How much is enough for retirement in Singapore?
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Nebbermind:
I dun wish to live till 90yo
Just to simplify things for the sake of discussion.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)
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.
Above 70s is already a bonus in my opinion. Too much does more harm than good
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Cloud Cloud:
yalor cloud, i find i m quite giam on tuition/enrichment :oops: now is about 1k/mth, next year will be more with dd2 but i hope wont cross 1.5k. secondary kids will usually need chi/eng tuition or not? i read some ksp members mentioned no time for tuition and I hope so lor. come to think if it..it is the enrichment that is more..aiya.
I think you are doing fine. 2 properties and you probably don’t spent much on children’s enrichment. -
MrsKiasu:
I feel that children enrichment is a kind of investment...so bo bian. I used to spend more than $1k on DD1. She is now in Sec 1 and only has Maths tuition ($180 a mth). She is in IP and got A*/As for all subjects except Chinese. I feel that her strong foundation helps and the investment has paid off.
yalor cloud, i find i m quite giam on tuition/enrichment :oops: now is about 1k/mth, next year will be more with dd2 but i hope wont cross 1.5k. secondary kids will usually need chi/eng tuition or not? i read some ksp members mentioned no time for tuition and I hope so lor. come to think if it..it is the enrichment that is more..aiya.Cloud Cloud:
I think you are doing fine. 2 properties and you probably don’t spent much on children’s enrichment.
Not to worry. If your child has a strong foundation and the right attitude, tuition is not necessary in Sec. Not because no time but really no need. They should be mature enough to self help. You just need to hang on for a few more years. At least you can and is willing to teach... :salute: -
cloud, I m just learning along with dd recently on the Math. There was one morning, I was so enthusiastic to want to see how the qns look like when dd says she couldn't do. me, I need to look at answer in order to learn. Went through it with dd and she was happy :xedfingers: I m still trying to save on her other subj tuitions. Just had a thought, her weakest subj may need double dose. Let's see. piano is the most ex and recently when dd2 displayed her disinterest..i kinda asking what's the point huh? the dance enrichments fee still ok just need the time. for dd2, I m just ready for languages tuition only..i hope she can do the Math & Sci without outsourced help lor..
oh btw the 1k is inclusive of dd2 chi & piano..so need add likely eng and a dance enrichment for next yr. -
MrsKiasu:
The topic is \" how much u need for retirement \"cloud, I m just learning along with dd recently on the Math. There was one morning, I was so enthusiastic to want to see how the qns look like when dd says she couldn't do. me, I need to look at answer in order to learn. Went through it with dd and she was happy :xedfingers: I m still trying to save on her other subj tuitions. Just had a thought, her weakest subj may need double dose. Let's see. piano is the most ex and recently when dd2 displayed her disinterest..i kinda asking what's the point huh? the dance enrichments fee still ok just need the time. for dd2, I m just ready for languages tuition only..i hope she can do the Math & Sci without outsourced help lor..
oh btw the 1k is inclusive of dd2 chi & piano..so need add likely eng and a dance enrichment for next yr.
Big time OT lei
Well, if u willing to fork out $1k plus to buy retirement plan
, the returns at age 60 should be high lei
Let's go mrsks home for tuition talk -
With an aging population, there are plenty of retirement plans available
An agent just shared on Manulife Retire Ready … -
MyPillow:
i m queen of detour :rotflmao:
The topic is \" how much u need for retirement \"MrsKiasu:
cloud, I m just learning along with dd recently on the Math. There was one morning, I was so enthusiastic to want to see how the qns look like when dd says she couldn't do. me, I need to look at answer in order to learn. Went through it with dd and she was happy :xedfingers: I m still trying to save on her other subj tuitions. Just had a thought, her weakest subj may need double dose. Let's see. piano is the most ex and recently when dd2 displayed her disinterest..i kinda asking what's the point huh? the dance enrichments fee still ok just need the time. for dd2, I m just ready for languages tuition only..i hope she can do the Math & Sci without outsourced help lor..
oh btw the 1k is inclusive of dd2 chi & piano..so need add likely eng and a dance enrichment for next yr.
Big time OT lei
Well, if u willing to fork out $1k plus to buy retirement plan
, the returns at age 60 should be high lei
Let's go mrsks home for tuition talk -
TheAnswer:
I feel the same. To me, retirement is the time to enjoy life after working hard for 40 or so years. I have no intention of staying at home, scrimping and saving. I want to travel, see more of the world, visit new places, revisit places I love - but within your means, of course.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.
When the kids grow up, that is when you’re free to do your own thing. I sure won’t be sitting around to take care of grandchildren all day every day. I might be in the minority here, but I always think that if you want kids, you have to be prepared to take care of them yourself or bear the costs of childcare. Don’t foist them on your parents and assume they want to take care of them, (if they are willing and happy to do it, great!) because if they’re like me, they won’t. We have our own lives to live too. -
starlight1968sg:
Any good one to share ? ThanksWith an aging population, there are plenty of retirement plans available
An agent just shared on Manulife Retire Ready ... -
kitty2:
Kitty2
Any good one to share ? Thanksstarlight1968sg:
With an aging population, there are plenty of retirement plans available
An agent just shared on Manulife Retire Ready ...
Nothing fantastic as insurers are running a business
We still buy a few such as PruWealth, Aviva MyInCome, ntuc SAIL etc on small amount for diversification
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