How much is enough for retirement in Singapore?

[MrsKiasu]

I like the idea of doing such a detailed planning esp with kids…frankly speaking I stopped doing for many years and would feel abit ‘aimless’.

[MrsKiasu]

Cloud Cloud\" post_id=\"1936830\" time=\"1569304659\" user_id=\"160688:[quote=\"Cloud Cloud\" post_id=1936830 time=1569304659 user_id=160688]

dannyc\" post_id=\"1936812\" time=\"1569297961\" user_id=\"180831:

With the rising cost of commodities, I don't think that $1M is enough. Probably if you wish to retire in a different country in South East Asia, that amount might already be enough. That is why I fear for the next generation that the might not be able to prepare for their retirement because their salary is not enough for their lavish lifestyle.

When our kids are grown up, less financial commitments. No need tuition fees and pocket money. Going to depend on cpf payout. Hope hubby have his job until then. Maybe give up car to cut costs.[/quote]

I m not sure..would it be tuition fee expenses decrease but our medical exp will start to increase ..hope not.

[lee_yl]

MyPillow\" post_id=\"1936777\" time=\"1569290415\" user_id=\"70594:

lee_yl\" post_id=\"1936765\" time=\"1569287148\" user_id=\"17023:

Actually I just realized that I do save at least 50% of the household expenses! Especially starting from this year. Used to have one big chunk of the household expenses going towards tuition but now after the kids are done w PSLE, our tuition expenses drop drastically.

Of course, those days when I could consistently save more than 50% was before the kids came along.

wow can be bak bak le

After Hercules mentioned about saving 50% of the salary, ehh, then I realized I sort of managed to achieve that leh (starting this year).

DH confirms that I only spend ard 1/3 of the monthly household allowance he gives me. Basically I am in charge of paying for groceries, myself and the kids stuff while Hubby is in charge of all other household expenditure, e.g. water/electricity bills

[MyPillow]

MrsKiasu\" post_id=\"1936833\" time=\"1569305342\" user_id=\"43981:

Cloud Cloud\" post_id=\"1936830\" time=\"1569304659\" user_id=\"160688:[quote=\"Cloud Cloud\" post_id=1936830 time=1569304659 user_id=160688]

With the rising cost of commodities, I don't think that $1M is enough. Probably if you wish to retire in a different country in South East Asia, that amount might already be enough. That is why I fear for the next generation that the might not be able to prepare for their retirement because their salary is not enough for their lavish lifestyle.

When our kids are grown up, less financial commitments. No need tuition fees and pocket money. Going to depend on cpf payout. Hope hubby have his job until then. Maybe give up car to cut costs.

I m not sure..would it be tuition fee expenses decrease but our medical exp will start to increase ..hope not.[/quote]can be a choice on the amt of $ spend on tuition too. If dun mind, should be able to cut quite a % eg 50 to 60%
Parents need to find inner balance/peace with tuition/ enrichment fees lor ( reasonable vs high atas center)

[MrsKiasu]

MyPillow\" post_id=\"1936780\" time=\"1569292192\" user_id=\"70594:

For those with no loans commitment - Continue to work to save the up earned income +cpf since no loans to service- savings rate should be able to climb faster too ?
own Car is a big $ digger - but then its for convenient n lifestyle thing - individual liking
once we hit semi retirement age of above 56+ - i hope to say bye bye to car / branded cars -
this age should stay active n take public transport. No kids fetching to enrichment classes , no car to drive kids to check in camp , no need car to send n fetch kid fr uni hostel etc - hopefully la

I hope that after kids grown up no need car but dh once said that probably need as legs weaker? Maybe stay very near supermarket/mrt station.

[MrsKiasu]

MyPillow\" post_id=\"1936835\" time=\"1569305552\" user_id=\"70594:

MrsKiasu\" post_id=\"1936833\" time=\"1569305342\" user_id=\"43981:

[quote=\"Cloud Cloud\" post_id=1936830 time=1569304659 user_id=160688]

When our kids are grown up, less financial commitments. No need tuition fees and pocket money. Going to depend on cpf payout. Hope hubby have his job until then. Maybe give up car to cut costs.

I m not sure..would it be tuition fee expenses decrease but our medical exp will start to increase ..hope not.

can be a choice on the amt of $ spend on tuition too. If dun mind, should be able to cut quite a % eg 50 to 60%
Parents need to find inner balance/peace with tuition/ enrichment fees lor ( reasonable vs high atas center)[/quote]yeah I m quite stingy on paying for tuition fee..go mass mkt ones can already.

[lee_yl]

doodbug\" post_id=\"1936779\" time=\"1569291642\" user_id=\"13281:

I am impressed at how prudent KSP mommies are here, and how much thought goes into financial planning. Generally we live within our means (no credit card debts, no car loans, only housing loans), but we don't set any specific/deliberate savings targets (hence that's probably why we haven't saved up much), just a general contingent fund. In terms of retirement, all we have planned is to buy the max CPFLife, and haven't thought much beyond that. I guess we better start somewhere......ok I guess one option is to downgrade property if need to free up cash.

My thinking may change in 20 years’ time but right now, I do not wish to imagine myself downgrading to a 3-room flat or 2-room rental flat and that I have to spend my golden years there till I pass on!!

Else if I sit inside the 2-room flat and look out of the window, I will ask myself what have I been doing my whole life.

Our Matrimonial home has been fully paid up (cos we opted for an aggressive payment schedule) and we recently retired our old family car of 13years+. The new family car was purchased (fully paid up) and in doing so, we saved almost $20K in projected car loan interest.

[MyPillow]

MrsKiasu\" post_id=\"1936836\" time=\"1569305592\" user_id=\"43981:

MyPillow\" post_id=\"1936780\" time=\"1569292192\" user_id=\"70594:

For those with no loans commitment - Continue to work to save the up earned income +cpf since no loans to service- savings rate should be able to climb faster too ?
own Car is a big $ digger - but then its for convenient n lifestyle thing - individual liking
once we hit semi retirement age of above 56+ - i hope to say bye bye to car / branded cars -
this age should stay active n take public transport. No kids fetching to enrichment classes , no car to drive kids to check in camp , no need car to send n fetch kid fr uni hostel etc - hopefully la

I hope that after kids grown up no need car but dh once said that probably need as legs weaker? Maybe stay very near supermarket/mrt station.

ah yo - currently i see a lot of old people walking to market n supermarket la- stay in neighborhood . 10 to 15min walk is reasonable with bus n mrt access - should not be a problem. but those 75+ or near 80s will be slow , still do-able for a 10min plus walk

[MrsKiasu]

lee_yl\" post_id=\"1936834\" time=\"1569305551\" user_id=\"17023:

MyPillow\" post_id=\"1936777\" time=\"1569290415\" user_id=\"70594:

[quote=lee_yl post_id=1936765 time=1569287148 user_id=17023]Actually I just realized that I do save at least 50% of the household expenses! Especially starting from this year. Used to have one big chunk of the household expenses going towards tuition but now after the kids are done w PSLE, our tuition expenses drop drastically.

Of course, those days when I could consistently save more than 50% was before the kids came along.

wow can be bak bak le

After Hercules mentioned about saving 50% of the salary, ehh, then I realized I sort of managed to achieve that leh (starting this year).

DH confirms that I only spend ard 1/3 of the monthly household allowance he gives me. Basically I am in charge of paying for groceries, myself and the kids stuff while Hubby is in charge of all other household expenditure, e.g. water/electricity bills[/quote]we dont have a fixed allowance kinda thing or a line drawn you pay or I pay..I transfer from accts and when dh receives msg of me transferring from the acct he will top up and tell me that he has transferred some money into the bank and I can use.

[MrsKiasu]

MyPillow\" post_id=\"1936839\" time=\"1569305858\" user_id=\"70594:

MrsKiasu\" post_id=\"1936836\" time=\"1569305592\" user_id=\"43981:

[quote=MyPillow post_id=1936780 time=1569292192 user_id=70594]For those with no loans commitment - Continue to work to save the up earned income +cpf since no loans to service- savings rate should be able to climb faster too ?
own Car is a big $ digger - but then its for convenient n lifestyle thing - individual liking
once we hit semi retirement age of above 56+ - i hope to say bye bye to car / branded cars -
this age should stay active n take public transport. No kids fetching to enrichment classes , no car to drive kids to check in camp , no need car to send n fetch kid fr uni hostel etc - hopefully la

I hope that after kids grown up no need car but dh once said that probably need as legs weaker? Maybe stay very near supermarket/mrt station.

ah yo - currently i see a lot of old people walking to market n supermarket la- stay in neighborhood . 10 to 15min walk is reasonable with bus n mrt access - should not be a problem. but those 75+ or near 80s will be slow , still do-able for a 10min plus walk[/quote]with delivery services, taxi/grabs/mrt, I personally think we could live without a car lor..short distance walking treat it as exercise.. must take care to be able to walk.