How much is enough for retirement in Singapore?

[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…

[MrsKiasu]

Hey I just came out to work and loving it...just started to feel like a younger woman again and you gals all busy talking about retirement :rotflmao:


Ok, I visualized just now while driving..i saw an older lady with her ezlink card strap around her neck heading to a bus stop..and I imagined myself staying in JB driving a car with greenery around me..ok leh..both scenarios also I like..could feel the peace.

[MyPillow]

MrsKiasu:

Hey I just came out to work and loving it...just started to feel like a younger woman again and you gals all busy talking about retirement :rotflmao:


Ok, I visualized just now while driving..i saw an older lady with her ezlink card strap around her neck heading to a bus stop..and I imagined myself staying in JB driving a car with greenery around me..ok leh..both scenarios also I like..could feel the peace.

why want to go JB ? i hesitant to bring $$ to othercountries economy where my family is working in Spore

JB air got fresh meh

And yes, I find the view of caring old couple taking public transport like MRT or buses supporting n holding each other v heart warming and romantic (picture of retirement in mind )

[MrsKiasu]

MyPillow:

MrsKiasu:

Hey I just came out to work and loving it...just started to feel like a younger woman again and you gals all busy talking about retirement :rotflmao:


Ok, I visualized just now while driving..i saw an older lady with her ezlink card strap around her neck heading to a bus stop..and I imagined myself staying in JB driving a car with greenery around me..ok leh..both scenarios also I like..could feel the peace.

why want to go JB ? i hesitant to bring $$ to othercountries economy where my family is working in Spore

JB air got fresh meh

An option if want cheaper retirement mah..but if can choose, China is also not bad if angmoh countries is too ex..well that is assuming Sin is most ex among all
else Sin will be no.1 as retirement place as kids are here.

[Yngmng]

Difficult to get PR in China leh…my relatives who has been working in China for decades still need to come back to Singapore annually to chop passport… If not, prefer China over Malaysia…after all, China has 5000 years of history…rich culture…