Quote:
Originally Posted by Unregistered
We are both going to be 55 soon. Thinking of retiring. How much cash do we need to retire? We don’t have any debt. How much do we need every month assuming a humble lifestyle? Mostly cook own meals. Any advice?
|
For a retired couple's monthly expenses
Breakfast = $2 x 2 x 30 = $120
Lunch = $4 x 2 x 30 = $240
Dinner = $4 x 2 x 30 = $240
Groceries = $300
Utilities bills including mobile phone = $200
Public transport = $100
Medical expenses (non emergency) = $100
Medical insurance = $900
Overseas holidays (pro-rated) = $500
Other expenses = $300
Total = $3000 per month for 2 persons
Total = $1500 per month for 1 person
For one year = $36,000. For 10 years = $360,000 for 2 persons
One person needs $180,000
So each of you needs to have cash of at least $200,000 to retire at 55 years old. This will last for 10 years. This assumes you have your
CPF Life when you reach 65