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How much are you earning per annum?

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  #13581 (permalink)  
Old 06-02-2023, 11:21 PM
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Originally Posted by Unregistered View Post
Ppl got expectations in life lah

Think they like you stay hdb, take mrt and eat cai png meh?
Simi lj expectations?? 200k annual still poor meh? Siao


Stay at hdb take mrt eat cai png sorry ah got what link?? U judge peoples net worth and lifestyle based on how they type izzit?

Damn that's fking cringe tbh. You must be a god tier dumbass. Cope harder kid.

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  #13582 (permalink)  
Old 06-02-2023, 11:27 PM
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Quote:
Originally Posted by Unregistered View Post
Simi lj expectations?? 200k annual still poor meh? Siao


Stay at hdb take mrt eat cai png sorry ah got what link?? U judge peoples net worth and lifestyle based on how they type izzit?

Damn that's fking cringe tbh. You must be a god tier dumbass. Cope harder kid.
Wah you bloody bitter bro, is it you jealous his income
Relax lah he want to spend his money his problem what

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  #13583 (permalink)  
Old 06-02-2023, 11:42 PM
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Wah you bloody bitter bro, is it you jealous his income
Relax lah he want to spend his money his problem what
Earn 4K enough already lah so stressed for what



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  #13584 (permalink)  
Old 07-02-2023, 12:22 PM
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How much does a retiree need? It depends on the retirement lifestyle. If he eats at restaurants everyday, drive a sports car and live in a penthouse, expensive overseas holidays every year, then he would need a lot of money.

However if he leads a simple retirement lifestyle, live in a fully paid HDB flat, no car, no expensive restaurant meals everyday, then he doesn’t need a lot.

Food (hawker centre/ food court/ coffee shop) = 3 x 6 x 30 = $540 pm
Groceries = $300 pm
Utilities = $100 pm
Bus/ MRT = $60 pm
Medical insurance = $300 pm
Miscellaneous = $200 pm
Total $1500 pm or $18k pa

Can generate passive income from spare room rental (2 x 1000) = $2000 pm

If you want privacy, no need to rent out, you can sell your flat and buy a small flat

If you have $250k cash you can retire at 55. Spend $180k over 10 years. Emergency fund $70k. When you reach 65, you will get CPF Life.

So in summary you can retire at 55 if you have

CPF Life
Fully paid flat
$250k cash

Remember: Most of us will die by 85 years old. We may be sickly at 75 (10 years). So our best retirement age is from 55 to 75 (20 years). If you retire at 70, you only have 5 years of healthy retirement.
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  #13585 (permalink)  
Old 07-02-2023, 12:59 PM
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In Singapore it's quite easy to calculate. You take average annual salary, let's say 65k average, multiply that by the amount of years you have left.

So if you have 2 million cash, divide by 65k annual, it will last you 30 years of a simple life.

Also take into account food cost and inflation. You 100% cannot survive just eating hawker food, let alone they are unhealthy and lacking in nutrients.

Utilities $100 PM is also unrealistic. Electricity cost is higher now and might increase in the future also when we get more tech advancement, you will 100% use more electricity for your tech gadgets unless you want tell me you wanna be frog in well and use 0 tech.

This is why people should always strive for the highest possible income and savings or have side gigs that are inline with inflation.

You don't know how much your $5m SGD will be worth 20 years down the road. The guy saying 200k annual is poor af, I agree with him, 200k annual is nothing. My parents make 500k annual and still can't retire.

As you earn more money you spend more to balance out the stress, etc. No one in the world earns 200-500k annual and goes back to his/her 1 room HDB and spend nothing lol that's nonsense.
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  #13586 (permalink)  
Old 07-02-2023, 01:38 PM
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200k annual still poor

crazy
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  #13587 (permalink)  
Old 07-02-2023, 03:25 PM
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Thank you for sharing this detailed analysis. I find them useful. My spouse and I are thinking of retiring in our late 50s (maybe 58 years old) after collecting our CPF (after setting aside funds for the CPF Life Enhanced Retirement Sum which will give us $5000 pm at 65, in total). What we need is the funds to sustain our retirement from age 58 to 65 (7 years). We did our calculations and we will need about $3500 pm ($42k pa) for both persons.

We plan to mostly eat our nutritious home cooked food (my spouse is a great cook) and I will sell my car as we no longer need to rush to work in the morning. Luckily our condo mortgage is cleared and we are debt free. So we need $294k cash for the seven years. Our CPF funds which we can use plus cash savings are about $400k in total. So we plan to gradually use this for our retirement from age 58 to 65.

You are right. We don't need millions in the bank to retire. We also have a condo which we can sell if we need to but i don't think we need to do that based on our plan. We are looking forward to retire at 58. Not early retirement but good enough.


Quote:
Originally Posted by Unregistered View Post
How much does a retiree need? It depends on the retirement lifestyle. If he eats at restaurants everyday, drive a sports car and live in a penthouse, expensive overseas holidays every year, then he would need a lot of money.

However if he leads a simple retirement lifestyle, live in a fully paid HDB flat, no car, no expensive restaurant meals everyday, then he doesn’t need a lot.

Food (hawker centre/ food court/ coffee shop) = 3 x 6 x 30 = $540 pm
Groceries = $300 pm
Utilities = $100 pm
Bus/ MRT = $60 pm
Medical insurance = $300 pm
Miscellaneous = $200 pm
Total $1500 pm or $18k pa

Can generate passive income from spare room rental (2 x 1000) = $2000 pm

If you want privacy, no need to rent out, you can sell your flat and buy a small flat

If you have $250k cash you can retire at 55. Spend $180k over 10 years. Emergency fund $70k. When you reach 65, you will get CPF Life.

So in summary you can retire at 55 if you have

CPF Life
Fully paid flat
$250k cash

Remember: Most of us will die by 85 years old. We may be sickly at 75 (10 years). So our best retirement age is from 55 to 75 (20 years). If you retire at 70, you only have 5 years of healthy retirement.
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  #13588 (permalink)  
Old 07-02-2023, 03:43 PM
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This post is very helpful and good. Thank you sir for sharing and you are right.

Quote:
Originally Posted by Unregistered View Post
How much does a retiree need? It depends on the retirement lifestyle. If he eats at restaurants everyday, drive a sports car and live in a penthouse, expensive overseas holidays every year, then he would need a lot of money.

However if he leads a simple retirement lifestyle, live in a fully paid HDB flat, no car, no expensive restaurant meals everyday, then he doesn’t need a lot.

Food (hawker centre/ food court/ coffee shop) = 3 x 6 x 30 = $540 pm
Groceries = $300 pm
Utilities = $100 pm
Bus/ MRT = $60 pm
Medical insurance = $300 pm
Miscellaneous = $200 pm
Total $1500 pm or $18k pa

Can generate passive income from spare room rental (2 x 1000) = $2000 pm

If you want privacy, no need to rent out, you can sell your flat and buy a small flat

If you have $250k cash you can retire at 55. Spend $180k over 10 years. Emergency fund $70k. When you reach 65, you will get CPF Life.

So in summary you can retire at 55 if you have

CPF Life
Fully paid flat
$250k cash

Remember: Most of us will die by 85 years old. We may be sickly at 75 (10 years). So our best retirement age is from 55 to 75 (20 years). If you retire at 70, you only have 5 years of healthy retirement.
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  #13589 (permalink)  
Old 07-02-2023, 05:31 PM
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Thank you for sharing. Very insightful and good points.



Quote:
Originally Posted by Unregistered View Post
How much does a retiree need? It depends on the retirement lifestyle. If he eats at restaurants everyday, drive a sports car and live in a penthouse, expensive overseas holidays every year, then he would need a lot of money.

However if he leads a simple retirement lifestyle, live in a fully paid HDB flat, no car, no expensive restaurant meals everyday, then he doesn’t need a lot.

Food (hawker centre/ food court/ coffee shop) = 3 x 6 x 30 = $540 pm
Groceries = $300 pm
Utilities = $100 pm
Bus/ MRT = $60 pm
Medical insurance = $300 pm
Miscellaneous = $200 pm
Total $1500 pm or $18k pa

Can generate passive income from spare room rental (2 x 1000) = $2000 pm

If you want privacy, no need to rent out, you can sell your flat and buy a small flat

If you have $250k cash you can retire at 55. Spend $180k over 10 years. Emergency fund $70k. When you reach 65, you will get CPF Life.

So in summary you can retire at 55 if you have

CPF Life
Fully paid flat
$250k cash

Remember: Most of us will die by 85 years old. We may be sickly at 75 (10 years). So our best retirement age is from 55 to 75 (20 years). If you retire at 70, you only have 5 years of healthy retirement.
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  #13590 (permalink)  
Old 07-02-2023, 11:56 PM
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Posts: n/a
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Quote:
Originally Posted by Unregistered View Post
How much does a retiree need? It depends on the retirement lifestyle. If he eats at restaurants everyday, drive a sports car and live in a penthouse, expensive overseas holidays every year, then he would need a lot of money.

However if he leads a simple retirement lifestyle, live in a fully paid HDB flat, no car, no expensive restaurant meals everyday, then he doesn’t need a lot.

Food (hawker centre/ food court/ coffee shop) = 3 x 6 x 30 = $540 pm
Groceries = $300 pm
Utilities = $100 pm
Bus/ MRT = $60 pm
Medical insurance = $300 pm
Miscellaneous = $200 pm
Total $1500 pm or $18k pa

Can generate passive income from spare room rental (2 x 1000) = $2000 pm

If you want privacy, no need to rent out, you can sell your flat and buy a small flat

If you have $250k cash you can retire at 55. Spend $180k over 10 years. Emergency fund $70k. When you reach 65, you will get CPF Life.

So in summary you can retire at 55 if you have

CPF Life
Fully paid flat
$250k cash

Remember: Most of us will die by 85 years old. We may be sickly at 75 (10 years). So our best retirement age is from 55 to 75 (20 years). If you retire at 70, you only have 5 years of healthy retirement.
This kind life might as well just die early
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