How much are you earning per annum?

Originally Posted by Unregistered

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.

250k can retire at 55? lmao

Originally Posted by Unregistered

250k can retire at 55? lmao

$250k is just to cover his early retirement before 65.
He also needs CPF Life (maybe $300k+ at 55) and a paid up HDB flat ($500k?)
So his net worth must be at least $1 million before retirement.

one say 250k can retire, one say 200k still poor and not enough

who to believe?

Meh. You need to be healthy. Once sick all your savings gone.

Originally Posted by Unregistered

one say 250k can retire, one say 200k still poor and not enough

who to believe?

The guy who earns $200k pm cannot retire because he doesn’t have much and spends $300k pa. No savings, debt all over.

The guy who can retire with $250k savings can retire because he just spend $18k pa, no debt and lots in CPF Life.

Originally Posted by Unregistered

The guy who earns $200k pm cannot retire because he doesn’t have much and spends $300k pa. No savings, debt all over.

The guy who can retire with $250k savings can retire because he just spend $18k pa, no debt and lots in CPF Life.

agreed

the 250k saving guy also probably eat $1 cai peng everyday, never go out, stay at home nua all day, maybe watch hentai using cheap wifi, probably no friends also so never go out eat, no need wash clothes since dont go out so save alot of $$ everywhere, detergent, clothes, outside food, etc

I’m the original poster with 200k annual

I save/invest about 60-70k per year, which is not great

After all I pay:
Mortgage: 4k+ (I am sole owner)
Parent allowance: 1.5k
Amortized plus cpf: slightly less than 3k
Dining and other expenses around 3k

It’s all about boosting income

Originally Posted by Unregistered

agreed

the 250k saving guy also probably eat $1 cai peng everyday, never go out, stay at home nua all day, maybe watch hentai using cheap wifi, probably no friends also so never go out eat, no need wash clothes since dont go out so save alot of $$ everywhere, detergent, clothes, outside food, etc

This kind of life might as well die sua

Originally Posted by Unregistered

one say 250k can retire, one say 200k still poor and not enough

who to believe?

Both are real

Question is what kind of quality of life do you want?

post on this lj forum and talk to u brainless monkeys, i rather die sua