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  #744 (permalink)  
Old 15-08-2014, 04:27 PM
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Thanks for the advise. For retirement as base on your scenario, $1.5 million and this shouldn't include property that we live in by then, it is really scary how stressful it is living in Singapore. I am definitely very far from this goal and I don't think i can achieve this by simply working till retirement. Hence I hope by achieving more passion income and by investing on property, I can be nearer to the impossible goal.

For education, I would think local university will be our only option. We do not have high income and can't afford to send our kids oversea for studies.

To everyone, assuming you are in my position, what would you have do? All advise and comment are appreciated.

Many thanks
Clueless and worried daddy

Originally Posted by lazyplane View Post
What is the order of priority for your plans : ie

To start you off, think about the following :
1. Based on your age profile, conceptually both you and your spouse have around 25 years of working life to go.
How much do you need when you retire and how long ? A general recommendation is plan to live on your own means without charity up to 90. ie 25 years post 65 yrsold.

Assume you need $5000 pm as a couple and without need to support anything else and ignoring all the other stuff like time value of money, inflation and simple mathematics = 5 k * 12 mths * 25 yrs = S$1.5 million.

And with that you have a off hand calculation of a retirement goal

2. Also you mentioned you have kids , so around 12~15 years time, when they start their university studies , you may have some financial commitments there to think about.

Do you think your kids will study overseas or Singapore ?
Will any of them be doing post grad or those super expensive course like doctors , lawyers and architecture ?

If Singapore and not the so expensive course, i will assume 75k to 100k max for a 3 year duration of study.
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