How much is enough for retirement in Singapore?

[MrsKiasu]

This makes me think deeper and with more details ..usually mine is agaration. Esp for my kids, they are my biggest worries, same as most parents. Now think of it, if we were to leave early, dont think I will have financial worries for them. If guardian could manage properly, both will have chance to go overseas for studies..BUT, with us around, we dont have enough money :nailbite: that's why need to work. I dunno leh, for myself i never thot of not working when I m old..just do something. And take leave when wants to travel. At least let brain works a bit. Think dh also think the same as me.


Janet, think your current monthly expenses should give you some good estimation on how much you will need for retirement.

[TheAnswer]

With more spare time during retirement, expenses may still go up and considering things will become more expensive also… together with medical bills… well… really hard to say!

[hercules]

TheAnswer:

I started working part time and saving what I earn from 17. Already used to busy life and also living way below my means. Learnt from my mum. People who dunno will think my parents are broke cos they are thrifty. I was conned for so many years myself cos they will always count dollars and cents though they really dun need to.

真人usually不露相。

It shows your parents' internal strength of knowing who they are in their own hearts and therefore don't need to compare with the Joneses.

This is a key strength that ideally we can build into our kids through modelling.

[starlight1968sg]

TheAnswer:

With more spare time during retirement, expenses may still go up and considering things will become more expensive also.. together with medical bills.. well.. really hard to say!

My main concern is the medical expenses during retirement

[TheAnswer]

starlight1968sg:

TheAnswer:

With more spare time during retirement, expenses may still go up and considering things will become more expensive also.. together with medical bills.. well.. really hard to say!

My main concern is the medical expenses during retirement

Get those insurance where they pay dollar for dollar then u won't have such concerns anymore.

[starlight1968sg]

TheAnswer:

starlight1968sg:

[quote=\"TheAnswer\"]With more spare time during retirement, expenses may still go up and considering things will become more expensive also.. together with medical bills.. well.. really hard to say!

My main concern is the medical expenses during retirement

Get those insurance where they pay dollar for dollar then u won't have such concerns anymore.[/quote]Not all outpatient bills can be covered

[MrsKiasu]

Mine is hospitalisation…must hospitalised first…what other insurance to better buy now?

[starlight1968sg]

MrsKiasu:

Mine is hospitalisation..must hospitalised first..what other insurance to better buy now?

Now all hv cpf MediShield life which helps to cover hospitalisation and surgical bills
Note, it does not mean when one is hospitalised, it is covered and no need to pay a single cent
There is a co pay and deductible portion, just car insurance

[hercules]

starlight1968sg:

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

I take your retirement income need of of $2K/month to generate the forecast plan for my frugal sis ($2K/month can give her a 'luxurious' life by her standard).

Now at about 60 yo her saving/investment is about $300K. By working for another 5+ years, assume this plus additional saving will reach $400K. So this $400K can give her 'passive income' by means of interest/dividends (conservatively I put at 3%).

So even without her renting out her room/s or her kids giving her monthly allowance, she still can live happily ever after (until 96 yo).


https://s23.postimg.org/tpafefvqz/2_K_pan_2.png\">


Retirement planning is really not rocket science.

edit: noted minor errors in the year of retirement in the spreadsheet but not significant and so not editing.

[MrsKiasu]

starlight1968sg:

MrsKiasu:

Mine is hospitalisation..must hospitalised first..what other insurance to better buy now?

Now all hv cpf MediShield life which helps to cover hospitalisation and surgical bills
Note, it does not mean when one is hospitalised, it is covered and no need to pay a single cent
There is a co pay and deductible portion, just car insurance

Our hospitalisation ins are thru GE/AIA with rider.