Quote:
Originally Posted by Unregistered
Stop scaring yourself and others. If it's true, why do I not see more beggars in the streets?
The fact is even retirees can have some income. You can start a small business, rent out a room or a condo, collect dividends from stocks, etc. Insurance will pay for the bulk of your medical expenses.
And if you are smart about it, you won't be spending 5k/mth if you have only 1.2m in the bank. Don't forget that your children would've grown up and won't need money from you. Your parents would've moved on.
Of course, if you wanna plan for worst case scenario, you can always work till you die. Cheers.
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Hellooo, where have you been? Our Gahmen have been telling us to work as long as we can. This is because they are seeing more and more people outliving their savings. Your minimum sum is not going to give you a dignified standard of living, not even 3 square meals a day. It is dangerous to stick your head in the sand. Why no beggars in Singapore you asked. This is because they are all rounded by the Gahmen and sent to homes for the destitue. Dont you know that begging in Singapore is a crime?
Preparing for your future and retirement is a serious matter especially in high cost Singapore. I have neighbours who have downgraded from landed properties to
HDB to cash out (~ $1M) some years ago only to realise now that their S$1M cash is not going to last very long. They keep cutting back their already simple lifestyle, and now they constantly worry about falling sick and the medical bills.
Ignore all this at your own peril