How much is enough for retirement in Singapore?
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Interesting discussion, will have to check on myu status
Has anyone used the CPE life estimator?
Can I check if it is possible to top up RA at 65?
Based on the Estimator it seems one could top up up to 500K, irrespective of year of birth
Based on one who turns 55 this year ( since that is the min age the estimator allows) , the ERS is 288K.
At 65 this would grow to be 425K but the Estimator gives an amount that can be topped up to make the total a max of 500K…
Please help clarify my understanding -
I feel , if 3K is what one expects to spend now on basic monthly expenses for a couple, now at the age of 50, then at the time of CPF life Payout at 65 , that would be inflated to 4K atleast. And in the years after that, there would be further inflation. So better to target 5K a month as a minimum, so can still cater for a little travel initially ( say 65-75).
I think budgeting 700-1000 per month for one couple for GP/dental/tcm/medications/supplements would make life easier.
That seems like the minimum for me for basic quality of life. Buying gifts for children/grand children, some travel, some good meals out with extended family :moneyflies: :moneyflies: :moneyflies: -- all need to have additional savings/rental/dividends to dig into. Ideally if can do part time work would be good for pocket and body and mind. :xedfingers: -
My pillow
There is policy risk for cpf. In case of any changes to withdrawal policy, then money transfer in has to follow their amended policy (if any). So pls effect transfer only if you have spare cash. Otherwise wait for covid over and put in fixed deposit when rates increas -
My pillow
There is policy risk for cpf. In case of any changes to withdrawal policy, then money transfer in has to follow their amended policy (if any). So pls effect transfer only if you have spare cash. Otherwise wait for covid over and put in fixed deposit when rates increas -
Pyap\" post_id=\"2059036\" time=\"1645151570\" user_id=\"196803:
My pillow
There is policy risk for cpf. In case of any changes to withdrawal policy, then money transfer in has to follow their amended policy (if any). So pls effect transfer only if you have spare cash. Otherwise wait for covid over and put in fixed deposit when rates increas
pyap, thks thks for pointing out.... yep that is the policy RISK we need to be aware of, i m still quite some yrs to 55 , only to decide . execute this option when nearing
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Hi Sun
CPF payout amount changes as frs increase yr on yr.
Now the payout is approx 1.5k if cpf oa+sa is $192k (frs). If this payout is adequate to meet the current basic need of an individual (subject to lifestyle) who is 50 years old, the increase in payout value when the person reaches age 55 should correspondingly be able to cater to the inflation over the years for the same lifestyle needs.
For my expenditure above basic needs, it will be covered by rental income and annuity.
However Rental income might not increase year on year given that it is subject to alot of factor. Hence the value of projected income today e.g. $2k will be worth lesser in years to come. -
I was making payment at the supermarket when suddenly it dawned on me that if seniors want to eat healthily with proper nutritious intake, it is not going to be cheap.
Like for my family dinner tonight, I bought 2 packs of Mushroom Soup from soup spoon $18, a pack of fresh shiitake mushrooms $6. Plus some bread $4.50. 2 red dragon fruits $6.30. The cheaper alternative is use canned Campbell soup.
Like my 62yo SIL, she eats yogurt with fresh fruits, seeds and nuts for lunch. Dinner is grilled salmon or chicken breast with salad and avocado. She hardly eats oily hawker food!
So what I am trying to say is, if seniors wants to eat healthy, good quality food, then retirement budget has to go up.
Maybe that’s why rich people can live longer… -
Think the frs can roughly use estimate of 3% pa increase to gauge how much comes yr time.
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lee_yl\" post_id=\"2059044\" time=\"1645154900\" user_id=\"17023:
Your dragon fruits so ex. I bought 12 tubs 500g/tub of grapes from ntuc coz that's on offer, over 2x in 1 wk. Wash clean clean put in Tupperware inside fridge..kids can eat happily liao. When have offer I buy more...go seasonal with promo
I was making payment at the supermarket when suddenly it dawned on me that if seniors want to eat healthily with proper nutritious intake, it is not going to be cheap.
Like for my family dinner tonight, I bought 2 packs of Mushroom Soup from soup spoon $18, a pack of fresh shiitake mushrooms $6. Plus some bread $4.50. 2 red dragon fruits $6.30. The cheaper alternative is use canned Campbell soup.
Like my 62yo SIL, she eats yogurt with fresh fruits, seeds and nuts for lunch. Dinner is grilled salmon or chicken breast with salad and avocado. She hardly eats oily hawker food!
So what I am trying to say is, if seniors wants to eat healthy, good quality food, then retirement budget has to go up.
Maybe that’s why rich people can live longer…
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Cny time bought 27blocks of SCS butter got 3 free Corningware casseroles, 2 given to other family members..got a lot of free gifts recently. Buy Johnson's products received free earbuds/tea set, lipton tea free glass jug, freshmilk free double wall glass, this morning received free spin mop from buying tissues.. save money from spending money? :faint:
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