How much is enough for retirement in Singapore?
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starlight1968sg:
Car scrap value is very little. Practically no value.House is an asset when it is fully paid. Else it is still a liability with its daunting loan and interest.
A 10 years old car still has some value - the metal = scrap value ? :roll:
During retirement, we should aim for zero liabilities.
House can be considered as liability but I consider it as an asset as it can be sold and will give a substantial amount (of course if property market is not crashed).
During retirement, it maybe more prudent to use public transport. Using Grab/Uber is still cheaper than owning a car. -
Zero liabilities is good at any age.
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I think medical expenses are the main concern in old age. The rest - car, holiday, restaurants etc -are negotiable according to one’s circumstances.
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ammonite:
I think medical expenses are the main concern in old age. The rest - car, holiday, restaurants etc -are negotiable according to one’s circumstances.
Totally agreed
When we are old, holidays may be out due to weak legs or poor health. Restaurants for dinng may not be often due to few tooth left
One thing is confirmed - poor health due to wear and tear of body parts -
having a fully paid flat would be an asset. probably downgrade to a 3 room as senior citizen flats cannot be sold open market. i suspect hubby would need a knee replacement op when he ages.
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I think some need helpers because they have young children or old folks at home? I have heard of people driving branded cars due to their job requirements, especially those in sales line, so even if they aren’t earning much, they still need to hold on to their branded car in order to gain confidence of their customers by portraying an image that they are doing well.
I have been driving the same old Japanese car for 12 years now and DH takes public transport. Only left one property loan to service. Well, I started retirement planning in my late 20s so should be fine. -
my hubby hopes to be a driver picking grandchildren after school and coaching them in their work.
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ammonite:
I think medical expenses are the main concern in old age. The rest - car, holiday, restaurants etc -are negotiable according to one’s circumstances.
This is prob true for any part of adulthood -
Nebbermind:
Agreed. I just upgraded my medical insurance so that I can also see the private doctor. Would be miserable if I have to wait to see government doctor.ammonite:
I think medical expenses are the main concern in old age. The rest - car, holiday, restaurants etc -are negotiable according to one’s circumstances.
This is prob true for any part of adulthood
Car is really the least priority. -
restaurants once in a blue moon. holidays once in a purple moon (never have travel bug)…but car is necessary. medical expenses going up.
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