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Old 28-11-2017, 07:55 PM
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Originally Posted by Unregistered View Post
If someone is retiring in Jan 2018, how much does he need per month? Let's assume his HDB flat is paid up, he has no liabilities, no dependent and he leads a simple retirement lifestyle.

Food = $4 x 3 meals x 30 days = $360 pm (eat at hawker centre or cook his own meals)
Utilities and other household items = $200 pm
Mobile phone = $90 pm
Public transport = $50 pm
Medical fees and insurance = $500 pm
Entertainment and misc = $100 pm
Holidays (pro rated) = $200 pm
Total = $1500 pm or $18k pa

He needs to take into account of inflation which is about 2% pa. So the following year, he will spend $18.4k pa. This is a simple retirement lifestyle which is good enough.

Rich people who wants a super luxurious retirement lifestyle - retire in a bungalow with swimming pool, eat at high end restaurants every day, travel first class, stay in 6 star hotels, drive a supercar, etc, they will need a lot of money to retire. They may need at least $50k pm of expenses.

Whether $1.5k pm or $50k pm of retirement expenses will depend on each person's affordability and choice.

For somebody who can sustain $4 per meal for 3 meals per day, 365 a year... $90 per month phone bill sure is expensive...
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