It is good that you recognised that in Singapore, ordinary people like us cannot afford to retire before 65.
We are not alone (not just counting the majority of Singaporeans) as people in developed countries like US, UK and Australia are also realising that retiring early (before 60) is just a dream.
In Australia, families with household incomes of A$100k pa are struggling to survive, while in UK, many are not ready to retire for fear that they dont have enough savings. Read this :
Record numbers of Britons have no plans to retire - Telegraph
As S'pore prosper, things will become more expensive. If the bulk of your wealth is in your property, then be prepared to work till your 70s. The old thinking of selling off your current
HDB to downgrade to a smaller flat may not yield sufficient funds for your retirement. Many older S'poreans are finding this out the hard way.
S'pore is a good place to earn money but not for retirement. To live and survive here, you must be prepared to work as long as you can.
Quote:
Originally Posted by Unregistered
50, 53 years old couple with 2 kids.
$80k household earnings. No car.
Staying in 5 room HDB flat, paid up 5 years ago.
Now flat valued at $900k. We bought at $150k many years ago.
Total net worth including flat is $1.5m.
We will sell our flat and buy a small HDB studio flat when we retire at 65.
We are glad that our flat's value has gone up as it will allow us to retire comfortably.
Our home ownership program is very successful. I thank our government very much. |