Advice needed from everyone (Lonely single & Retirement)

Originally Posted by Unregistered

Hi TS,

When i retire, my plan will be to survive on $20 a day.

I will bet $5 on each chinese chess game or dum game at the void deck against another retiree.

Continue until all is lost or win $10 additional.

If I win, I will drink beer for the day. If i lose, it shall be plain water.

Hope you get inspirations from my retirement plan

Where will you get $20 from?

My current bank balance is $18,000 and I am a 42 year old single male. If I do not work and use all the money I have in my bank account, then on a $20 per day basis, this money will last: 900 days or about 2.5 years.

[gate88]

Originally Posted by Unregistered

Hi TS,

When i retire, my plan will be to survive on $20 a day.

I will bet $5 on each chinese chess game or dum game at the void deck against another retiree.

Continue until all is lost or win $10 additional.

If I win, I will drink beer for the day. If i lose, it shall be plain water.

Hope you get inspirations from my retirement plan

This is a very bad retirement plan. How do you ensure that you only spend $20 per day? Have you consider the case whereby you need to see doctor? also other unexpected contribution? like your hobby, food and transport?

Can you really tahan plain water for all your meals? also bills and etc.?

Hope you have consider all these factors into your retirement plan, if not it will be dangerous for you

[gate88]

Originally Posted by Unregistered

Where will you get $20 from?

My current bank balance is $18,000 and I am a 42 year old single male. If I do not work and use all the money I have in my bank account, then on a $20 per day basis, this money will last: 900 days or about 2.5 years.

That is certainly not enough for retirement.

You have to plan very carefully, including your lifestyle expectation, hospitalization bill (very common for senior citizen) and etc.

Also after you have plan, set a 15% buffer. This is to safeguard yourself in any case the plan of yours doesn't go accordingly.

Of course the more the buffer the better.

One more thing to note, having 18k isn't really enough, far from enough from retirement.

If not you will have to generate passive income. For example, renting out your room. If you stay in 3 room flat, rent out one of your room for 400 to 500.

Secondly, work for another 10 more years, make sure your cpf is enough for the min sum, so that can slowly redraw after you retire. Also increase your savings from 18k to at least 100K.

thirdly, not sure whether you have any outstanding loans, but make sure you settle all the loans before you retire.

Fourthly, start generating more income by putting it in higher interest rate bank like OCBC 360. since you will need to pay bills and your salary definitely more than $2000 after cpf deduction. So why not earn that extra 1.7% every year

Fifth, set aside some of your money for fixed deposit, this is to train yourself not to touch that amount as it will serve as your retirement fund.

So give yourself 10 more years, if not rot at home also quite sian de

[FineStone324]

Hi everyone, thanks very much for all of your replies. Just to clarify, I'm currently 32 years old. I plan to work probably until 55 years old, of which I'll then retire.

I appreciate all the replies that were given, from the ones who suggested some retirement activities to the ones who were reprimanding me on my decision.

Also, just to give further context, I suspect that I'm having a mid-life crisis now and I really hate it. This is what I honestly feel now:
- Job satisfaction: I've worked for ~7 years, and have 23 more years to go (if I retire at 55 yrs old). I don't totally hate my job, but it's just that I also do not derive much satisfaction out of it. The job, to me, is just a means to generate income.
- Relationship: This, I believe, is the biggest factor that is causing my mid-life crisis here. I'm still single, and have reached the stage where I feel that I'm destined not to find my other half in my life. This is really depressing when I see many of my peers getting married, having children, etc. I feel emotionally void. I don't feel like I'm working towards something. I want to build a family, but will never feel like I ever will have one. From where I see, it's highly unlikely that I'll find a gf in my workplace. I could join social events etc too, but still, it's like almost impossible to get a gf out of these events. I know I shouldn't join these activities for the sake of finding a future wife, but I really wish that I could build a family.
- Retirement: This is where it all comes down to. If I spend the next 23 years working, I could probably lead a rather comfortable lifestyle. Playing computer games could fulfill some of my social/emotional needs, although I know that it will never be the real deal. I can't think of many other meaningful retirement plans, as I would imagine myself to be too tired to join those social events when I'm old.

As you can see from the above, my life feels bleak. If it can be painted into a picture, you can imagine it to be a bare forest with wilting flowers, with the condition of the forest worsening every single day.

I believe that my current situation is not totally unique to myself. I thus would really hope to gain some inspiration from others on how I could breakthrough this situation of mine..

[temp111]

Bro whats ur current salary?

[FineStone324]

Originally Posted by temp111

Bro whats ur current salary?

My salary is about $60k all in (including aws and bonus). I don't foresee my salary going up significantly moving forward. Maybe just modest increases to cover Inflation % + Small %.

Hi

Greeting to you. You may want to see this and understand the meaning of your life. May you be guided to the right path.

: // /7d16CpWp-ok

Originally Posted by FineStone324

Hi everyone, thanks very much for all of your replies. Just to clarify, I'm currently 32 years old. I plan to work probably until 55 years old, of which I'll then retire.

I appreciate all the replies that were given, from the ones who suggested some retirement activities to the ones who were reprimanding me on my decision.

Also, just to give further context, I suspect that I'm having a mid-life crisis now and I really hate it. This is what I honestly feel now:
- Job satisfaction: I've worked for ~7 years, and have 23 more years to go (if I retire at 55 yrs old). I don't totally hate my job, but it's just that I also do not derive much satisfaction out of it. The job, to me, is just a means to generate income.
- Relationship: This, I believe, is the biggest factor that is causing my mid-life crisis here. I'm still single, and have reached the stage where I feel that I'm destined not to find my other half in my life. This is really depressing when I see many of my peers getting married, having children, etc. I feel emotionally void. I don't feel like I'm working towards something. I want to build a family, but will never feel like I ever will have one. From where I see, it's highly unlikely that I'll find a gf in my workplace. I could join social events etc too, but still, it's like almost impossible to get a gf out of these events. I know I shouldn't join these activities for the sake of finding a future wife, but I really wish that I could build a family.
- Retirement: This is where it all comes down to. If I spend the next 23 years working, I could probably lead a rather comfortable lifestyle. Playing computer games could fulfill some of my social/emotional needs, although I know that it will never be the real deal. I can't think of many other meaningful retirement plans, as I would imagine myself to be too tired to join those social events when I'm old.

As you can see from the above, my life feels bleak. If it can be painted into a picture, you can imagine it to be a bare forest with wilting flowers, with the condition of the forest worsening every single day.

I believe that my current situation is not totally unique to myself. I thus would really hope to gain some inspiration from others on how I could breakthrough this situation of mine..

h t t p : / / y o u t u.b e/7d16CpWp-ok

Originally Posted by Unregistered

Hi

Greeting to you. You may want to see this and understand the meaning of your life. May you be guided to the right path.

: // /7d16CpWp-ok

Only you yourself can find whats the meaning to your life. Think hard, read books, watch videos, attend talks, participate in activities, etc etc, and perhaps one of the event will suddenly enlighten you what you feel towards life. Some people just live day by day, while others may need a goal to strive for. No matter what, only you can determine how you want to live.

Originally Posted by Unregistered

Only you yourself can find whats the meaning to your life. Think hard, read books, watch videos, attend talks, participate in activities, etc etc, and perhaps one of the event will suddenly enlighten you what you feel towards life. Some people just live day by day, while others may need a goal to strive for. No matter what, only you can determine how you want to live.

Meaning of life is to use your right hand wisely.