haha you might wanna lend out your money to those that you can trust for interest (that's what one of my friends does). Otherwise you are quite limited and restricted due to your risk profile and no net income coming in. =X

Try getting tangible assets if you can too, that generates passive income (like sharing private housing, commercial or private rental spaces)

[starlight1968sg]

An informative site related to retirement planning by NTUC Income:

http://www.retiring.com.sg/start-retiring.html

[starlight1968sg]

$1m in CPF by age 65

http://www.straitstimes.com/business/invest/1m-in-cpf-by-age-65

[Busybugz73]

That is a lot of $$$$$!!!

[starlight1968sg]

imagine 1 mil to last for say 25 years from age 55 to 80 (noting the average life-span is > 80), that is about 3.3k per mth covering everything.

[MyPillow]

starlight1968sg:

imagine 1 mil to last for say 25 years from age 55 to 80 (noting the average life-span is > 80), that is about 3.3k per mth covering everything.

seem like need something like
1 mil cash
500K CPF savings
1+ mil condo
500k hdb apartment

to have comfortable /a bit luxury living for golden yrs ?

[starlight1968sg]

MyPillow:

starlight1968sg:

imagine 1 mil to last for say 25 years from age 55 to 80 (noting the average life-span is > 80), that is about 3.3k per mth covering everything.

seem like need something like
1 mil cash
500K CPF savings
1+ mil condo
500k hdb apartment

to have comfortable /a bit luxury living for golden yrs ?

haha... this is a dream many would like to have.