How much is enough for retirement in Singapore?
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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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sleepy:
Must have passive income then consider planning for retirement?
With passive income, your principal amt is intact. But how an average Joe can generate passive income of say 2-3k per mth to fund basic living expenses?
For me, if one has enough $$, say $ xk per mth times number of years, then when the $$ finishes, it is time to leave this world -
Hercules, thanks for sharing and you reminded me that I have to get my kids to work part-time when they are teens. I started helping out at my uncle’s factory with my cousins ard 10yo every school holidays. Learning how to manage one’s hard earned money must be something that starts from young!
A student can survive with a few dollars every day but when this same person starts working, even with a 5-figure salary may not be enough because he would want to upgrade from HDB to Condo, upgrade Jap car to Merc/BM etc. Thus, we need to take note of "expectations inflation". Best is salary keep going up and yet still continue to live way below your means. -
starlight1968sg:
Can choose one meh? There are ppl who are still in this world but have already depleted their retirement funds. Then how?sleepy:
Must have passive income then consider planning for retirement?
With passive income, your principal amt is intact. But how an average Joe can generate passive income of say 2-3k per mth to fund basic living expenses?
For me, if one has enough $$, say $ xk per mth times number of years, then when the $$ finishes, it is time to leave this world
Our grandparents generation was generally poor and would need to depend on their children to fund their retirement, leaving behind very little inheritance. For us, we should aim to be self-sufficient in our retirement and if possible, whatever left over from the retirement funds after we left this world could then be left behind as an inheritance.
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