How much is enough for retirement in Singapore?

[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.

[TheAnswer]

Car to me is not a necessity now but it will become a necessity in future. When young, I ok to squeeze and take public transport. When old, I dun think I want to squeeze anymore. Very sian!

[MyPillow]

I am working hard and playing hard now , doing as many as possible & to create good memories

for my family & kids.
Hopefully i done most things & when i retire , my expense should go down .
I will not stop travel & see the world
First retirement fund(fr insurance) opening ceremony to spend is canada/alaska 1 mth cruise with dh .
my parents had helped me to look after kids - I am thinking hard to pay it forward n do this for my Kids & grandkids or not - still dunno yet - our genre is more "self" first policy- no need to say or think so early . I believe God will have his mighty plans for us.

[ammonite]

taxes going up too. Any ideas how the increment will be structured?

[Nebbermind]

starlight1968sg:

MP

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

It'll still be cheaper coz you donch need it everyday

[MrsKiasu]

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.

thanks nbm for the agaration fig.

[MrsKiasu]

ammonite:

taxes going up too. Any ideas how the increment will be structured?

read that likely gst? din realised our gst last increase was 10 years ago.

[MrsKiasu]

Nebbermind:

starlight1968sg:

MP

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

It'll still be cheaper coz you donch need it everyday

we could be looking at driverless and car sharing..membership subscription for car usage kinda a thing? I would be glad to be member then

[MrsKiasu]

maybe diff btw someone working for others and working for self?..when you work for self there is no worry of retirement age?

[MrsKiasu]

i used to worry about what will happen to kids if touchwood anything happen to us. guess that considered solved ba..one will give passive income and the other with option to sell turned into cash or keep and rent which can take care own exp. if thread properly kids may still have the prop when grown up..so now left the 2 old ones that need to take care..saw before older couple sharing food or just eat dishes without rice..why not, obesity problem solved