How do people survive retirement with just $500k? Answer is they can't.
If they live very very simply, say spending $4k a month for a couple, then in 1 year they would spend $48k. In 10 years, they would spend $480k.
Assuming they stopped work at 60, by 70 they would have to start looking for work again.
That's why the gahmen is asking people to
1. Work as long as they can
2. Downgrade to 1/2 bedroom flats
3. Leaseback their flats
4. Rent out their spare rooms
Quote:
Originally Posted by Unregistered
Don't be stupid. If you want to wait until you have $5m to retire, you will probably be working until you die. And all your wealth will then go to your wife and children, who will squander it away as it is not their hard earned money.
Many people in Singapore will retire when they reach 65. Most don't even have $500k savings. How they survive? Many rent out the two empty rooms in their HDB flat and their children give them some allowance. They have some CPF savings and they live a simple life. |