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How much are you earning per annum?

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  #3121 (permalink)  
Old 08-11-2013, 06:57 AM
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I know of someone who died at the age of 58. Too bad he didn't manage to enjoy his retirement. His wealth goes to his wife and kids. Sad life.
Why is that sad? I am sure his family is very grateful to him and loved him.

We all don't know when we will die, but I would rather my family does not have to suffer financially when I am gone. And if I am able to live to old age, at least I know I will be able live very comfortably, and not have to keep cutting down your lifestyle.

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  #3122 (permalink)  
Old 08-11-2013, 11:20 AM
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Hi,

I find there is a lot of talk about retirement in this forum. I was just wondering how much does a retired couple spend per month during retirement, assuming there is no more mortgage loan or other debt to worry about and children are independent and working? Also assume staying in a 4 room HDB flat and no car. Here are my thoughts.

1. Food, clothing, marketing - $800
2. Utilities - $200
3. Public transport - $100
4. Internet, TV, Mobile phone - $200
5. Insurance and medical - $1000
6. Miscellaneous - $300

Total = $2,600 per month or $31,200 per year

Is this correct? Should it be more or less? Please comment. Thanks.

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  #3123 (permalink)  
Old 08-11-2013, 12:47 PM
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I remembered NTUC Income once defined the following:

Basic retirement lifestyle (stay in HDB, no car, no holidays to "Ang Moh countries, no maid): $3k a month for a couple.

Comfortable retirement lifestyle (stay in 5 rm or exec HBD or condo, a Jap car, no maid, 1 holiday per year to "Ang Moh" country) : $5k a month for a couple.

Luxurious retirement lifestyle (stay in condo or landed, maid, a car, holidays overseas, restaurant dining once a week or more, club membership) : $8k per month for a couple.

To sustain the luxurious lifestyle for 30 yrs, assuming the couple retires today at 55, they need to have $2.5m now (with 3% inflation, and with 3% return on their $2.5m). If they want to leave something behind for their children, they need to have more than $2.5m.


Quote:
Originally Posted by Unregistered View Post
Hi,

I find there is a lot of talk about retirement in this forum. I was just wondering how much does a retired couple spend per month during retirement, assuming there is no more mortgage loan or other debt to worry about and children are independent and working? Also assume staying in a 4 room HDB flat and no car. Here are my thoughts.

1. Food, clothing, marketing - $800
2. Utilities - $200
3. Public transport - $100
4. Internet, TV, Mobile phone - $200
5. Insurance and medical - $1000
6. Miscellaneous - $300

Total = $2,600 per month or $31,200 per year

Is this correct? Should it be more or less? Please comment. Thanks.

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  #3124 (permalink)  
Old 08-11-2013, 02:47 PM
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Like that ah,

Upon retirement at 55, I will live 10 yrs (till 65) at the luxury lifestyle level, then downgrade to comfortable lifestyle till 75, and finally at basic lifestyle till the end.

Using linear extrapolation, I will need about $1.5m in total with zero $ left to give at the end of it all.

Quote:
Originally Posted by Unregistered View Post
I remembered NTUC Income once defined the following:

Basic retirement lifestyle (stay in HDB, no car, no holidays to "Ang Moh countries, no maid): $3k a month for a couple.

Comfortable retirement lifestyle (stay in 5 rm or exec HBD or condo, a Jap car, no maid, 1 holiday per year to "Ang Moh" country) : $5k a month for a couple.

Luxurious retirement lifestyle (stay in condo or landed, maid, a car, holidays overseas, restaurant dining once a week or more, club membership) : $8k per month for a couple.

To sustain the luxurious lifestyle for 30 yrs, assuming the couple retires today at 55, they need to have $2.5m now (with 3% inflation, and with 3% return on their $2.5m). If they want to leave something behind for their children, they need to have more than $2.5m.
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  #3125 (permalink)  
Old 08-11-2013, 10:17 PM
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The main thing to worry about and plan for is inflation.

Even hawker food prices are increasing every year. The carrot cake I buy occasionally have gone up from $2 to $2.5 (25%) this year!

Read this:A Wealthy Nation That Can't Afford to Retire


Quote:
Originally Posted by Unregistered View Post
Hi,

I find there is a lot of talk about retirement in this forum. I was just wondering how much does a retired couple spend per month during retirement, assuming there is no more mortgage loan or other debt to worry about and children are independent and working? Also assume staying in a 4 room HDB flat and no car. Here are my thoughts.

1. Food, clothing, marketing - $800
2. Utilities - $200
3. Public transport - $100
4. Internet, TV, Mobile phone - $200
5. Insurance and medical - $1000
6. Miscellaneous - $300

Total = $2,600 per month or $31,200 per year

Is this correct? Should it be more or less? Please comment. Thanks.
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  #3126 (permalink)  
Old 09-11-2013, 12:06 AM
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Inflation is good for your property. With inflation, your property price can double in value over the years. So even if your food price go up, it is nothing compared to the benefits of property appreciation. Let's say your food bill doubled from $10k pa to $20k pa. This is nothing compared to your condo doubled from $1m to $2m. You can then sell your condo and downgrade to a HDB flat and enjoy the cash profits.

Quote:
Originally Posted by Unregistered View Post
The main thing to worry about and plan for is inflation.

Even hawker food prices are increasing every year. The carrot cake I buy occasionally have gone up from $2 to $2.5 (25%) this year!

Read this:A Wealthy Nation That Can't Afford to Retire
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  #3127 (permalink)  
Old 09-11-2013, 06:31 AM
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Quote:
Originally Posted by Unregistered View Post
Inflation is good for your property. With inflation, your property price can double in value over the years. So even if your food price go up, it is nothing compared to the benefits of property appreciation. Let's say your food bill doubled from $10k pa to $20k pa. This is nothing compared to your condo doubled from $1m to $2m. You can then sell your condo and downgrade to a HDB flat and enjoy the cash profits.
That's a problematic view of inflation vs value. Inflation gives rise to nominal increase in price but it doesn't mean appreciation of value. Real gain is a function of other factors.

Property may act as a hedge against inflation.
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  #3128 (permalink)  
Old 09-11-2013, 07:01 AM
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My wife and I have retired and we get a passive income of $5k pm. We have a small car and no debt. We lead a simple, comfortable retirement. Our spendings is only $3k pm. We cook our own meals, do the household chores and exercise in our condo gym.

Quote:
Originally Posted by Unregistered View Post
I remembered NTUC Income once defined the following:

Basic retirement lifestyle (stay in HDB, no car, no holidays to "Ang Moh countries, no maid): $3k a month for a couple.

Comfortable retirement lifestyle (stay in 5 rm or exec HBD or condo, a Jap car, no maid, 1 holiday per year to "Ang Moh" country) : $5k a month for a couple.

Luxurious retirement lifestyle (stay in condo or landed, maid, a car, holidays overseas, restaurant dining once a week or more, club membership) : $8k per month for a couple.

To sustain the luxurious lifestyle for 30 yrs, assuming the couple retires today at 55, they need to have $2.5m now (with 3% inflation, and with 3% return on their $2.5m). If they want to leave something behind for their children, they need to have more than $2.5m.
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  #3129 (permalink)  
Old 09-11-2013, 08:19 AM
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Mid 30s couple, combined income $120k pa. 2 small kids.
Residence: 5 room HDB flat worth $700k, mortgage outstanding $200k.
Plan: Sell flat for $700k, use net proceeds of $500k as 50% downpayment of a $1m condo in a high class condo along the prestigious Upper Bukit Timah precinct. Mortgage loan of $500k to be paid over 25 years. We look forward to upgrading our lifestyle and social status.


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  #3130 (permalink)  
Old 09-11-2013, 12:35 PM
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46, retired, passive income $80k pa. Wife, 38, salaried worker, $70k pa.
Expenses $100k pa. 3 room condo and car paid up. Debt free.
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