How much is enough for retirement in Singapore?

[starlight1968sg]

Pyap\" post_id=\"2058965\" time=\"1645087431\" user_id=\"196803:

Interesting topic, i am planning to use spare cash to return cpf for property so that it can earn higher interest for us.
Between age 55 to 65, will draw out excess above full retirement sum if need arises. If not let it remain in ord acc to earn 2.5%.

Retirement funds comprise of property rental, cpf payout and retirement insurance, around 5k for both of us. Most likely be using 3k only, remainder can save for yearly travel.

3k to 5k per month for a couple seems reasonable and common

[Pyap]

Hi starlight

We eat simple like hawker fare and home cook food. Never buy branded items. Only frequent restaurant maybe once a month which cost around $100. Thus retirement will not be much difference as we already used to simple lifestyle.

[Zeal mummy]

Pyap\" post_id=\"2058965\" time=\"1645087431\" user_id=\"196803:

Interesting topic, i am planning to use spare cash to return cpf for property so that it can earn higher interest for us.
Between age 55 to 65, will draw out excess above full retirement sum if need arises. If not let it remain in ord acc to earn 2.5%.

Retirement funds comprise of property rental, cpf payout and retirement insurance, around 5k for both of us. Most likely be using 3k only, remainder can save for yearly travel.

What is “ retirement insurance”?

[Pyap]

Retirement insurance give annual payout for a specified period e.g. 30 years. If dont draw out… can earn some interest in it. Upon maturity 30 year later, there is a lumpsum payout too.

[starlight1968sg]

I think retirement insurance is annuity.

One can pay a big lump sum and starts collecting either yearly or monthly payout from X years
One can also pay premium for a few years and starts collecting payout from x years.

[lee_yl]

Duplicate

[lee_yl]

starlight1968sg\" post_id=\"2058968\" time=\"1645088458\" user_id=\"14025:

3k to 5k per month for a couple seems reasonable and common

I think her $3K-5K means expenses of $3K/couple monthly for daily expenses and to save $2K/couple on a monthly basis for overseas holiday.

If it is just $3K / couple per month. I think definitely not enough.

That works out to be $1500 per pax per mth.
That’s just $48 per day. From the $48, if we assign $20 on 3 meals, that’s $6.67 per meal.

If one needs to see a dentist and spend $96, it means 2 days left with $0 to spend.

Like worse than secondary school days. Secondary school students still can borrow money from parents! And $6.67 per meal, not enough for a sec sch student to buy a cup of Starbucks. Retirees also don’t need to live like a beggar

[MrsKiasu]

I think for those been living simply like most time cook at home. I day $40 food budget for a retiree couple. Order from Redmart every 1.5days @ $60 with free delivery.. enough food already for us, will have problem on how to finish $60 worth groceries every 1.5days

[MrsKiasu]

I m just estimating what is ‘enough’ better to have some money behind…for contingency/ad hoc expenses/medical etc, else don’t know who can help us. Can still continue to work/collect rent be it from whole unit/room if need to.

[lee_yl]

MrsKiasu\" post_id=\"2058993\" time=\"1645112405\" user_id=\"43981:

I think for those been living simply like most time cook at home. I day $40 food budget for a retiree couple. Order from Redmart every 1.5days @ $60 with free delivery.. enough food already for us, will have problem on how to finish $60 worth groceries every 1.5days

That’s provided 365 days cook and eat at home.

But I will crave for say weekend Dim Sum at East Ocean, Tim Ho Wan or Japanese food at Ichiban. Based on $6.67 budget per meal, maybe only special occasions like CNY or birthday then can step into a restaurant.

$6.67, not enough for a KFC 2-piece meal. But if the retiree fries 2Pc chicken wing at home then probably less than $6.67. Lol

If see doctor $60 gone, means 1.5 days no money to eat?

A lot depends on individual lifestyle. $1500/per pax per month, is not undoable as a Foodcourt cleaner auntie is probably earning $1500/mth and can still survive.