I think setting aside $160K a year will afford you a comfortable life in retirement for a couple. You dont need $200K
1. Have a domestic helper to clean and cook for you ($1000 pm including levy)
2. Have a car to move around in privacy and comfort ($500 pm not including depreciation)
3. Attend live concerts ($600 pa or $50 pm - for 2 live concerts a year)
4. Conservancy charges & sinking fund for condo ($330 pm)
5. personal expenses ($1000 pm each) - to meet up with friends, watch movies, to go short trips to M'
sia for shopping/massages etc. This personal expenses very important to ensure you have your own life without always having to do things together with your spouse.
6. $1000 pm for courses such as dancing, wine tasting, cooking, flower arrangement etc....
7. $500 pm for gifts (eg wedding, funeral, birthdays etc..)
Plus all the rest below will bring the total monthly expense to around $13K pm.
Quote:
Originally Posted by Unregistered
How much we need during retirement will depend on our lifestyle. If we have paid up HDB flat and debt free, we don't need much. We just need money for food, paying bills and insurance.
For a retired couple, they may need to spend on
Food and groceries $1000 pm
Utilities $100 pm
Internet and mobile $100 pm
Medical and insurance $1000 pm
Bus and mrt $100 pm
Holidays and entertainment $100 pm
Miscellaneous $100 pm
Total $2500 pm or $30k pa
So, we don't need much when we retire unless we want to eat at restaurants, go holidays to Europe twice a year, own a big car, go shopping everyday, etc. For this lifestyle you will need $200k pa. |