How much is enough for retirement in Singapore?
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starlight1968sg\" post_id=\"2135111\" time=\"1718591423\" user_id=\"14025:
My kids give us some each month too. We don't need it, but we feel it's a good discipline for them, and we explained our view to them. When kids start work, especially if they are still living at home, they need to learn that they cannot spend everything they earn. We advised our kids on how to apportion their earnings between spending, saving, investing, giving (to parents, church, charities, etc), and I'm happy to see that they have followed our advice. We set 10% of take-home as the amount to contribute to the home, but capped their contribution to a fixed $ sum, so once they reach that it won't increase beyond that (one of them has already gone past this amount). Once they move out, we will probably say they don't need to contribute any more. We aren't so worried that they will refuse to give us again if we need it. My girls were OK with this. Of course, it also helps that I haven't had regular income for most of their lives, and my income is not high even when I have any. They were earning more than me the day they started work!
haha, \"she must give allowance once she starts working...\".
Is she ok?
Mine initially not that willing bec she said her parents are still working and wont need that $$ but I insisted on, else she can move out of my hse :evil:
Now she gives $x every mth via GIRO into my bank a/c. Yes, whether we need it is another matter. -
starlight1968sg\" post_id=\"2135111\" time=\"1718591423\" user_id=\"14025:
How was your tone when you said can move out...?
haha, \"she must give allowance once she starts working...\".
Is she ok?
Mine initially not that willing bec she said her parents are still working and wont need that $$ but I insisted on, else she can move out of my hse :evil:
Now she gives $x every mth via GIRO into my bank a/c. Yes, whether we need it is another matter. -
Good to get them give us allowance, can save for them if there is extra.
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MrsKiasu\" post_id=\"2135123\" time=\"1718627029\" user_id=\"43981:
Normal; neither threatening nor joking.
How was your tone when you said can move out...?
Only when one moves out to live, then he/she can become truly indept. -
slmkhoo\" post_id=\"2135113\" time=\"1718594319\" user_id=\"28674:
i think once they get married or attached, also need to see their financial situation as adult kids need to save up for housing, medical bill, savings/investment , future children, retirement etc their expense gona be much higher than my era/time
My kids give us some each month too. We don't need it, but we feel it's a good discipline for them, and we explained our view to them. When kids start work, especially if they are still living at home, they need to learn that they cannot spend everything they earn. We advised our kids on how to apportion their earnings between spending, saving, investing, giving (to parents, church, charities, etc), and I'm happy to see that they have followed our advice. We set 10% of take-home as the amount to contribute to the home, but capped their contribution to a fixed $ sum, so once they reach that it won't increase beyond that (one of them has already gone past this amount). Once they move out, we will probably say they don't need to contribute any more. We aren't so worried that they will refuse to give us again if we need it. My girls were OK with this. Of course, it also helps that I haven't had regular income for most of their lives, and my income is not high even when I have any. They were earning more than me the day they started work! -
Apart from medical expenses and inflation, dont forget dental expenses.
I visit the dentist for simple teeth scaling and polishing at Woodlands Polyclinic twice a year. Each visit costs about $65. -
MyPillow\" post_id=\"2135149\" time=\"1718700193\" user_id=\"70594:
Our asking for a contribution is for a teaching purpose, not because we actually want their money. So we are quite happy if they stop contributing once they move out. We've always told them that we have saved and invested to support ourselves, and are prepared to live on what we have. I have confidence that they will help us if we need it.
i think once they get married or attached, also need to see their financial situation as adult kids need to save up for housing, medical bill, savings/investment , future children, retirement etc their expense gona be much higher than my era/time -
slmkhoo\" post_id=\"2135157\" time=\"1718703588\" user_id=\"28674:
Actually just curious. You financed your eldest to study at Oxbridge. Do u expect her to repay you back because it is not a small amount and would have eaten into your retirement nest. And with the Oxbridge degree, did she consider getting a higher paid job than the current one? I am assuming all Oxbridge grads should be fairly easy to get high paying jobs in UK and SG.
Our asking for a contribution is for a teaching purpose, not because we actually want their money. So we are quite happy if they stop contributing once they move out. We've always told them that we have saved and invested to support ourselves, and are prepared to live on what we have. I have confidence that they will help us if we need it. -
Imp75\" post_id=\"2135218\" time=\"1718776241\" user_id=\"2358:
No, we regard it as part of what we provide as parents (and grandparents helped). If we had felt that our retirement was going to be severely compromised, we would have asked her to find additional funding for herself or study locally. My parents paid for my overseas studies too, and didn't even accept any regular contribution while I was living at home. I guess we see it as \"paying it forward\". In fact, we keep tabs on what we spent on this daughter, and will help our other one when she needs it, probably to buy a flat when she reaches 35. And it's not that we are very rich, as I'm sure many families on KSP have more - but we live simply, have saved, and plan to work for as long as we can.
Actually just curious. You financed your eldest to study at Oxbridge. Do u expect her to repay you back because it is not a small amount and would have eaten into your retirement nest. And with the Oxbridge degree, did she consider getting a higher paid job than the current one? I am assuming all Oxbridge grads should be fairly easy to get high paying jobs in UK and SG.
When we discussed jobs, we told our daughter that she should go with her interests, while also considering what standard of living she wanted! I guess if she had opted to earn under $2K a month, say, I would have been concerned. She started at around the median for her course and degree (I think!), but less than the top end, so she won't starve. She's a sensible sort and didn't get drawn into the high-spending lifestyle. She chose not to apply for high-paying finance/consulting jobs and we're fine with that. I did the same after I graduated (although my father wasn't quite as calm about it) - but he didn't ask for his money back!
We were discussing internships on the other thread - my daughter did a short internship in a financial institution, and a longer one in a consulting company during her university vacations. After those, she decided that she couldn't see herself in either of those careers! And that, I think, is another major value of internships - to let kids try out jobs, even if it's to rule them out. Not that they don't do the job they were taken on to do for those few weeks/months, but they may realise that's not what they want to do for the next 10 years. My father tried it the other way - after my A levels, I did a part-time job in NUS Library (no \"internships\" in my day) because he wanted me to be turned off the idea of being a librarian - didn't work out the way he planned. -
slmkhoo\" post_id=\"2135226\" time=\"1718782105\" user_id=\"28674:
That’s awesome!! Very rooted in beliefs!!
No, we regard it as part of what we provide as parents (and grandparents helped). If we had felt that our retirement was going to be severely compromised, we would have asked her to find additional funding for herself or study locally. My parents paid for my overseas studies too, and didn't even accept any regular contribution while I was living at home. I guess we see it as \"paying it forward\". In fact, we keep tabs on what we spent on this daughter, and will help our other one when she needs it, probably to buy a flat when she reaches 35. And it's not that we are very rich, as I'm sure many families on KSP have more - but we live simply, have saved, and plan to work for as long as we can.
When we discussed jobs, we told our daughter that she should go with her interests, while also considering what standard of living she wanted! I guess if she had opted to earn under $2K a month, say, I would have been concerned. She started at around the median for her course and degree (I think!), but less than the top end, so she won't starve. She's a sensible sort and didn't get drawn into the high-spending lifestyle. She chose not to apply for high-paying finance/consulting jobs and we're fine with that. I did the same after I graduated (although my father wasn't quite as calm about it) - but he didn't ask for his money back!
We were discussing internships on the other thread - my daughter did a short internship in a financial institution, and a longer one in a consulting company during her university vacations. After those, she decided that she couldn't see herself in either of those careers! And that, I think, is another major value of internships - to let kids try out jobs, even if it's to rule them out. Not that they don't do the job they were taken on to do for those few weeks/months, but they may realise that's not what they want to do for the next 10 years. My father tried it the other way - after my A levels, I did a part-time job in NUS Library (no \"internships\" in my day) because he wanted me to be turned off the idea of being a librarian - didn't work out the way he planned.
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