How much is enough for retirement in Singapore?

[Liew Nga Wing]

Estéema\" post_id=\"2130371\" time=\"1709709223\" user_id=\"66413:

Think the difference is I took corporate setting as my reference point. When I volunteer, I don’t expect to be paid. That is my actualization if I can purely contribute to a meaningful work that I believe in doing, so I’ll hv no regrets.

施比受更有福.

[starlight1968sg]

https://www.straitstimes.com/business/spotlight-on-options-to-supplement-income-in-retirement-as-super-ageing-looms-in-s-pore


\"While CPF Life, MediShield Life and CareShield Life take care of the basics, a person will need more money for retirement if he aspires to a higher standard of living\"

[Liew Nga Wing]

starlight1968sg\" post_id=\"2135061\" time=\"1718416067\" user_id=\"14025:

https://www.straitstimes.com/business/spotlight-on-options-to-supplement-income-in-retirement-as-super-ageing-looms-in-s-pore

\"While CPF Life, MediShield Life and CareShield Life take care of the basics, a person will need more money for retirement if he aspires to a higher standard of living\"

How much money is considered as enough? :?

[sharonkhoo]

Liew Nga Wing\" post_id=\"2135066\" time=\"1718423063\" user_id=\"195250:[quote=\"Liew Nga Wing\" post_id=2135066 time=1718423063 user_id=195250]
How much money is considered as enough? :?[/quote]

Look at how much you spend now, less work-related costs, plus extra costs of whatever you might do in retirement. Minus an amount if you are intending to lower your standard of living in retirement. Add medical costs not covered by insurance, and inflation. That will give you a ballpark idea.

[starlight1968sg]

Liew Nga Wing\" post_id=\"2135066\" time=\"1718423063\" user_id=\"195250:[quote=\"Liew Nga Wing\" post_id=2135066 time=1718423063 user_id=195250]
How much money is considered as enough? :?[/quote]

There is no answer to this qn.
The medical expenses and inflation are the main concerns during retirement.

My routine annual gynae checks, eye checks etc cost each easily $100+ at NUH as subsidized patients.

As for inflation, nobody is immune to it.

[Liew Nga Wing]

starlight1968sg\" post_id=\"2135068\" time=\"1718424475\" user_id=\"14025:

There is no answer to this qn.
The medical expenses and inflation are the main concerns during retirement.

My routine annual gynae checks, eye checks etc cost each easily $100+ at NUH as subsidized patients.

As for inflation, nobody is immune to it.

If you already have an insurance policy cover most of the illness, then should not be too worry on medical expenses. For inflation, usually interest rate will rise during inflation era and if we have some saving, the interest may cover part of the prices increase.

I am not a rich person but I seldom worry about whether got enough money for retirement or at least I usually don't talk this topics with others. I believe in Singapore, most people have a house to stay, if no food to eat, then go 居士林 for free vegan meal. If boring, can go CC for activities, why need to worry?

[MrsKiasu]

I think I will feel more relax when kids are out to work. We 2 old ones can work and earn a little here and there should be fine ba. Actually when kids start working, there will be additional income earner at home…by right should have lesser worries?

[starlight1968sg]

Outpatient bills are not covered by medical insurance. Hence they hv to be paid out of pocket.


Yes, when kids started working, there is lesser financial burden and shld hv lesser worries.

[starlight1968sg]

For reading pleasure:

https://www.businessinsider.com/failed-early-retirement-fire-back-to-work-2024-6?fbclid=IwZXh0bgNhZW0CMTAAAR3xwEZN2pRJTdsNGl0QZsat_Rq-qIZTAefjOc_muUcjeFjmxUi_pGWjyCs_aem_ZmFrZWR1bW15MTZieXRlcw

[MrsKiasu]

Maybe go Polyclinic cheaper. Yalor, dh always say kids still young…when babies, I remember worrying abt them. Need to quickly have enough money to bring them up…if touch wood we not here at least the guardian hv enough money to bring them up.