How much is enough for retirement in Singapore?

[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?

[starlight1968sg]

Thought yesterday already said tax hike is inevitable?

[MyPillow]

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?

Yeh lor sure increases again in coming 15 to 20 yrs ( my retirement time ! Key is how much percentage, sigh.

[ammonite]

starlight1968sg:

Thought yesterday already said tax hike is inevitable?

Ya, to give the population some mental preparation before the details are rolled out.

[emoh]

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.

If a person needs 5K a month at 45 and live another 45 years till 90 can choose to retire with at least $2.7M at the age of 45 (45 x 12 x 5K)

[Cloud Cloud]

PriSecMathSciTutor:

starlight1968sg:

How much you need to retire : http://www.todayonline.com/singapore/how-much-you-need-retire

Most of us assume that during our retirement we do not spend much. It is such a misconception. Entertainment needs money. Just think about why we spend more during weekends. It is a good indication for our future expenditure.

Depends on what entertainment. Fil read newspapers and mil watch her Cantonese drama.

Since I became sahm, we eat out less and cut down on children enrichment. Holiday trips reduced from 4 to 2 times a year. Not sure how much further we can cut.

[Nebbermind]

emoh:

If a person needs 5K a month at 45 and live another 45 years till 90 can choose to retire with at least $2.7M at the age of 45 (45 x 12 x 5K)

Just to simplify things for the sake of discussion.
If you need 5k now, then you'll need 10k at 65. Assuming you have exhausted half of the 2.7M by 65, your remaining money will only last for another 10~12 yrs.