How much is enough for retirement in Singapore?

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GoBear Personal Finance Masterclass

https://gobear-personal-finance-masterclass.peatix.com/

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Unsure what the CPF system is about? Have burning doubts and questions about CPF that you want answered? Here it is! SeedlyTV EP06 presents CPF 101 with Mr Soh Chin Heng, Deputy Chief Executive, Services, from the CPF board. You can ask questions while the speaker answers them LIVE here.


Date: 12 June 2019, Wednesday from 8 - 9pm

In this episode, they'll be sharing about:

1. What is the CPF all about?
2. Background of CPF and why it was introduced
3. How to prepare for retirement planning (Millennial version!)
4. What are some ways you can 'hack' the CPF system?

https://seedly.sg/questions/topic/seedlytv-ep06

[pirate]

Michy79\" post_id=\"1900459\" time=\"1551405895\" user_id=\"165767:

Before you can determine whether you have enough to retire early, you first need to have a comprehensive understanding of what’s your average monthly expenses. Logic dictates that the lesser you spend each month, the easier it will be for you to retire.

Surely you mean the lesser your spouse spends each month, the easier it will be for you to retire. :siam:

[tyeogh]

Hi,

I have reached an age where I start to wonder how much one needs to retire. I read online articles on both extremes. Some say one needs $2m in addition to your own home. One recent study done by researchers put it at $1,319 a month. To me, both are unrealistic. I am starting to wonder if there are normal people like me living a normal life in Sg?

The most frequent rejoinder is the proverbial "it all depends on how much you need", which is of no help at all, really.

To me, when one retires at 65, it is assumed all responsibilities to kids are discharged. They are either married or living on their own keeps. Housing debt is paid. No major responsibilities.

For me, I am estimating a $5,000 /month income stream will suffice for my wife and me. This can come from CPF and other passive sources like investment property.

The bulk of my expenses will be on food. Healthcare will be covered by insurance. I dont expect to eat out everyday (who actually does at that age?) Neither do I expect to travel 3 times a year. I’ve seen abit of the world as my peers would have and nothing beats the comfort of my own home. The occasional once a week eat-out and once a year travel should be the norm.

I dont think I’ll need a car too. No more rush to work or to fetch kids. It’s time to enjoy the quiet musings on public transport.

So to me, I dont see how a couple needs more than $5,000 a month. More likely than not, I will exceed this income stream but I like to plan a worse case scenario.

Am I alone in my projection? What is your own gauge (realistic please)? Care to share or comment?

[MrsKiasu]

When kids are all grown up, no need car, no more mortgage, reasonable health… I dont think need 5k for living expenses for 2 elderly lei…how much arh?? 3k per month will be enough or not arh? That translates avg around $100 per day to use…eat at home, say abt $50 for meals and fruits? The balance go out walk walk buy snacks/drinks maybe? Some days more and some days lesser, so will have extra to go for more than $100/day on some days maybe? I m not sure…just a very fast calculation b4 considering much, based on simple living style as of now …how abt the thinking of the rest?

[Nebbermind]

tyeogh\" post_id=\"1920214\" time=\"1563330566\" user_id=\"94399:

So to me, I dont see how a couple needs more than $5,000 a month. More likely than not, I will exceed this income stream but I like to plan a worse case scenario.

if you are 45 now, the $5k you have at 65 may be worth a lot less than today, ie, today you can rent a quite decent sized condo with $5k but you can only rent a 2bdrm HDB in 20 yrs' time.

[MyPillow]

MrsKiasu\" post_id=\"1920226\" time=\"1563331260\" user_id=\"43981:

When kids are all grown up, no need car, no more mortgage, reasonable health.. I dont think need 5k for living expenses for 2 elderly lei..how much arh?? 3k per month will be enough or not arh? That translates avg around $100 per day to use..eat at home, say abt $50 for meals and fruits? The balance go out walk walk buy snacks/drinks maybe? Some days more and some days lesser, so will have extra to go for more than $100/day on some days maybe? I m not sure..just a very fast calculation b4 considering much, based on simple living style as of now ...how abt the thinking of the rest?

my parents live way under $1000 per month . Utilities is less than $100
House paid off
no car
take trains/ bus - Snr fare
eat fr my household fr Mon to Fri
Medi insurance covered

So i think we should be able to with mayb 10% inflation is 20yrs time -
My aim is $2k to $3k - ( lesser better)
All things should be Paid off by then.
dh n me like to travel - so my cost in holidays will be higher - not factor above

[MrsKiasu]

MyPillow\" post_id=\"1920261\" time=\"1563333178\" user_id=\"70594:

MrsKiasu\" post_id=\"1920226\" time=\"1563331260\" user_id=\"43981:

When kids are all grown up, no need car, no more mortgage, reasonable health.. I dont think need 5k for living expenses for 2 elderly lei..how much arh?? 3k per month will be enough or not arh? That translates avg around $100 per day to use..eat at home, say abt $50 for meals and fruits? The balance go out walk walk buy snacks/drinks maybe? Some days more and some days lesser, so will have extra to go for more than $100/day on some days maybe? I m not sure..just a very fast calculation b4 considering much, based on simple living style as of now ...how abt the thinking of the rest?

my parents live way under $1000 per month . Utilities is less than $100
House paid off
no car
take trains/ bus - Snr fare
eat fr my household fr Mon to Fri
Medi insurance covered

So i think we should be able to with mayb 10% inflation is 20yrs time -
My aim is $2k to $3k - ( lesser better)
All things should be Paid off by then.
dh n me like to travel - so my cost in holidays will be higher - not factor above

travel can go Malaysia also..take coach go KL/Genting (not gamble la), cruises, go JB follow some CC activities also got durian trips I think..

[MrsKiasu]

got ban words one

[tyeogh]

MrsKiasu\" post_id=\"1920226\" time=\"1563331260\" user_id=\"43981:

When kids are all grown up, no need car, no more mortgage, reasonable health.. I dont think need 5k for living expenses for 2 elderly lei..how much arh?? 3k per month will be enough or not arh? ...how abt the thinking of the rest?

Exactly my point haha. $3k a month should get me and wife by. Extra $2k for the what nots in life. So I am normal? The $2m needed is a myth?