How much is enough for retirement in Singapore?
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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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Imp75\" post_id=\"1920515\" time=\"1563408838\" user_id=\"2358:
I think most of us here in this discussion donch really need the money from our kids. But I, too, believe in getting them to contribute to the household...they cannot be freeloaders and take for granted all the 'amenities' we are providing...lodging, housekeeping, laundry, wifi, meals etc...if they live outside, they will not be just paying a few hundreds for all these. The main intent is to make them aware that everything comes at a cost...and to help them save up, provided we don't need to touch it before we leave.
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.tyeogh\" post_id=\"1920490\" time=\"1563383227\" user_id=\"94399:
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. -
Cloud Cloud\" post_id=\"1920508\" time=\"1563404060\" user_id=\"160688:[quote=\"Cloud Cloud\" post_id=1920508 time=1563404060 user_id=160688]
Not sure if I understand your question. If you refer to how much one can keep in his RA, the answer is no cap.
Is there a cap on the amount in the RA?[/quote]
If you refer to how much one can put inside RA, there is a cap. You can top up your RA up until the ERS amount.
https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme -
For me I will expect them to give us a portion of their income and I will not let them think that it is to contribute to the cost of the household but as a responsibility towards us, their parents. Cos if they think it is to contribute to household cost does it mean that they stop giving when they move out?
Even now, I make them pass to me 50% of all their angbaos and savings. -
best if they give auto .. how arh? say Auntie XX's kids give how much to her every month arh
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Funz\" post_id=\"1920534\" time=\"1563413194\" user_id=\"6230:
Same thinking as me. Except that DS keeps 100% of his angbaos and savings.
For me I will expect them to give us a portion of their income and I will not let them think that it is to contribute to the cost of the household but as a responsibility towards us, their parents. Cos if they think it is to contribute to household cost does it mean that they stop giving when they move out?
Even now, I make them pass to me 50% of all their angbaos and savings. -
If we tell them that they need to give us money to contribute to our household expenses, will they think that we also have to contribute to their household expenses when we are 90 years old and living with them? I think it is a bad idea to use this reasoning.
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