Originally Posted by Unregistered (Post 42244)

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 (Post 42251)

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 (Post 42405)

This post is a good reminder to review one's preparedness for retirement and the lifestyle you intend to or can live in retirement.

I think many people leave it too late to start planning, while others are unable to save because of low income.

A study by SMU-OCBC revealed as much:smu-ocbc-study-singaporeans-are-ill-prepared-for-retirement

Though the study was done in 2005, I am not sure how many people took heed. The bottom line is you are responsible for your own retirement, pensions are a thing of the past.

This associated article is part of the above study: http://www.ocbc.com.sg/assets/PDF/ho...omfortably.pdf

Originally Posted by Unregistered (Post 42409)

Husband and wife, both 40. Combined income $165k pa. Expenditure $125k pa. Savings $40k pa. Excluding the condo we are living in (we love our beautiful condo), our combined net worth is now $1.3m. We plan to work till 75 and expect to die at 85. We should have enough to retire on when we reach 75 as old people don't eat much and don't spend much. We are well insured to cover medical expenses. We look forward to retiring at 75.

Originally Posted by Unregistered (Post 42409)

Husband and wife, both 40. Combined income $165k pa. Expenditure $125k pa. Savings $40k pa. Excluding the condo we are living in (we love our beautiful condo), our combined net worth is now $1.3m. We plan to work till 75 and expect to die at 85. We should have enough to retire on when we reach 75 as old people don't eat much and don't spend much. We are well insured to cover medical expenses. We look forward to retiring at 75.

Originally Posted by Unregistered (Post 42413)

i was exempted from ns due to medical. i earn a meagre 3.4k. single 34 year old. living alone. renting house. i was away from social life for 12 years due to reasons that i cannot share.

i will earn as much i can till i turn 40-45. after that i want to leave singapore forever. no hope for me left here.

i dont have any friends and i can only ask questions here. which place is better to go? i have not travelled except been to batam for 1 day and bangkok for 3 days in my life so far.

i dont know my right as singaporean. can i stay on long term in other country ? which is better city to live.