How much is enough for retirement in Singapore?

[starlight1968sg]

I know many have bought at least a Whole Life insurance plan.

Anybody has the experience to convert it to an annuity when he/she no longer has need for such plan?
Tks.

[ChengTing]

agree with the poll

[durian0096]

depending on when you retire and your life style

[oliviachng]

Depends on how much you wanna spend.


If you’re able to lower your expenses, i’m sure a lot of people here are already financially free with their existing savings…

[starlight1968sg]

oliviachng:

Depends on how much you wanna spend.


If you're able to lower your expenses, i'm sure a lot of people here are already financially free with their existing savings..

There are expenses beyond our control eg medical bills.

[oliviachng]

starlight1968sg:

oliviachng:

Depends on how much you wanna spend.


If you're able to lower your expenses, i'm sure a lot of people here are already financially free with their existing savings..

There are expenses beyond our control eg medical bills.

Which could be adequately taken care of with some form of insurance.Financial planning is important to attain financial freedom

[adhd.041031dad]

I voted $1-2 million. I think that’s about right. One could use more money but not spending excessively should allow that amount to be workable.

[starlight1968sg]

Retirement planning means amt of funds needed from the date no longer working till the end

[janet88]

starlight1968sg:

Retirement planning means amt of funds needed from the date no longer working till the end

planning for retirement seems so far away. i don't have a travel bug. since my honeymoon many moons ago, i have not been out of SG...but if my kids are in poly, my feet may be itchy to go for nearby trips.
with inflation, i really would like to know how much is needed for retirement? i don't visit restaurants, go for movies or holidays. by then, i don't know if i need to go for any knee replacement or whatever medical problems.

[hercules]

janet88:

planning for retirement seems so far away. i don't have a travel bug. since my honeymoon many moons ago, i have not been out of SG...but if my kids are in poly, my feet may be itchy to go for nearby trips.
with inflation, i really would like to know how much is needed for retirement? i don't visit restaurants, go for movies or holidays. by then, i don't know if i need to go for any knee replacement or whatever medical problems.

Will need the value of family assets (esp savings/investments), liabilities (mortgage esp), future inheritance, and expenses if one wants to forecast retirement needs.

I always encourage parents to kick their tertiary kids to work during their long school holidays. All the kids under my mentoring went this way for the 3 - 4 years of their school lives. I particularly encourage them to do the hard retail/service line.

Such experiences allow them to have early exposure of making a living for themselves, 'thickening' their skins to see customers' face colours (meeting unreasonable customers and so how to deal with it), resilient to shoulder on despite hardships to build the 'grit' without so easy calling it quit, lowering their usually high ego (that most of them enjoy being prince/princess at home). These are all the benefits that money can't buy and need to be learnt from hard knocks.

For homemakers like you, maybe it's also a good time to take a part time job. Any job, including being a cashier that requires not much skills. Make that couple of hundreds per month for savings is also good.

For most of us, we can't magic out a pot of money overnight (not talking about striking Toto) and money has to be accumulated/grown over a longer period of time. Quite a big portion of people misses this critical period of accumulating money when they were younger and so when at later stage of life, may have to think of ways to try to play a little catch up (kicking kids out to work is not really because of the money but more for their personal growth that is more important than money).

Janet you are on the right track as you seem frugal to spend within your means. One of the worst things is 'lifestyle inflation', when one always spends more lavishly near to the max and subsequently has more problems adjusting downwards. Many youngsters spend like there's no tomorrows, and this reflects their parents' 'financial intelligence' most of the time.

A simple life is a happy life!