How much is enough for retirement in Singapore?

[MrsKiasu]

while it is important to have enough or better still more than enough...I personally find that some people may feel pressurized by the amount. I think it is good to save and spend wisely since young but even that not majority will be able to have that amount even after one tried (hard). So that only makes people more stressful to face or to think about their old age (?). If the old couple eat at home more and 'share' the food..got economy of scale already and ..less than x2 old already, can downgrade property or sublet spare rooms...also income. Or maybe got ferry to JB then can go wet market there...the worst check ourselves into old age home in JB..asked for a private room..think no need SGD6K for the couple..aiya, I m trying not to stress myself :rotflmao:

[sharonkhoo]

TheAnswer:

Got plan better than no plan.. sekali really live until 100 how leh? Surely we dun want our life to have poorer quality as we age right?

This is a reality for most people in most countries, so I think we should get used to the idea that we should live more simply as we age. If we work for about 40 yrs, then live for another 20 yrs beyond that, I think it is not really possible for our lifestyle to remain the same or better throughout. Especially for someone like me who has taken nearly 20 yrs out of the workforce and only working PT now, I know that I cannot expect to maintain the same standard of living for the rest of my life. Saving and preparing for retirement is important, but maintaining the same standard of living throughout life is not the main priority.

[TheAnswer]

If pressurized by the amount then need to reduce expectations.

I can see that my parents and fil spend more during retirement… hehe…they have more cravings to jiak ho liao…Go gai gai… I never see them sharing 1 bowl of food hor…unless is order more variety and share… my grandma still ask to jiak lobster or crab from time to time … she is 90+ liao… Recently I saw the mooncake that grandma likes increased in price… now 2 for $27… wah piang eh…

Tmr to Sat they are going to chalet with grandkids… happy time… my parents and fil were very thrifty when hubby and I were growing up… now is their time to enjoy…

[sharonkhoo]

TheAnswer:

If pressurized by the amount then need to reduce expectations.

I can see that my parents and fil spend more during retirement.. hehe..they have more cravings to jiak ho liao..Go gai gai.. I never see them sharing 1 bowl of food hor..unless is order more variety and share.. my grandma still ask to jiak lobster or crab from time to time .. she is 90+ liao.. Recently I saw the mooncake that grandma likes increased in price.. now 2 for $27.. wah piang eh..

Tmr to Sat they are going to chalet with grandkids.. happy time.. my parents and fil were very thrifty when hubby and I were growing up.. now is their time to enjoy..

My parents are like that too but I don't think I can achieve that given the choices we have made in the past 20 yrs (and I wouldn't choose differently if I had to choose again). I guess each person/couple needs to work out what their expectations are.

[zbear]

slmkhoo:

This is a reality for most people in most countries, so I think we should get used to the idea that we should live more simply as we age. If we work for about 40 yrs, then live for another 20 yrs beyond that, I think it is not really possible for our lifestyle to remain the same or better throughout. Especially for someone like me who has taken nearly 20 yrs out of the workforce and only working PT now, I know that I cannot expect to maintain the same standard of living for the rest of my life. Saving and preparing for retirement is important, but maintaining the same standard of living throughout life is not the main priority.

I totally agree with Slmkhoo. I have worked for the past 28 years n hope not to work for my last 20 years. When I had an income, I spent unnecessarily. I saved but could have saved more.

Now not working, I have made adjustments to my lifestyle and spending. For my own expenses alone, it's very minimal. I don't shop for clothing or shoes or handbags. I eat lesser now, often sharing food with DH or DD. I keep healthy by exercising so that I ward off illness n don't need to visit doc.

It's good to have surplus but don't need to be so stressed by the $1m mark. $1m for one person is a luxury.

[Yngmng]

TheAnswer:

If pressurized by the amount then need to reduce expectations.

I can see that my parents and fil spend more during retirement.. hehe..they have more cravings to jiak ho liao..Go gai gai.. I never see them sharing 1 bowl of food hor..unless is order more variety and share.. my grandma still ask to jiak lobster or crab from time to time .. she is 90+ liao.. Recently I saw the mooncake that grandma likes increased in price.. now 2 for $27.. wah piang eh..

Tmr to Sat they are going to chalet with grandkids.. happy time.. my parents and fil were very thrifty when hubby and I were growing up.. now is their time to enjoy..

Yes, We tend to spend more when we are not working. Our generation very Jialak..our parents have min savings or cpf. When they are 80, we are near our retirement age...our kids just started working....

[lee_yl]

Although many have said they would or should cut down expenses after retirement, I have seen many retirees not able or unwilling to do so. Many retirees still go on holidays and the reason cited was if they don’t go now, they can’t when their legs give way later. Food wise, due to age and to cut down on expenses, they shouldn’t eat ho liao but more often than not they are not keen to eat plain porridge everyday because they think if they don’t eat now, how many more years can they still enjoy life?

[TheAnswer]

Cutting down expenses long term is not easy. Nothing to look forward to. What is the point of retirement then?

[MyPillow]

Different people have diff views on retirement , no rights or wrongs - just suit own needs.

I prefer to partial enjoy now and stay simple when old (no need car, condo , no need holidays etc )
what i fear most is becoming a burden to the upcoming generations, and a burden to myself or spouse . ( i saw a few old age cancer cases fr people i knew- miserable cases)
I am thinking by 71 yo, maybe i can start to be unhealthy again eat n eat, no need to measure blood pressure, chol level etc so higher chance to \"go\" by age 75 ,76( The end) :rotflmao: Or through Faith, God will bring us home at 70s , hopefully v peacefully (So must do good deeds and increase our kindness bank acct balance in heaven

[Yngmng]

I used to spend about 1k per mth for my DD1 enrichment. For my DD2 who is much younger, I only plan to spend around 200 per mth. Cannot afford to splurge… as I am in my forties…