How much is enough for retirement in Singapore?
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hercules:
i will discuss with hubby to get son to take study loan if he makes it to local U. then son has to take ownership to repay when he completes his studies. if parents pay uni fees, then the kid will job hop at the slightest thing, then i can forget about getting any returns.
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!
actually i am proud to say i am not a high maintenance wife...maybe i do have a weakness for bags but not all the time. don't eat at restaurants since i have heart ache paying GST +++ kind of thing. but if and when kids grow up, i should have some luxury to pamper myself. -
Janet
Do take advantage of the interest free study loan which was available during my time but unsure if it is not
There is study loan but no retirement loan.
It is not selfish for parents to prepare their retirement funds and only when this is settled, parents will not become a financal burden to their children
Local poly or U fees are not that much as compared to going overseas to study. Many kids take up part time jobs such as giving tuition during their U and this can help too -
janet88:
I started planning for my retirement when I started working
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.
I saw how my parents worked by taking a few jobs just to put food on the table for us, made me realised the importance of money -
janet88:
My near 60 yo sis is a humble worker who started her salary at about $180 when she was 16.
i will discuss with hubby to get son to take study loan if he makes it to local U. then son has to take ownership to repay when he completes his studies. if parents pay uni fees, then the kid will job hop at the slightest thing, then i can forget about getting any returns.
actually i am proud to say i am not a high maintenance wife...maybe i do have a weakness for bags but not all the time. don't eat at restaurants since i have heart ache paying GST +++ kind of thing. but if and when kids grow up, i should have some luxury to pamper myself.
She married and divorced, raising her two kids as a single parent.
Her two kids worked part time since about 17. Both their uni fees were from study loans (remember the amount was about $30,000) that both managed to pay back within about 3 years after graduation.
Her only hobby is travelling and she travels at least twice a year but on 'budget' type with a group of kakis visiting scenic places in nearby countries. She is a Queen of Bali as she visited it so many times (taking budget air, hiring a local guide who will send them all around and living in cheap dorm-style places).
Currently her salary is about $4,000 and retirement is round the corner.
Now her assets include a fully paid 4 room flat (that she can rent out two rooms if need when the kids are out of her nest) and about $300,000 in cash/investment (excl insurance life policies).
With her frugal living lifestyle, I am very confident she can retire comfortably.
Plant gua will get gua most of the time. -
Hercules
Pple said plant gua get gua, plant tou get tou ie you reap what you sow
I think this is applicable mainly in $$
There are many kind souls who suffered from illness or tragedies. Surely the above proverb doesn’t apply at all -
my iphone 7 is an all in 1 gift from hubby…ie birthday, valentine’s day & christmas present.
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starlight1968sg:
For me, I feel a person's attitude/mentality towards life and living is more important than money.
I started planning for my retirement when I started working
I saw how my parents worked by taking a few jobs just to put food on the table for us, made me realised the importance of money
If can get this right, then money will come / can be saved naturally.
Without this, having more money will eventually be spent away and be the forever not contented 'rich man who is poor'.
It's all about mentality when money is concerned. -
starlight1968sg:
This gua and dou concept applies to all situations, just that we are unable to see the source of such.Hercules
Pple said plant gua get gua, plant tou get tou ie you reap what you sow
I think this is applicable mainly in $$
There are many kind souls who suffered from illness or tragedies. Surely the above proverb doesn't apply at all -
janet88:
planning for retirement seems so far away.
Many people made the same mistake of not planning their retirement early including myself. By the time you want to do it, it's too late.
I have been sharing with my kids about surviving in Singapore n retirement.
DS has already started working towards his early retirement (he doesn't want to slog till 65) although he hasn't started work. I am happy that he has the right mentality which is more important to move far ahead.
I have also started to help my DD in investing her savings although it's little but it's a good start.
BTW, you can apply for interest free study loans from the local banks. However you will need to pay the full amount upon completion of Uni education, otherwise interest will kick in. -
Must have passive income then consider planning for retirement?
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