How much is enough for retirement in Singapore?

[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

[Zappy]

I think this link, especially that chart inside is pretty useful as a gauge as to where we are and where we aim to be :

http://investmentmoats.com/financial-independence/stages-of-wealth-financial-independence/

[MyPillow]

MrsKiasu:

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

Biz that need to employ workers do have their woes too . Retention of staff ; foreign workers issues ; turn over ; profit etc

Gst 7 % is already quite high . Include 10% arc Srv charge is 17%
I think I only paid 10% net tax when I was in aust, J , K regions .

Retirement means= stay home & eat even more at home since taxes are high - ah yo .yo .... :roll:
Increasing taxes - lifestyle may need to adjust a bit again

[ammonite]

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.

thanks, only saw the headlines. Seems that source of increment has not been confirmed yet, but GST is deem as the likely target. hmm, 10%GST on the horizon?

[Zappy]

ammonite:

thanks, only saw the headlines. Seems that source of increment has not been confirmed yet, but GST is deem as the likely target. hmm, 10%GST on the horizon?

Ya, I also read it as 10% GST coming soon... sianz. :rant:

[ammonite]

MyPillow:

Gst 7 % is already quite high . Include 10% arc Srv charge is 17%
I think I only paid 10% net tax when I was in aust, J , K regions .

Retirement means= stay home & eat even more at home since taxes are high - ah yo .yo .... :roll:
Increasing taxes - lifestyle may need to adjust a bit again

And the increment is probably not far away. So by the time retirement rolls around...another round of tax increment?