Originally Posted by Unregistered (Post 87801)

Many people here talks about retirement. How much do you really need for retirement? It all depends on your retirement lifestyle. So, what's the typical average Singaporean retired couple's profile and how much do they need? Let's explore.

A typical, average heartlander retired Singaporean couple would be staying in a 4 room HDB flat which they bought cheap, direct from HDB many years ago and would be paid off fully by the time they retire (no more mortgage). They would most likely not own a car (a car is a luxury and not a necessity, especially for a retired couple) and do not employ a maid. They would do their own housework, which is not much for just two persons. They also cook their own meals or buy food from hawker centres.

How much are their expenses (TWO PERSONS ONLY)?

Groceries, hawker food, utilities - $1000 pm
Public transport (discount with PG card) - $100 pm
Medical - $200 pm
Medical insurance premium - $400 pm
Entertainment - $100 pm
Holiday travel (pro rated) - $200 pm
Total - $2000 pm

So, if they can earn a passive income of $2500 pm or $30,000 pa, they can retire before 65. If they don't have this passive income, they will have to retire at 65.

At 65, if they choose the Enhanced CPF Life, they will get $3,600 pm or $43,200 pa.

Originally Posted by Unregistered (Post 87814)

You really missed the point dude. Posters here are aiming for a higher standard of living in retirement.

Cannot imagine that after working hard for 30 - 35 years, you would want to cut back everything and live like a hermit upon retirement? Retirement is a time to take back your life and live! Do the things you want to do, travel to places and experience other cultures and pamper yourself.

When planning for retirement, always plan for more. For eg., if you think you would only require $84k pa ($7k pm) in retirement, aim for $100k pa ($8.5k pm).

In this way, you will build up a comfortable buffer. This will also prevent you from making a mistake in retiring prematurely.

Plan the retirement savings to last 30 years (or up to 90 yo).

It is better to continue working now as long as you can, than having to re-enter the job market at 60 when you find that your money runs out!

So in summary, aim high in retirement planning, give yourself buffer. Aim low and you risk falling short and without buffer.

Originally Posted by Unregistered (Post 87820)

Continue working as long as you can? Nope. You should aim to earn high income fast and quit early and retire comfortably. Definitely not working as long as you can. You got the "take back your life and live" part right though. Just don't wait till 55 to 65 to take back your life. Aim to take it back before 55.

Originally Posted by Unregistered (Post 87826)

High flyers retire early by age 50. They earn a lot and make enough passive income to retire well. Those ordinary workers have to work in their 50s and 60s.

Originally Posted by Unregistered (Post 87849)

This behaviour doesnt match those high flyers that we know. They are still very much in their jobs in their late 50s and even late 60s holding senior positions.

Originally Posted by Unregistered (Post 87864)

I laugh every time I read these foolish comments. What's wrong with working until 60 or even 65? The wise are happy to contribute back to society and nurture the younger generation. Some people like me enjoy every day at work.

I think these comments about retiring early at 40 or 50 are coming from middle-class folks stuck with average income in jobs they hate, and they spend their time online dreaming about retiring early cos they can't in real life.

To them, retiring is their end-goal. How sad and myopic. A life where they study, work and retire is without meaning. Perhaps they will come here to post about their "fantastic" retirement life eating at hawker centres and living in Johor while earning rent from their HDB?

Originally Posted by Unregistered (Post 87872)

Stop being arrogant. Your comments show you cannot appreciate others' perspectives and points of view. Why must everyone agree with you? You are very bossy and arrogant. Has anyone ever told you in real life that you are very arrogant? Btw, there's nothing wrong about living in Johor. Many Singaporean families are already doing so. They live in Johor and commute to Singapore everyday. Please don't look down on them. Stop being arrogant.

Originally Posted by Unregistered (Post 87877)

You know who is really looking down on people? The guy who always said that he was a high flyer, earned a lot, but cannot handle the stress and retired early. He sneered at ordinary people who cannot afford to retire and have to work even in their 60s.

Now that's an arrogant fool and one day at 60 or 65, he will back looking for a job.