How much is enough for retirement in Singapore?
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TheAnswer:
Valid queries and considerations to bear in mind when we retire. The uncle is old-school type who's proud to get by on his own providing for his family without relying on his children thought they hold good paying jobs. It's just stressful to solely rely on your savings (like 坐吃山空）without other sources of income and to the uncle's credit, he's still actively looking for a suitable job.
Since he knew that he had to wait for 5 years, he should have saved enough before retiring. Cannot be every month use up all the money right? Especially since he previously had fairly good income. The CPF life cannot be his own source. Also, his youngest child since in Uni should work part time. How about the older kids? Dun tell me they r not contributing?lee_yl:
DH met a relative yesterday. This uncle, who is a retiree, told him that he is now working for a friend @$7/hr.
Uncle is 60yo when he retired and he has to wait another 5years before he can receive his CPF Life monthly payouts. He was drawing a salary of $8K-$9K before he retired,
The uncle still has some financial obligations, with a car to finance and youngest child still in Uni, wife also a retiree. Other than that, he is financially sound.
Question is how to finance the \"gap years\" when one retires at 60 and CPF Life payouts only kick in at 65. Plus there is a lack of employment opportunities for those retirees who may still want to work, their experience and knowledge are vastly undervalued.
I prepare my own retirement savings & DH prepares his own (CPF Life, SRS and equities portfolio) for our retirement. Even then, I still hope he can work until 67, if possible. -
lee_yl:
Even then, I still hope he can work until 67, if possible.
Should be work until cannot work leh. -
I feel apprehensive with retirement.
I am not looking at building a portfolio to generate enough passive income to fund my daily expenses during retirement but merely saved enough to last till my end. -
ammonite:
:rotflmao:lee_yl:
Even then, I still hope he can work until 67, if possible.
Should be work until cannot work leh.
LOL, if he is still employable by then. We expect a pay cut when he hits 60 then again at 62, but don't care, unless asked to leave, else work until he doesn't want to. -
starlight1968sg:
If I don't have something that generates income but only savings, I think I will feel scared. To see my savings account depleting day by day is like dripping blood,I feel apprehensive with retirement.
I am not looking at building a portfolio to generate enough passive income to fund my daily expenses during retirement but merely saved enough to last till my end.
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DH's colleague passed on due to cancer and after deducting insurance payouts, the family is still laden with a $500K bill for the cancer treatment and ICU stay
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lee_yl:
DH's colleague passed on due to cancer and after deducting insurance payouts, the family is still laden with a $500K bill for the cancer treatment and ICU stay
That should be private hospital, A1 ward? For chronic ailments, choice of hospital and ward are very important.
Another relative who is single and childless was in an accident. Spent three weeks on life support before passing away. Everything covered with subsidies and insurance. -
The greatest uncertainty is the medical bills during old age.
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starlight1968sg:
The greatest uncertainty is the medical bills during old age.
I try to lead a healthy lifestyle....hope can persist....no more kopi...kopio siew dai... -
starlight1968sg:
The greatest uncertainty is the medical bills during old age.
Lead a healthy lifesyle....hubby switched from Kopi to Kopi o siew dai....
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