Just because you don't earn much and cannot make $6m even if you work until you die, doesn't mean that 99% Singaporeans are like you.
The below data shows how much people earn in 2014. There are 224,042 people earning $41k - $50k pa, and about 500,000 people earning below that. But I have a feeling many in this group are young workers just starting out.
Assessable Income. / No. Of People
(Gross income less deductibles)
$1m and above / 4,557
$500k to $1m / 14,757
$400k to $500k / 11,479
$300k to $400k / 24,268
$200k to $300k / 59,346
$150k to $200k / 70,315
$100k to $150k / 158,244
$80k to $100k / 120,538
$70k to $80k / 86,370
$60k to $70k / 115,089
$50k to $60k / 162,440
$40k to $50k / 224,042
$30k to $40k / 288,519
$25k to $30k / 136,256
$20k to $25k / 71,842
Below $20k - no tax.
Quote:
Originally Posted by Unregistered
How much do you need for retirement assuming you have paid up your HDB flat, has no debt and has no dependents?
For a retired couple, will need
Food, groceries, utilities, etc $800 pm
Public transport $100 pm
Medical and insurance $600 pm
Entertainment and holidays $200 pm
Misc $300 pm
Total $2000 pm
So if can generate $2000 pm in passive income, can retire.
How to get $2000 pm? CPF Life $1800 x 2 = $3600 pm
Savings $1600 pm (to take care of future inflation)
Do you need so much money to retire? No. You just need to have a paid up HDB flat and CPF Life. When you retire, you don't need a car, you don't need a maid and you don't eat at restaurants every day.
You definitely don't need $6m to retire. That's an extremely stupid idea. 99% of Singaporeans if they work until they die will still not be able to have $6m. LOL. |