How much is enough for retirement in Singapore?

[MrsKiasu]

lee_yl\" post_id=\"2059000\" time=\"1645114622\" user_id=\"17023:

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.

Can take from the 28/day kept aside.

[Zeal mummy]

Pyap\" post_id=\"2058973\" time=\"1645092135\" user_id=\"196803:

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.

I see.. are you referring to annuities from private insurer? Or the CPF one?

[Zeal mummy]

starlight1968sg\" post_id=\"2058975\" time=\"1645092617\" user_id=\"14025:

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.

I see, thanks. Do you know if this (assume private insurance) is a better deal than the one we get from CPF?

[lee_yl]

MrsKiasu\" post_id=\"2059003\" time=\"1645136345\" user_id=\"43981:

Can take from the 28/day kept aside.

$1500 per pax per mth. That’s $48 per day.

$20 per day for 3 meals
$28 per day for basic necessities.

$28 over 31 days that’s $800+ per month. Is $800+ per month enough to cover SP bills, handphone bills, soap power, toilet paper, transport cost, insurance etc ?? Btw, if cook more, utility bills also higher

And if can’t walk, need sit wheelchair, may need a helper, all will come from the $28/per day budget.

[Nasi Lemak]

Pyap\" post_id=\"2058969\" time=\"1645089239\" user_id=\"196803:

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.

We are relying on cpf payout. Already meet FRS. If necessary, will downgrade to a smaller unit. Simply lifestyle. No need to pay for kids tuition, should be enough.

Looking at my parents lifestyles, they don’t really spend much.

[Pyap]

3000 is really basic needs. The extra 2k can used for savings towards travel or meet restaurants cravings or even maintenance etc.


Alongway, some endownment policy mature and serve as backup so that no need to sell invest ppty.

If bo bian last resort, sale of invest property should give return of 1mil after loan deduction.
500k per person to last remaining 20 years should be enough. Another option to rent out extra rooms in own stay home or use lease buyback.

[MrsKiasu]

lee_yl\" post_id=\"2059012\" time=\"1645139987\" user_id=\"17023:

$1500 per pax per mth. That’s $48 per day.

$20 per day for 3 meals
$28 per day for basic necessities.

$28 over 31 days that’s $800+ per month. Is $800+ per month enough to cover SP bills, handphone bills, soap power, toilet paper, transport cost, insurance etc ?? Btw, if cook more, utility bills also higher

And if can’t walk, need sit wheelchair, may need a helper, all will come from the $28/per day budget.

My fig based on healthy retiree couple..PUB/food sharing got synergy. If need helper I think another level liao..food for 3pax. Basic necessities like shower cream/shampoo need buy separately le.

Many will have CPF ..if FRS think abt 1.5k payout if I remember correctly. On top of that savings, for some insurance annuity, passive income like rental, part time job.

Some will need more in order to be comfortable or just want to have more savings on top of the basic coz some of us are very careful person need to cater for many more expenses. Understandable..I m one of them too lol..

[Pyap]

Zealmum

Private insurer annuity. I prefer diversified risk, hence previously instead of topping up to meet enhanced retirement sum, i bought from insurer to complement my cpf frs.
The pro is i could choose which year to start the private insurer annuity payout ( earlier than age 65 cpf life ). The yearly payout can either be put back into cpf to earn 2.5% or remain in the annuity to earn interest. Is flexible

Lately as i approaching age 55, i made a decision to pump in more cash into cpf via property refund to earn 2.5%. Treat it like a fixed deposit untouchable until age 55. But this only works if your ord plus special cpf already meet frs. At age 55… amount in excess of frs can then be withdrawn.

[MrsKiasu]

Did you all do a balance sheet as in take count of your net assets. For our gen due to property…I just guess arh…many would have reached 2nd tier of the figures at top of this thread?

[Pyap]

Agree Nasi lemak


So long as we have property
Options are open… rent out… downgrade… leasebuyback

Unless property prices dip significantly… then 完了