How much is enough for retirement in Singapore?

[Coolkidsrock2]

lee_yl\" post_id=\"1936231\" time=\"1568974615\" user_id=\"17023:

hercules\" post_id=\"1936172\" time=\"1568964006\" user_id=\"14947:

Coz they wanted to start their family 'fast' (after dating for about 4 years) but cannot accumulate enough to afford 'bigger things'.

I see. Then in this case, it has nothing to do with saving aggressively for their retirement but a case of not having enough money to get a bigger flat cos they have just started working?

And you mention this couple did have plans to upgrade to a “bigger house” (when they have accumulated a fatter CPF/with the proceeds they make from the sale of the flat). I supposed that this is quite typical of what most young couples will do (given their limited savings/CPF).

I do know of a few PSC scholar couples still staying in their matrimonial HDB flats after working for over decades! Actually, DH and I are also still staying in our matrimonial home and for the past 16 years, “never upgrade” (thou tempted to). The savings we have over the years, went towards retirement planning.

If this couple for the next 16 years continue staying in their matrimonial home (like us) and whatever savings they have get channeled into investments then I salute them. Who knows 16 years later, they upgrade to Bukit Timah landed liao lah

I think they will need to apply for a flat fast as they will breach the income limit very soon.

[lee_yl]

Coolkidsrock2\" post_id=\"1936234\" time=\"1568975346\" user_id=\"48901:

I think they will need to apply for a flat fast as they will breach the income limit very soon.

[Coolkidsrock2]

Interesting video. Hope kids can meet someone sensible who is also able to right risk.

[lee_yl]

Wa, scary siah! I mean youngsters nowadays spend so much money on their wedding banquets? I suppose they have this “you only hold it once in your lifetime” kind of mentality.


I remember mine only had 9 tables. Groom’s side 4 tables and bride’s side 5 tables. The most unhappy person should be my mum. She found 5 tables too few so she asked for more dowry in return which DH agreed.

Didn’t engage professional photographer, asked BIL to help take video/photos. No professional MC too, asked DH’s then 13yo nephew be the MC and I must say he stole the show for that night. Time flies, next sat is nephew’s wedding!

And there’s another item which I think it’s a waste of money, that is home renovation. My budget is always set around $20K (include furniture). Even if you spend $200K, your buyer may not appreciate it and will not give you back the $200K you spent on the renovations.

[tyeogh]

I was pressured to hold a wedding banquet of 60 tables. I come from a poor family. My wife’s parents middle income and want face. Wife and me quarrelled heavily over it. It was our first test.


When my kids turn come, I will hold the same view. Do it inexpensively. Dont go into debt. Or worst fight over it. BUT I have learned to let them figure out their own lives and not to impose on them. As my FIL imposed on me. Whatever way makes them happy, I will be happy.

[tyeogh]

I am in a large chat group made up of divorcees, separated and spouses in sexless marriages. No, I do not identify with any category. Just kay poh nia. I have seen so many marriages destroyed bec of money. Spouses cite incompatibility or adultery as reasons for divorce. When one delves deeper, the root cause is invariable money. Eg quarrels over what to spend on. Wife too tired from work and kids to consummate so hubby outsource etc.


So for me, I am not making money my God. Yeah, I may not be the wisest in money management. Cant do the 12 commandments. But my wife and me are still happily married after 20 years. We holds hands go pak tor every week. Without fail. Dump our kids at home. Sure, I will not achieve that $1m savings or be able to retire comfortably. But I guess I should be happy. I suppose these are the choices each of us have to make.

[jedamum]

tyeogh\" post_id=\"1936289\" time=\"1568996574\" user_id=\"94399:

I was pressured to hold a wedding banquet of 60 tables. I come from a poor family. My wife's parents middle income and want face. Wife and me quarrelled heavily over it. It was our first test.

When my kids turn come, I will hold the same view. Do it inexpensively. Dont go into debt. Or worst fight over it. BUT I have learned to let them figure out their own lives and not to impose on them. As my FIL imposed on me. Whatever way makes them happy, I will be happy.

Ah, on the topic of wedding.... It was a stressful period for us too. Reason being, my parents set a benchmark based on my elder sis wedding. Wanted this and that ceremony, seating arrangements. My hb came from a middle income family while my dad held a blue collar job and I just started working for few years. Hb was not a people pleaser so actually I didnt even tell him about my mum's requests. I see no reason to hold these ceremonies (roasted pig I believe) as we are not doing any prayers. My sis did cos her in laws were doing the prayers and I saw it as my mum wanted me to follow just because it was done before. I told my mum how we were going to process the wedding our way. She wasn't very pleased. I guess it helped that my sis and bil didn't make that comparison and even helped out in my budget wedding by being my \"bridesmaid\" and photographer.

But I guess everything turnedout well and We kept everything under the budget we set aside from the savings we saved from his first paycheck (Ns) and our salary. Everyone had an enjoyable time without the usual wedding formalities. Either that, or double standards, when my bro got married, my mum told him to do a simple one and his was even more budget friendly than mine.

I feel it is inevitable that parents of daughters demand more from the future hbs. For my case, I have always taken their feedback and filter out stuff before sending the message to hb as I know hb well enough to know it will only breed bad feelings even if he agreed to unreasonable requests. I usually share the same views as hb. Our major disagreement came from house renovation! :nailbite: we have very very different requirements. His is aesthetics over maintenance and mine is opposite. Because I hate chores and he is generally a neat and organised person. So he said he is making compromises everyday over the state of messiness around the house

[jedamum]

lee_yl\" post_id=\"1936288\" time=\"1568995586\" user_id=\"17023:

Wa, scary siah! I mean youngsters nowadays spend so much money on their wedding banquets? I suppose they have this “you only hold it once in your lifetime” kind of mentality.

I remember mine only had 9 tables. Groom’s side 4 tables and bride’s side 5 tables. The most unhappy person should be my mum. She found 5 tables too few so she asked for more dowry in return which DH agreed.

Didn’t engage professional photographer, asked BIL to help take video/photos. No professional MC too, asked DH’s then 13yo nephew be the MC and I must say he stole the show for that night. Time flies, next sat is nephew’s wedding!

And there’s another item which I think it’s a waste of money, that is home renovation. My budget is always set around $20K (include furniture). Even if you spend $200K, your buyer may not appreciate it and will not give you back the $200K you spent on the renovations.

Our wedding were almost similar! Mine was with lesser tables. We only invited relatives. No friends or parents' friends. Our friends attended our Rom buffet reception months earlier.
We had no emcee too. No wedding speech, power point, march in etc. I don't like the attention actually :oops: . Just plain nice restaurant dinner. 5 tables only for my side including hb immediate relatives. We had a separate lunch buffet for hb extended families as his extended clan is quite big. Separating the celebration into few sessions to us meant that those attending would feel less awkward and more at ease, we saved on wedding expenses and they on red packets. We didn't even plan what background songs to play during the dinner. The restaurant manager very kindly helped us with this as there was a 50 tables wedding at the same restaurant on the same day. we only booked two small rooms at the side for our event and on the actual day, the manager opened up an adjoining 3rd room to create more space for us as it was not utilised that day.

Tea ceremony, \"gate crash\" activity hosted by my younger bro. So funny, he planned it last minute. Bil was photographer, my sis helped with my gown. And Hb was our bridal car driver!!

[Funz]

I did not want a banquet. Wanted to just ROM, simple lunch with both immediate families and be done. DH wanted the whole works so we ended up with a 40+ table banquet. Along the way there were many requests from PIL. The cost ballooned but luckily we were able to cover the cost thanks to some very generous guests.


As for our 1st home, no reno needed so we just got some furniture and did up the curtains.

[Coolkidsrock2]

Mine was stressful too. 50 tables at hotel in town. Nearly 40 tables for my side. Nearly 100 boxes of cakes, pin jin, pig, guo da li gifts, tea ceromony … I felt embarressed by the demands even though DH did not fuss over it.


I will not want to impose such requirements on DD if/when her turn comes. 2 tables for the immediate family of our siblings and their kids will suffice. 3 if these kids have form their families by then. Not planning to invite even at our cousin level of relation.

Have seen/attended weddings of millenium colleagues/relatives and am prepared to help out DS if need, though I hope he will be able to meet/find someone more aligned with our values on money.

There are many ways of spending money, but it can only be spent once. Important that it be spent prudently.

Marriage is only the start of a very long road.