How much is enough for retirement in Singapore?

[Nebbermind]

MrsKiasu:

I confirmed that both dh and I could live simply. Holiday not our love also. In fact I dunno how much is needed or to prepare for retirement. I guess continue to be careful with money' don't stop earning money and keep the saving habit..Should be safe ba hor...anyway that's the best we could do already

Assuming you are 45 now and you need $2k/month.
By 65, you will be needing roughly 2x the amount (due to inflation and depreciation of the S$) if you spending remains largely the same. If you factor in 25% additional for medical expenses, then roughly $5k or $60k/year.
So if you are to live till 85 or 20 years after retirement, that would be about $1.2M.

Everyone's lifestyle is diff but the above is just agaration of how much you will need.

[Cloud Cloud]

MrsKiasu:

I confirmed that both dh and I could live simply. Holiday not our love also. In fact I dunno how much is needed or to prepare for retirement. I guess continue to be careful with money' don't stop earning money and keep the saving habit..Should be safe ba hor...anyway that's the best we could do already

I think you are doing fine. 2 properties and you probably don’t spent much on children’s enrichment.

[ammonite]

Nebbermind:

MrsKiasu:

I confirmed that both dh and I could live simply. Holiday not our love also. In fact I dunno how much is needed or to prepare for retirement. I guess continue to be careful with money' don't stop earning money and keep the saving habit..Should be safe ba hor...anyway that's the best we could do already

Assuming you are 45 now and you need $2k/month.
By 65, you will be needing roughly 2x the amount (due to inflation and depreciation of the S$) if you spending remains largely the same. If you factor in 25% additional for medical expenses, then roughly $5k or $60k/year.
So if you are to live till 85 or 20 years after retirement, that would be about $1.2M.

Everyone's lifestyle is diff but the above is just agaration of how much you will need.

I think it best to work in any capacity for as long as we can, not only for money but also for our overall wellbeing. One of my neighbours retired a few years ago. His deterioration is visible.

[starlight1968sg]

Got work w/o stress?

Near to retirement age, one has to leave to make way for the younger staff

[ammonite]

starlight1968sg:

Got work w/o stress?

Near to retirement age, one has to leave to make way for the younger staff

Do other forms of work?? Be a consultant? start a second/third/fourth (slower) career?

[TheAnswer]

starlight1968sg:

For my retirement, I doubt I will spending much on entertainment or tours due to a weaker body. I may spend more on medical expenses

Start keeping fit. I have no plans to cut down on expenses during my retirement.

[starlight1968sg]

TheAnswer:

starlight1968sg:

For my retirement, I doubt I will spending much on entertainment or tours due to a weaker body. I may spend more on medical expenses

Start keeping fit. I have no plans to cut down on expenses during my retirement.

Valid; after working so hard for donkey years, I can’t enjoy much during my retirement ?

[MyPillow]

TheAnswer:

starlight1968sg:

For my retirement, I doubt I will spending much on entertainment or tours due to a weaker body. I may spend more on medical expenses

Start keeping fit. I have no plans to cut down on expenses during my retirement.

star,
one high expense to cut for us is CAR lor .

[starlight1968sg]

MP

If no car and have weak legs, not cheap to take a cab

[TheAnswer]

We can think about what is taking up our time now and when that portion is removed, what will we be doing? When u have 24 hours a day, what will we be doing? Dun tell me everyday stay home because everything too costly. I can’t stand that for even 1 day. I want my leisure activities to be just like now but perhaps slow down a bit not cut them out. That’s the reason why I diligently try to earn passive income while continue teaching. I also try to pick up new hobbies. I’m not the type who will spend my time on kids and grandkids and then nothing on my own to look forward to.


I honestly do not enjoy staying at home. I will most likely want to fulfil whatever that is remaining on my bucket list. I always tell hubby that we work hard and play hard. Upon retirement, we should be playing harder.

I need lots of excitement in my life instead of everyday do similar things so I think my expenditure next time upon retirement will be more than how much I’m spending now.

Cost will always go up so work to match the cost. No point complain cost go up. Spend the time thinking of how to catch up is better.