How much is enough for retirement in Singapore?

[tyeogh]

doodbug\" post_id=\"1937649\" time=\"1569551086\" user_id=\"13281:

I've always been fearful of insurance policies (even Life policies) as I am afraid if I'm out of a job or something, and cannot keep up with the premium repayment. Hence my insurance coverage is low and I bump up primarily on protection, and not on the investment aspects.

I don't have any endowment / investment related insurance plans. Same reason. Scary for a company to keep so much of my money. But i do have hospital and surgical insurance for my entire family. I recommend this is a minimum for everyone. Medical cost can only go up. Insuring against it protects your retirement plan. Bec when you or your loved ones get cancer, you sure are going go sell your home to pay for treatment. So it is wise to buy medical insurance.

Unfortunately, our G followed Obamacare somewhere in 2015; mandated medical insurance for all. And as with the failings of Obamacare, our medical insurance premiums shot through the roof. Mine doubled last year! :mad:

[tyeogh]

doodbug\" post_id=\"1937684\" time=\"1569555614\" user_id=\"13281:

Is refinancing subject to TDSR and age?

Yes, unfortunately. You can count in your rental as income.

[tyeogh]

doodbug\" post_id=\"1937649\" time=\"1569551086\" user_id=\"13281:

At this point, we don't know if we will need to 'rescue' the kids in having to fund overseas university education. If they study locally, then I do think it makes a huge difference to retirement planning. For example, if one has set aside $400k in savings for kids' uni education, and this sum is not touched, then it can go a long way in drawing down from age 55.

Need so much meh? 400k to study overseas? Unless studying Medicine?

Now Sg is 40% can go uni. Diff from our time. Maybe no need save so much?

[doodbug]

oh! I have two kids lol! 400k not enough for overseas Medicine now though.

[tyeogh]

Then I how wor.....


Recently, I interrogated every child. Asked whoever wants to be to a doctor better confess now. Dont give me surprises. Lucky no one wants to....

[MrsKiasu]

study in private institutions here can also mah…

[tyeogh]

MrsKiasu\" post_id=\"1937705\" time=\"1569557079\" user_id=\"43981:

study in private institutions here can also mah..

I can only afford local. Told all my kids. No safety net. Dun make it, their funeral. No spoon feeding. So far, the elder 2 conscientious.

Intend to use CPF to pay. If not medicine, each child must budget $20k? :moneyflies:

[MrsKiasu]

tyeogh\" post_id=\"1937713\" time=\"1569557929\" user_id=\"94399:

MrsKiasu\" post_id=\"1937705\" time=\"1569557079\" user_id=\"43981:

study in private institutions here can also mah..

I can only afford local. Told all my kids. No safety net. Dun make it, their funeral. No spoon feeding. So far, the elder 2 conscientious.

Intend to use CPF to pay. If not medicine, each child must budget $20k? :moneyflies:

To me worries come only if dds 'die die' want go overseas to study lor..but few years back dd1 told me that she doesn't want to go away from home..that time when I was still thinking probably go overseas better can gain some experience etc..but still too early to say now..I guess shoild be more than $20k ba

[doodbug]

yups, private institutions is one alternative.


financially, study at local unis is the most affordable option. if possible i hope not to use CPF to pay for fees - the OA interest rate still substantially higher than FD. will have to assess financial situation then.

[tyeogh]

Ah. Ok. For me, I came from a poor family. My mom paid my uni using CPF. I had to repay CPF when I started work. Made me a better person. My younger bro had his uni paid in cash. Till now still like a small kid. After married, still demand mom buy him a TV as reno gift. Useless bugger.


So I intend to do the same for my kids. Make them pay their own tertiary. Settle with CPF direct when they work. Call it Dad’s last free life’s lesson for them haha.