How much is enough for retirement in Singapore?

[MrsKiasu]

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:

8k/mth guess we can live very comfortably during retirement liao.

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.

[MrsKiasu]

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?

[zac's mum]

https://smartwealth.sg/retirement-calculator/

[Nebbermind]

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:

I guess that's the difference between getting by with what is necessary and maintaining the current lifestyle.

[lee_yl]

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?

[MyPillow]

MrsKiasu\" post_id=\"2058718\" time=\"1644930197\" user_id=\"43981:

8k/mth guess we can live very comfortably during retirement liao.

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.

start to eat healthy now- more simple food, less rich/expensive food -hope those high blood,sugar,cholestrol within control with better diet,simple healthy food.

i feel live simply , no car, no mortgage loan, got medical insur taken care by CPF medisave payent etc - within 2 , 3K a month is comfortably possible; assume set aside education of $200k each for kid ( study base yr local then maybe go overseas if required for a yr or 2??)
Per couple : $2500x12x25ys = $750 000 ( i count from abt 55yrs old) , may work some odd job in between when bored for social vitamins n extra pocket money.

[MrsKiasu]

I think 3k for a couple retiree for now should be comfortable. No loans, no tuition fee and kids are independent.


I believe dh would like to work if there are jobs available and I hope I could be productive too. Hope we could di something to bring extra income and also to slow our minds from deteriorating.

And I just checked…property tax went up.

[MyPillow]

MrsKiasu\" post_id=\"2058780\" time=\"1644983612\" user_id=\"43981:

I think 3k for a couple retiree for now should be comfortable. No loans, no tuition fee and kids are independent.

I believe dh would like to work if there are jobs available and I hope I could be productive too. Hope we could di something to bring extra income and also to slow our minds from deteriorating.

And I just checked..property tax went up.

ya stay active in a way - hope can do things we like n enjoy , definitely not our current jobs though

[Nebbermind]

zac's mum\" post_id=\"2058708\" time=\"1644923436\" user_id=\"53606:[quote=\"zac's mum\" post_id=2058708 time=1644923436 user_id=53606]
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]

Yes, if there is an intention to maintain the same comfortable lifestyle, then there will definitely be a cost to it.

But let's assume it is a estimate for the average guy on the street who at 65 is without a job or a roof over his head, how much does he need to continue comfortably, without the extravagance or being frugal?

Rent + Utilities + phone/broadband + transport = $2500 for a small home for 2?
Food = $30/day or $$1k/mth per person
misc = $1k/mth (excess to be save for future)

$1.32M up to 85 yo for 2 pax

So is $5.5k per mth for 2 persons comfortable by today's standard? Or is it too high if compared to what a lower income household have to work within?

So assuming you have a home, that's $2k/mth reduction for rental. And if cpf payout is $1.5k/2pax (I dunno coz haven't reach there yet! ) that would reduce the amount to $3k/mth or $700k up to 85

My intention is not to hardcode the amount needed but rather to generate a ballpark figure in which we can start working with.

There will definitely be many more parameters which we have to look into but we can still come up with some baseline so gauge how far we are from a 'good to have' retirement amount

[zac's mum]

Certain costs will be reduced if not working, like transports costs will probably go down if dont have to travel to/from workplace 5 days a week. Possible to ditch the car if live within walking distance of the amenities u need (eg supermarket/wet market, clinic, public swimming pool/park etc).


Food costs also can come down if not lunching out with colleagues 5x a week. Fine to cook simple meals at home since plenty of free time. Personally I’m ok to downgrade my lifestyle since as someone pointed out, late 40s onwards I will already start to eat healthier to prevent future health problems cropping up. Switch to housebrand items no big deal for me, unless I really cant stand the taste/quality.

DH, on the other hand, has more luxury tastes, so he has to budget for restaurant meals more often, plus branded clothes whatnot.