How much is enough for retirement in Singapore?

[tyeogh]

Er…dunno about you guys. I have teenagers. They seem to have grown a mind of their own. I can’t even get them to eat dinner together as a family at the same time. My peers report the same. What more give us pocket money in our old age. Yes, we can "train" them with ang baos. That’s bec they are living under our auspice and they know they have to comply. Or at least answer "Yes, they will take care of us" .


When they grow their own wings, it is a different story. I know of many who do not give their parents pocket money or give adequately. It became the source of endless family squabbles. I’d be happy alreafy if they dont come to me with "wonderful investment ideas" in my old age.

[tyeogh]

Btw I have 4 kids. I know their nature. 2 is likely to give and 2 not. Is this called a balanced portfolio? :rotflmao:

[MrsKiasu]

looking at the rate they are growing.. I sometimes have many questions with myself..err like kids are changing already not exactly same as last time (not too long ago!) dd still telling how much she loves me leh..


now like so busy that start ignoring me like that de.. like this morning, I prepared 3 types of food for them..breakfast & recess..breakfast as I asked them separately what they want to eat..so I thought never mind la..instead ask one of them to eat the same as the other, I thought just prepare la ..eat happy then start off the day happier mah I thought..I was feeling extra tired somehow this morning..I prepared my own breakfast thought I eat first but when starting on the food & fruits prep for them I just couldn't leave the kitchen..so after they put on uniform I sat down start eating and say aiyo today what happened arh, feeling extra tired..but nobody take note loh then in car when they abt finished their breakfast, I asked, how? nice? they say yes nice..then again I say dunno what happened lor today I prepared diff types food and feel so tired..then dd1 put her hand stroke my head/hair :love: ..aiyo mommy poor thing..thank you..immediately I felt so happy..why am I becoming like small kid liao arh

[Nebbermind]

ngl2010\" post_id=\"1920540\" time=\"1563414264\" user_id=\"40978:

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.

If at 90 and I still have an income, I will contribute to the household

[Cloud Cloud]

We do give allowance to our parents because they do need the money. Their cpf payout combined only less than $500 a month. Not much savings also.


I don’t expect my kids to give. I know my elder one will save her money. My younger one too early to tell.

I told my elder one I can “loan” her for her tertiary education but must repay one…haha

[Cloud Cloud]

:thankyou:

tyeogh\" post_id=\"1920532\" time=\"1563412595\" user_id=\"94399:

Cloud Cloud\" post_id=\"1920508\" time=\"1563404060\" user_id=\"160688:[quote=\"Cloud Cloud\" post_id=1920508 time=1563404060 user_id=160688]Is there a cap on the amount in the RA?

Not sure if I understand your question. If you refer to how much one can keep in his RA, the answer is no cap.

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[/quote]

[Funz]

For us, I guess we were brought up that way. When we were young, we saw our father and uncles and aunties giving monthly allowances to our grandma. Mum does not work so Dad will pass her money for maternal grandma as well. Now kids see me and my sisters giving both our parents allowances every month. They see us giving them ang baos as well during celebratory occasions.


Since the time they were in preschool, whatever angbaos they collect, we will tally them in front of them, at that age, of course we take all their angbaos but once they started primary school, I started out with letting them keep 10% then at upper primary, they get to keep 25% and now as teenagers, they get to keep 50%.

With this being the norm that they grew up with, I hope that it will be the norm that they will adopt when the time comes.

[tyeogh]

Cloud Cloud\" post_id=\"1920572\" time=\"1563417685\" user_id=\"160688:[quote=\"Cloud Cloud\" post_id=1920572 time=1563417685 user_id=160688]
I told my elder one I can “loan” her for her tertiary education but must repay one...haha[/quote]

Same for me. No free ride. Plan to use CPF as the vehicle. Pay for their tertiary education using my CPF. They settle with CPF when they graduate. Dun come to me with sob stories. No overseas education. You cannot make it local, your own funeral.

I went thru the same. It made me a better person.

[lee_yl]

Last Sunday, I had a discussion with DH about whether young working adults should give their parents an allowance after I came across a similar thread in KSP. I was very confident my 2 girls will cos I recalled a few years back (P3/P4?) when asked, they both said they would give me lots of allowances (A said $1K and B said $2K). I was over the moon then.


Then I popped the same question again on Sunday. To my horror, my DD1 said she was ok to give but will be $250 to each parent cos she needs to save up the rest to buy house. I told her $250 fell short of my expectation leh, and DD1 got upset and said since I was unappreciative, then she shall give my share to dad.
Then, I asked DD2 how much would she give me, she asked is it the form of an annual angpow or to give to dad only since dad is the only one contributing to the household?
My goodness, I felt lousy throughout the weekend. Though DH didn’t agree with me :mad: (he wants us to be self-sufficient during retirement) but I don’t care!! The children must give an allowance of at least $300 to both parents when they start working.

[Funz]

With all the angbao money that we have been taking from kiddos, we have grown it such that they will have enough to pay for even an overseas degree, living expenses, depending on which country maybe not 100%.


DH never had any financial support from his parents for his education so he is of the thinking that if they have to ability to get into a uni, be it local or overseas, he will support them all the way.