How much is enough for retirement in Singapore?

[starlight1968sg]

MrsKiasu\" post_id=\"2058693\" time=\"1644919151\" user_id=\"43981:

I google the property tax will be $20+/mth from 4 rm flat.. we can go for smaller unit. Currently 70+/mth. Maintenance fee is not cheap so if go back hdb, will have savings. Utilities, after I changed to another service provider, still need around avg 160/mth.

haha mind boggling with all these numbers, not to mention with lots of uncertainty

[MrsKiasu]

Hospitalization ins premium went up so much ! I m cutting.

[starlight1968sg]

MrsKiasu\" post_id=\"2058695\" time=\"1644919466\" user_id=\"43981:

Hospitalization ins premium went up so much ! I m cutting.

this is what we need most when we are old.

[MrsKiasu]

starlight1968sg\" post_id=\"2058694\" time=\"1644919402\" user_id=\"14025:

haha mind boggling with all these numbers, not to mention with lots of uncertainty

Yes .. lots of uncertainties..if current inflation rate continues, need buy one youtiao share with dh. 1k I think is abit too conservative I think coz after paying utilities bill, TC, we really need to squeeze le. The usual fixed amt for petrol, is so much lesser now.

[MrsKiasu]

starlight1968sg\" post_id=\"2058696\" time=\"1644919540\" user_id=\"14025:

this is what we need most when we are old.

Think better go polyclinic/govt hospital already.. Btw, the insurance premium not included.

[MrsKiasu]

I think we dont need to worry too much on the figure ba…depends on how much we have then, we just live according to the money that we have.


If my budget is 1k/mth, I m sure we can find ways to live with the amount. Now already I m good in going for promotion…just that my weakness is buy and buy only… Next time just buy what is needed. We can still live a happy life so long as family members all healthy.

[Zeal mummy]

Nebbermind\" post_id=\"2058681\" time=\"1644913880\" user_id=\"15571:

Assuming you are 65 now and just retired from your job. For whatever reason, you don't own any property. You have a spouse in a similar situation. Both relatively health, with the usual elderly aches and pain and maybe medically controlled 三高。

How much do you foresee you and your spouse will need in a year? And the next 10 or 15 yrs?

They would probably need to account for rent, if they don’t own any property. About $100k a year should be enough.

[starlight1968sg]

Zeal mummy\" post_id=\"2058702\" time=\"1644922265\" user_id=\"58173:[quote=\"Zeal mummy\" post_id=2058702 time=1644922265 user_id=58173]
They would probably need to account for rent, if they don’t own any property. About $100k a year should be enough.[/quote]

100k per year means 8k+ per mth.
if the couple can live 30 years more, they would need 100k x 30 = 3 mil :yikes:

[Zeal mummy]

starlight1968sg\" post_id=\"2058703\" time=\"1644922562\" user_id=\"14025:

100k per year means 8k+ per mth.
if the couple can live 30 years more, they would need 100k x 30 = 3 mil :yikes:

That’s the reason why we save, buy shares, annuities and properties. Slowly build up.. that golden nest. I don’t know but I think rental for a 2-3bedroom apartment is easily $2.5k, unless u wanna live in a room?

[zac's mum]

Nebbermind\" post_id=\"2058681\" time=\"1644913880\" user_id=\"15571:

Assuming you are 65 now and just retired from your job. For whatever reason, you don't own any property. You have a spouse in a similar situation. Both relatively health, with the usual elderly aches and pain and maybe medically controlled 三高。

How much do you foresee you and your spouse will need in a year? And the next 10 or 15 yrs?

Each couple has different lifestyle & therefore different amount required.

I’d take the current monthly expediture (assuming you want to continue living same lifestyle), then multiply by 12 months.

Remember to also add in health insurance costs (payable annually) & medicine costs (for the 三高 and aches & pains). These will only be expected to go up not down as you age.

Also factor in 5% inflation and GST going up soon also.