How much are you earning per annum?

boy boy, finance is too hard for your tiny brain to understand already. go back and study your cpa before talk rubbish here.

you must be denial now because panic and not enough savings.

Originally Posted by Unregistered

Simple means nothing, accuracy counts. Simplicity is not some blanket excuse to give poor advice and wrong information just because it is easier for others to understand.

First, there is no address of how the 3.5% inflation came about. Secondly, just a blanket assertion that most Singaporeans are financial illiterate and therefore do not know how to generate returns is hardly a decent rationale to assume no investment returns.

The fact that the figures are wrong and don't make sense doesn't mean it should be accepted because it happens to "send a signal to save and invest". This line of logic is no different than me lying to you that there is gold buried under your backyard and urging you to go out and dig now and then telling you later that at least it sent a signal to you to go out and get some proper exercise under the sun.

I also don't share your view that most Singaporeans are so illiterate that they totally don't know what to do with their money which you seem to be alluding to all the time. Most are definitely no investment guru, but neither are they idiots.

Is there a need for Singaporeans in general to better plan for retirement? Yes.

Is resorting to exaggeration and fear mongering through misapplication of financial models the proper way to encourage people to think more about their finances? No, it is dishonest and in some cases illegal.

Originally Posted by Unregistered

$2.5mil is barely enough to live decently in sg, to continue a good quality middle class life after retirement you will need $8-10mil before 60 years old.

CRAZY. like that 99% of Singaporeans cannot retire. To retire is simply, when you reach 65, you can rent out your HDB flat rooms to FTs for $800 per room. If you have two rooms to rent out, you will get $1600. Then with your retirement account payout, you can get maybe $1000 per month. Your kids will give you $500 for you and wife. So in total, you get $3100. Enough for food and utilities till you die. So we need FTs to work here to help us retire.

A simple calculation means just that. It is a quick calculation that allows rough assessment, in this instance, what amount one needs to live how many years and on how much per month. For this forum, this kind of calculation is more than enough to bring across the message for sharing & discussion.

A more detailed assessment is the next follow up one will have to do. At this level, only the individual knows best his own detailed worth & holdings. How each investment portfolio is yielding what kind of returns as well as his die die must have expenses. You may be happy that some of your investment are yielding good returns but when taken in total, you may be getting no more than the annual inflation rate.

I am ok to take your arguement, but it's your propensity to put words in my post that I must put straight. No where did I say people are idiots. Ignorance does not mean idiocy. Further more my post showed the Maths results, and it is not dishonest.

You don't confront your fear of not having enough savings by shooting the messenger. You take stock.

Originally Posted by Unregistered

Simple means nothing, accuracy counts. Simplicity is not some blanket excuse to give poor advice and wrong information just because it is easier for others to understand.

First, there is no address of how the 3.5% inflation came about. Secondly, just a blanket assertion that most Singaporeans are financial illiterate and therefore do not know how to generate returns is hardly a decent rationale to assume no investment returns.

The fact that the figures are wrong and don't make sense doesn't mean it should be accepted because it happens to "send a signal to save and invest". This line of logic is no different than me lying to you that there is gold buried under your backyard and urging you to go out and dig now and then telling you later that at least it sent a signal to you to go out and get some proper exercise under the sun.

I also don't share your view that most Singaporeans are so illiterate that they totally don't know what to do with their money which you seem to be alluding to all the time. Most are definitely no investment guru, but neither are they idiots.

Is there a need for Singaporeans in general to better plan for retirement? Yes.

Is resorting to exaggeration and fear mongering through misapplication of financial models the proper way to encourage people to think more about their finances? No, it is dishonest and in some cases illegal.

This is a constructive response. People are creative when it comes to survival and making money.

Originally Posted by Unregistered

CRAZY. like that 99% of Singaporeans cannot retire. To retire is simply, when you reach 65, you can rent out your HDB flat rooms to FTs for $800 per room. If you have two rooms to rent out, you will get $1600. Then with your retirement account payout, you can get maybe $1000 per month. Your kids will give you $500 for you and wife. So in total, you get $3100. Enough for food and utilities till you die. So we need FTs to work here to help us retire.

Originally Posted by Unregistered

OMG, you dudes are thicker than I thought.

The figures are not rubbish, just pure and simple Maths.

The money you need is up to the kind of lifestyle you aspire to lead in your retirement. The case used was for the couple who were spending $5k pm.

If you aspire to a $3k pm kind of lifestyle, then use the $3k figure to compute. $3k pm = $36k pa. If they retire at 60 and live to 85, that's a good 25 yrs. With a miraculous zero inflation over 25 yrs, the amount needed is $900k.

You can factor in any inflation rate to see how much the amount needs to grow. No need to argue. It is your retirement, not mine.

Yah yah yah, and all the "financial consultants" are always trying to psycho you that 5k/mth is the norm and you would need to take up some 5k/annum premium before you can achieve your retirement plan of spending 5k/mth.

Haha, your below response reminded me of my students when I was teaching in a neighbourhood school.

I was urging them to buck up and study hard for their O levels, telling them that there was nothing to stop them, but themselves to get good grades. And they went "yah, yah, yah"

Do you happen to be from that school?

Originally Posted by Unregistered

Yah yah yah, and all the "financial consultants" are always trying to psycho you that 5k/mth is the norm and you would need to take up some 5k/annum premium before you can achieve your retirement plan of spending 5k/mth.

My husband and I came across this forum and found it very interesting. We were surprised that there are so many high earners and millionaires in this forum. We both are far from these forumers. We are both in our early 50s and our annual pay is only $60k for my husband and $50k for me. We consider ourselves not poor nor rich, maybe in the middle income group. We live in a 4 room HDB, which we finished paying since we bought it at a very low price many, many years ago and now it is worth $400k. Our net worth including our flat is only $600k. I wonder how come there are so many rich, high earners in Singapore whereas we are not earning that much. Anyway, our family is happy and we enjoy simple things in life like going to the movies together once a month and going on short holidays in December. Are there anyone who is like us?

Whenever I need a laugh I just visit this thread

Originally Posted by Unregistered

Haha, your below response reminded me of my students when I was teaching in a neighbourhood school.

I was urging them to buck up and study hard for their O levels, telling them that there was nothing to stop them, but themselves to get good grades. And they went "yah, yah, yah"

Do you happen to be from that school?

Originally Posted by Unregistered

My husband and I came across this forum and found it very interesting. We were surprised that there are so many high earners and millionaires in this forum. We both are far from these forumers. We are both in our early 50s and our annual pay is only $60k for my husband and $50k for me. We consider ourselves not poor nor rich, maybe in the middle income group. We live in a 4 room HDB, which we finished paying since we bought it at a very low price many, many years ago and now it is worth $400k. Our net worth including our flat is only $600k. I wonder how come there are so many rich, high earners in Singapore whereas we are not earning that much. Anyway, our family is happy and we enjoy simple things in life like going to the movies together once a month and going on short holidays in December. Are there anyone who is like us?

I'm like you, don't fret. No point trying to keep up with the Joneses.

As you said, you are happy and enjoy the simple things in life. Debt free too. So celebrate!

Originally Posted by Unregistered

Haha, your below response reminded me of my students when I was teaching in a neighbourhood school.

I was urging them to buck up and study hard for their O levels, telling them that there was nothing to stop them, but themselves to get good grades. And they went "yah, yah, yah"

Do you happen to be from that school?

yah yah yah! I think you might be that teacher who had been asking us to study hard and go jc, uni and get degree.

So how much are you earning now?