How much is enough for retirement in Singapore?
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Imp75\" post_id=\"1920431\" time=\"1563359921\" user_id=\"2358:
I completely agree. I told DS that he needs to give us 10% of his salary. That starts next year when he goes NS. Must teach him from young.
No lah don’t cut them the slack, tell them it’s their responsibilities otherwise they become self-centred which many kids are already, right now.MrsKiasu\" post_id=\"1920430\" time=\"1563359571\" user_id=\"43981:
better dont factor too much of that in
wait few years out to work say getting ready to get married, housing, kids etc, need alot of money.
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I also tell dd that once she starts working, she has to pay ‘income tax’ to me.
I expect min $300 per month; accommodation and meals etc easily $10 per day… -
starlight1968sg\" post_id=\"1920440\" time=\"1563362953\" user_id=\"14025:
Since I graduated- I was giving $500 to my parents- $300 allowance n $200 tuition fee loan . - tat was quite a lot during our time And I m still giving till now, expectation of my parents era. I dun see my parents giving their parents regularly lei ... can’t afford then
I also tell dd that once she starts working, she has to pay 'income tax' to me.
I expect min $300 per month; accommodation and meals etc easily $10 per day...
But if my kids are saving up to finance their own house / wedding / future education - etc then I think I no need their $
But I can help kids to safe keep for rainy days
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With allowance from kid(s), cpf life, SRS, savings, rental income (if any), shld be a neat sum for retirement.
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I too intend to make my kids to give me money when they work. More of training filial piety than financial. They will feel they have discharged their duties to us parents. Plan to give all back to them by way of paying for their wedding, housing etc.
That said, i do not want to rely on them for income. I think we are fear mongered to think we need alot for retirement; we don't actually. It is probably the biggest mistake Singaporeans make - to over size our retirement needs and in the process stress ourselves unnecessarily.
Let's say a couple works. Both should achieve FRS at 55. You will find the 4% compound interest kicking-in in your late 40s to boost the principal. FRS is not unachievable.
The FRS payout is $1.4k. Per couple, its $2.8k.
Bear in mind one still has to work from 55 to 65. By 55, the home mortgage should ady be paid. One's OA will start to grow, and grow at 4% when it is transferred to RA.
I did the maths. $4-5k from CPF alone (CPF Life and RA interest) is not out of reach. One need not have an investment property. If you do, kudos to you. Of course, it is also good to have some spare cash apart from our CPF to pay for broken water heaters
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Btw I did a study on BRS FRS ERS and concluded the BRS gives the best bang for the buck. Any excess over BRS gets transferred into RA which earns a respectable 4% interest. A BRS + RA choice merely loses to FRS ERS by $100+ monthly. BUT the big advantage BRS has is the principal is intact. This principal can be used for a rainy day. Whereas if you choose FRS ERS, the principle is gone at 55 buying the FRS ERS
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tyeogh\" post_id=\"1920495\" time=\"1563384351\" user_id=\"94399:
Is there a cap on the amount in the RA?
Btw I did a study on BRS FRS ERS and concluded the BRS gives the best bang for the buck. Any excess over BRS gets transferred into RA which earns a respectable 4% interest. A BRS + RA choice merely loses to FRS ERS by $100+ monthly. BUT the big advantage BRS has is the principal is intact. This principal can be used for a rainy day. Whereas if you choose FRS ERS, the principle is gone at 55 buying the FRS ERS -
At least for myself, need $1400 a month for 2 pax
$600 for meals ($10 a day for 2 pax)
$150 for phone and internet
$100 for utilities
$150 for groceries
$150 for transport
$50 for medical (see GP for small illness)
$200 for entertainment -
tyeogh\" post_id=\"1920490\" time=\"1563383227\" user_id=\"94399:
Hahaha parents’ love for own children. I hold a different view though. Even though my kids are quite privileged, I always tell them we don’t have money so they have to learn to spend within their means. Every week I give each of them $50. Not enough they top up themselves with their hb money, let them feel the pinch. Sch holiday I tend to give more cos more outings etc but again not enough, dig your own money, used up then too bad.
I too intend to make my kids to give me money when they work. More of training filial piety than financial. They will feel they have discharged their duties to us parents. Plan to give all back to them by way of paying for their wedding, housing etc.
That said, i do not want to rely on them for income. I think we are fear mongered to think we need alot for retirement; we don't actually. It is probably the biggest mistake Singaporeans make - to over size our retirement needs and in the process stress ourselves unnecessarily.
Buying house etc next time is their own business. Cannot afford then live within their means. Wanna live well then work hard, no free lunch from parents. Parents are not their lifeline, they must learn to step out of their comfort zone. -
tyeogh\" post_id=\"1920423\" time=\"1563358787\" user_id=\"94399:
I would assume the $1319 probably arrived from data collected from people around the median of the 80% living in HDB. They donch really care about people living in private prop, do they?
I think the $1,319 is hyperbole. So is the $2m.
$1,500 for a single person is tough. $3k for a couple should be alright. Some expenses can be shared. You can have my facial budget
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