How much is enough for retirement in Singapore?
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Zeal mummy\" post_id=\"2058702\" time=\"1644922265\" user_id=\"58173:[quote=\"Zeal mummy\" post_id=2058702 time=1644922265 user_id=58173]
100k per year means 8k+ per mth.
They would probably need to account for rent, if they don’t own any property. About $100k a year should be enough.[/quote]
if the couple can live 30 years more, they would need 100k x 30 = 3 mil :yikes: -
starlight1968sg\" post_id=\"2058703\" time=\"1644922562\" user_id=\"14025:
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?
100k per year means 8k+ per mth.
if the couple can live 30 years more, they would need 100k x 30 = 3 mil :yikes: -
Nebbermind\" post_id=\"2058681\" time=\"1644913880\" user_id=\"15571:
Each couple has different lifestyle & therefore different amount required.
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?
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. -
zac's mum\" post_id=\"2058708\" time=\"1644923436\" user_id=\"53606:[quote=\"zac's mum\" post_id=2058708 time=1644923436 user_id=53606]
In your case, what is the magic number ie how much you would need per year from age 65 ...?
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.[/quote] -
starlight1968sg\" post_id=\"2058710\" time=\"1644923871\" user_id=\"14025:
Honestly I dont know. DH does all the budgeting. But back when we first had a financial advisor do the projected sums for us (few year after marriage, before kid was born) it was already $1M (not per year but from retirement till death).
In your case, what is the magic number ie how much you would need per year from age 65 ...? -
starlight1968sg\" post_id=\"2058703\" time=\"1644922562\" user_id=\"14025:
8k/mth guess we can live very comfortably during retirement liao.
100k per year means 8k+ per mth.
if the couple can live 30 years more, they would need 100k x 30 = 3 mil :yikes:
Dont forget, when we are 65yo, no more tuition. 1 session of tuition can cover our food for few days already.
House? Maybe can live with kids if don't have house and kids not married yet..all share then maybe 1k or + per room for the 2 elderly us?
Car?see how..if near mrt stn and near supermarkets no need ba since no need fetch kids up and down fm school then.
Food? Can home cook, food court, hawker ctr or restaurants, got choice.
Hmm lastly teach our kids to give us allowance la.. no need alot. Based on their affordability can le. -
On the projection, still not sure how much needed for eg overseas studies…but more than 15 yrs ago, I read 1 projection of 600k for our child to study overseas wor…need or not?
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starlight1968sg\" post_id=\"2058703\" time=\"1644922562\" user_id=\"14025:
I guess that's the difference between getting by with what is necessary and maintaining the current lifestyle.
100k per year means 8k+ per mth.
if the couple can live 30 years more, they would need 100k x 30 = 3 mil :yikes:
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In May 2019 there was a report in ST that one needs a monthly minimum of $1379 to retire. I supposed one has to survive with NTUC brand white bread etc.
Note: The sum does not include medical care (can die cannot get sick).
From 2019 till 2022, inflation has gone up tremendously. Prices of Veges at supermarket, petrol prices etc have gone up and still going up furiously. If we need min $1379 in 2019, then how much do we need today?
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