How much are you earning per annum?

We are a couple in our mid 50s. We are planning to retire in a couple of years time. We have decided to go to Penang for our retirement. We will sell our terrace house. We will get about $2m in net proceeds. We also have cash of $500k. So we will convert $2.5m to RM and will get RM6m at least. We will be multi millionaires and will retire in luxury. We can even afford to employ a maid to do all the household chores and marketing while we enjoy our days at the swimming pool or the beach.

Originally Posted by Unregistered

You have a point there. My condo will appreciate or go for enbloc. I should focus on paying down the mortgage then. In 20 years time, I can sell and retire somewhere cheaper.

Any ideas where is the best place to retire?

Malaysia?
Thailand?
China?
Australia?
NZ?
Philippines?
Cambodia?

Originally Posted by Unregistered

We are a couple in our mid 50s. We are planning to retire in a couple of years time. We have decided to go to Penang for our retirement. We will sell our terrace house. We will get about $2m in net proceeds. We also have cash of $500k. So we will convert $2.5m to RM and will get RM6m at least. We will be multi millionaires and will retire in luxury. We can even afford to employ a maid to do all the household chores and marketing while we enjoy our days at the swimming pool or the beach.

Strange that so many people are thinking of leaving Singapore upon retirement. Is Singapore really an expensive place to live for retirees?

How much does a meal cost? $4 (coffeeshop) to $40 (good meal in a restaurant)
How much does public transport cost?
How much does recreational activities cost? Movies ($10), swimming ($2), library and shopping (free)?
How much money do you really need to lead a fulfilling life upon retirement?

Originally Posted by Unregistered

Maybe you're right. Downgrading to public housing will make me feel worse. It will only confirm I am a failure. I feel lousy when I read the younger forumers here earning $150k pa per person and their household income is $300k - $500k.

I'm not in financial difficulties, just feel lousy when comparing with others.

Your wealth or income does not determine whether you are a failure. Who needs to know how much money you have in the bank and how much money you make?

Unless you are barely making enough to feed your family or in debts, be happy that you have a good place to live, and I think you can surely afford to give yourself a treat once in a while. Life is not about accumulating numbers in your bank account. As long as you have enough, dun need to get too stressed over comparing with others.

Wait till you experienced some life threathening moments, and you will appreciate life more and see things in a clearer perspective.

Originally Posted by Unregistered

Strange that so many people are thinking of leaving Singapore upon retirement. Is Singapore really an expensive place to live for retirees?

How much does a meal cost? $4 (coffeeshop) to $40 (good meal in a restaurant)
How much does public transport cost?
How much does recreational activities cost? Movies ($10), swimming ($2), library and shopping (free)?
How much money do you really need to lead a fulfilling life upon retirement?

It is not strange at all. Singapore is a good place to earn money and enjoy life WHILE YOU ARE WORKING. However, once you are retired and there is no active income and you depend passive income and savings for your retirement expenses, then it makes sense. Many in the west will retire somewhere cheaper within their big country when they retire. For us, it will be in our neighbouring countries.

lIf you had to ask, it means only 2 things:

1. You are totally clueless about your expense upon retirement, risk of inflation, and risk of unplanned medical expenses
2. You chose to ignore the reality.

Originally Posted by Unregistered

Strange that so many people are thinking of leaving Singapore upon retirement. Is Singapore really an expensive place to live for retirees?

How much does a meal cost? $4 (coffeeshop) to $40 (good meal in a restaurant)
How much does public transport cost?
How much does recreational activities cost? Movies ($10), swimming ($2), library and shopping (free)?
How much money do you really need to lead a fulfilling life upon retirement?

Originally Posted by Unregistered

It is not strange at all. Singapore is a good place to earn money and enjoy life WHILE YOU ARE WORKING. However, once you are retired and there is no active income and you depend passive income and savings for your retirement expenses, then it makes sense. Many in the west will retire somewhere cheaper within their big country when they retire. For us, it will be in our neighbouring countries.

Agree. I am looking to retire early in iskandar where I bought a semid with an equity loan thanks to my terrace in singapore having doubled in value over the last 3 years.
My expenses in Singapore is 10k a month largely due to my car needing 2.4k alone. I can retire in 6 years to jb when I am 45 years old and live with just 5k a month, half that of living in Singapore....if I want to retire here, have to work till 60s probably...
More people should do what I do . Retire in Malaysia or other cheaper countries with rental income from sg properties.
Malaysia was also recently voted the 3rd best place in the world to retire to.
I am the locum GP who posted earlier.
45 years old may be too young to retire so if I am bored, I can take the RTS to Woodlands to locum. Only prob is my kids education, they may need to travel daily to study here. Either that or they study in an international school right outside my gated and guarded estate.
The RTS should be up by 2019 and will really help me save as I can then buy a much cheaper malaysian car and travel to singapore by RTS.
I believe many are buying into iskandar because of this too so properties there will surely rise in value.

Originally Posted by Unregistered

lIf you had to ask, it means only 2 things:

1. You are totally clueless about your expense upon retirement, risk of inflation, and risk of unplanned medical expenses
2. You chose to ignore the reality.

Refer to this survey: http://justice4workerssingapore.blog...worry-poll.htm

My parents generation doesn't have such worries. If this is the reality, then more than 80% of Singaporeans needs to retire elsewhere liao.....

Combined total income, me and wife, $277k pa. Mid 40s. Live in a terrace house. Also own a condo in D10 as weekend home. Both fully paid up. My kids love the playground and swimming pool of the condo, which we visit every weekend. We go to the condo every Friday night to do BBQ and then sleep over.

We go for holidays twice a year. Life is pretty decent. We are just your average Singaporean family. Most families own two private properties, one for stay during the week day and the other during weekend.

Go ahead and live in the past, just don't go and commit crime when run out of money - like the two desperate kidnappers.

People manage by living within their means. When retired, they downgrade and downgrade their lifestyle to one that they can sustain for the long run. People moving to other lower cost countries are trying to maintain their lifestyle - living in big houses, have cars, maids etc but with lower cost than singapore. Living in lower cost countries have it's own problems - different cultures, you'll always be an outsider, crime, etc...

At the end of the day it is your choice, when retired but trying to live same lifestyle as before retirement without calculating the costs will be a big mistake.

Originally Posted by Unregistered

My parents generation doesn't have such worries. If this is the reality, then more than 80% of Singaporeans needs to retire elsewhere liao.....

Originally Posted by Unregistered

Combined total income, me and wife, $277k pa. Mid 40s. Live in a terrace house. Also own a condo in D10 as weekend home. Both fully paid up. My kids love the playground and swimming pool of the condo, which we visit every weekend. We go to the condo every Friday night to do BBQ and then sleep over.

We go for holidays twice a year. Life is pretty decent. We are just your average Singaporean family. Most families own two private properties, one for stay during the week day and the other during weekend.

Looks like Singapore's new status symbol: the new Cs

2 fully paid Condos
2 fully paid Continental Cars
Lots of Cash