How much is enough for retirement in Singapore?

[TheAnswer]

Yngmng:

Not everyone can afford to have passive income. I think so as we live within our means and put aside some savings. We should be fine.

Agree. We r very fortunate.

[MyPillow]

slmkhoo:

starlight1968sg:

This is something new to me.

I need to read up more.

See table of Rental Expenses lower down on the page:
https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Rental-Income-and-Expenses/

rental of private property can claim more eg monthly maintenance, mortgage loan interest, ppty tax (can chalked up higher) compared to rental of a hdb flat

[MyPillow]

So many new condos now if you drive around - no lack of supply- So many just TOPed or going to be

But demand has dropped greatly
Those that buy for the sake of rent , may be stuck soon .
Cannot use or rely on rental to pay mortgage
Like i said earlier, property game is not suitable for all , need to have long holding power (if
one is thinking of prperty for retirement income)

Corp bonds, if you have$$$$$ to buy lor ,
and need some holding power too, not instant noodles

[TheAnswer]

These days everything needs holding power… won’t be easy going forward… imagine our kids generation…


Rental isn’t as rosy as before liao

[Yngmng]

MyPillow:

So many new condos now if you drive around - no lack of supply- So many just TOPed or going to be

But demand has dropped greatly
Those that buy for the sake of rent , may be stuck soon .
Cannot use or rely on rental to pay mortgage
Like i said earlier, property game is not suitable for all , need to have long holding power (if
one is thinking of prperty for retirement income)

Corp bonds, if you have$$$$$ to buy lor ,
and need some holding power too, not instant noodles

Yes, need holding power for condo. In the current market, rental cannot cover the mortgage and maintenance fee (if maxed up loan quantum). More owners are willing to let go of their units near their purchase price....even then, no offers...

[starlight1968sg]

I don’t see prices of condo coming down sharply.

[starlight1968sg]

Rental from 2nd or more properties seem common for locals as a source of retirement funds.

For those who can’t afford a 2nd property or corporate bonds (in lots of min 250k), what are other viable sources for retirement funds?
Thank you.

[Yngmng]

starlight1968sg:

I don't see prices of condo coming down sharply.

In the development I am staying, I noticed that the asking price of some units is close to the purchase price....

[TheAnswer]

starlight1968sg:

I don't see prices of condo coming down sharply.

Cannot have lelong sale leh. Some old condo now rental is like HDB in better areas liao.

[Imami]

starlight1968sg:

TheAnswer:

[quote=\"Yngmng\"]I know a close relative in her mid forties who has no savings nor investments. Her only assets are cpf and hdb flat ( not fully paid) But, she has a car, a maid and her kids attend tuition. She goes for her hair treatment and manicure sessions. Sometime, life is really a matter of choice...

Most people are like that..

I cant fathom.
Don't they feel insecure?[/quote]because financial crisis is a very faraway concept to them. They most likely believe job security is high and nothing would go wrong in the near future, and even if something goes wrong or lose the job, they can bounce back pretty soon.

Quite a number of friends and relatives around us are like that. They go for frequent holidays, splurge on the \"nice to have\" (e.g. collectable toys, memberships for various entertainment establishments etc), expensive meals... etc. But bank balance is lower than a kid's bank balance.