How much are you earning per annum?

Yes, there are challenges retiring overseas. I suppose we will stick with the option of of buying a hdb studio flat and with $1m cash.

Originally Posted by Unregistered

Well good luck to you on your plans to live elsewhere.

I know that if you dont speak Thai, you will not find living there easy let alone do a business. Do a thorough study on the culture, safety, convenience, cost of living etc.. , Dont forget, when you are older, your energy level is also lower. So convenience to amenities becomes very important. And living near cities will not be cheaper.

So, many retirees still stay in Singapore for the above reasons. There is indeed no place like home - where your family and friends are.

Originally Posted by Unregistered

Well good luck to you on your plans to live elsewhere.

I know that if you dont speak Thai, you will not find living there easy let alone do a business. Do a thorough study on the culture, safety, convenience, cost of living etc.. , Dont forget, when you are older, your energy level is also lower. So convenience to amenities becomes very important. And living near cities will not be cheaper.

So, many retirees still stay in Singapore for the above reasons. There is indeed no place like home - where your family and friends are.

Fully agree. I won't want to retire in a strange land compromising on security, convenience and many things -- just to live like a millionaire. Would you be happy there?

It is obvious that many forummers here who promote retiring overseas like Thailand, Malaysia or move to Jurong Lake District are property agents or investors with a separate agenda.

There are also many bogus posts re: inflated income and networth. It is pointless to mislead people. Hope everyone can be sincere and do your part to adhere to the topic which is "your annual income".

We can never tell how true the post on income and net worth are. The post on retirement places are interesting and keeps you thinking about the possibilities. Anyway, we are all old adults here, you much be a really dumb fool to be fooled by the posts here.

There is a post which claims he earns $700k pa and yet stays in an old HDB flat, I think this is not likely to be true. Then he said he sold his investment property in a short period of time. Difficult to believe as people takes months to sell their property.

Don't take posts here seriously, they are just for entertainment.

Originally Posted by SGpp

Fully agree. I won't want to retire in a strange land compromising on security, convenience and many things -- just to live like a millionaire. Would you be happy there?

It is obvious that many forummers here who promote retiring overseas like Thailand, Malaysia or move to Jurong Lake District are property agents or investors with a separate agenda.

There are also many bogus posts re: inflated income and networth. It is pointless to mislead people. Hope everyone can be sincere and do your part to adhere to the topic which is "your annual income".

My wife and I are both 40, we earn a total income of $11k pm. We now live in a 5 room HDB flat, now worth $700k. We plan to upgrade to an EC which costs only $800k. Since we have no more loan on our flat, we will sell our flat when the EC is ready. We have some cash savings and then can pay off the EC. It is so easy to upgrade to a condo and without having any more loan. It is good not to earn so much and hence qualify for EC.

50 single income 250k pa. Staying in HDB 5 rooms worth 500k with cash/stock/cpf of 1.95M. Didn't invest in property, only stock over the last few years have made quite good returns in blue chips and high yield reits. Plan is to retire latest by 55 or hit 2.7M net worth excluding HDB. By then the kids will be starting their career. Will continue to stay in the HDB. Expected expense will be 6-7k per month by then which should provide quite a comfortable lifestyle. Hope this is sound retirement planning.

Originally Posted by Unregistered

50 single income 250k pa. Staying in HDB 5 rooms worth 500k with cash/stock/cpf of 1.95M. Didn't invest in property, only stock over the last few years have made quite good returns in blue chips and high yield reits. Plan is to retire latest by 55 or hit 2.7M net worth excluding HDB. By then the kids will be starting their career. Will continue to stay in the HDB. Expected expense will be 6-7k per month by then which should provide quite a comfortable lifestyle. Hope this is sound retirement planning.

you are lucky to be a high income earner. you pay is twice my household income, both husband and wife working. we also live in a 5 room flat, with no loan left. it is worth $600k. we are 48 and 49 years old, we can't retire as early as you, maybe at 65. our retirement plan is to sell our flat and buy a studio hdb flat for the elderly which cost only $100k, so after selling our flat and buying the studio unit, we will have $500k cash. we have another $300k cash and hope to grow this to $500k. so we will have $1m cash at 65. assuming this can last us for 25 years, we can spend $3k pm from the $1. we will also get $2k pm from the retirement account payout. so we will have $5k pm to spend. this is sufficient as we will only spend $3k pm as most of the spending is on food and utilities. we will definitely not have any car or dine in expensive restaurants.

you are lucky to have so much as your money can allow you to spend a lot and go for holidays to europe and australia. you can even own a car. you are lucky indeed to be able to retire at 55.

Originally Posted by Unregistered

you are lucky to be a high income earner. you pay is twice my household income, both husband and wife working. we also live in a 5 room flat, with no loan left. it is worth $600k. we are 48 and 49 years old, we can't retire as early as you, maybe at 65. our retirement plan is to sell our flat and buy a studio hdb flat for the elderly which cost only $100k, so after selling our flat and buying the studio unit, we will have $500k cash. we have another $300k cash and hope to grow this to $500k. so we will have $1m cash at 65. assuming this can last us for 25 years, we can spend $3k pm from the $1. we will also get $2k pm from the retirement account payout. so we will have $5k pm to spend. this is sufficient as we will only spend $3k pm as most of the spending is on food and utilities. we will definitely not have any car or dine in expensive restaurants.

you are lucky to have so much as your money can allow you to spend a lot and go for holidays to europe and australia. you can even own a car. you are lucky indeed to be able to retire at 55.

For those looking forward to the $1K monthly payout from retirement account, have you checked whether have you hit the CPF minimum sum without pledging half from your property?

If your CPF SA and OA account is close to the annually increase min sum for CPF saving, then it would be realistically to include that as one of your retirement payout plan.

Otherwise to pledge your property in order to meet the min sum, the actual monthly payout is lower than $1K.

Lower middle income family, 46 & 47 yo, earns $110k pa. Saves $20k pa. Lives in a HDB 5 room Exec, bought many years ago, mortgage free, now worth $680k. Cash/stocks/CPF, $450k in total. Total net worth, $1.13m.

Can any guru here advise how long more do we need to work? What are our retirement options? Retire overseas? Downgrade? Live with kids? Please advise. TYIA.

Originally Posted by Unregistered

Having said that I must remind everyone to be sensitive to those who tried their level best and still are struggling to achieve their dreams. Some maybe because they missed their chances, took a wrong turn in their career choices, others may lack the capability, mental strength and endurance or fell sick etc. There is a myriad range of factors, many beyond one's control that affects whether you make it in life or not, notwithstanding the fact that our government have put in place good foundation, infrastructure and policies to ensure everybody has an equal chance of making good.

Looking back at my humble beginnings I count my blessings each day I wake up healthy and is able to go to work without worrying about crime, and the safety of my family members as they go about their affairs whether it is attending school, work or whatever it is.

Hi,
I applaud you for your sensitivity to the less blessed. It's true that not all who had worked hard and tried their best achieved their dreams.

For hubby and me, its a case of bad timing. while others made loads on their HDB properties, we were disadvantaged by HDB's pricing of their new premium flat in non prime location years ago. ie. we bought high (very high) but are stucked with the current low valuation for our flat. I believe a minority are in the same position as us. But being minority, our sentiments and voices have been drown by the majority singing praises of the asset enhancement policy of HDB, the majority who had made one or more times by selling their flats for six figure gains. While we see others monetising their flats, not once but a few times and laughing all the way to their banks, we cant do anything to ours because we would incur 'loss' if we sell our flat. Frustrated, but cant do anything.

Hi,
Sorry to hear about your situation. How old are you both? How much are you both earning per annum? What is your total net worth?

Originally Posted by Unregistered

Hi,
I applaud you for your sensitivity to the less blessed. It's true that not all who had worked hard and tried their best achieved their dreams.

For hubby and me, its a case of bad timing. while others made loads on their HDB properties, we were disadvantaged by HDB's pricing of their new premium flat in non prime location years ago. ie. we bought high (very high) but are stucked with the current low valuation for our flat. I believe a minority are in the same position as us. But being minority, our sentiments and voices have been drown by the majority singing praises of the asset enhancement policy of HDB, the majority who had made one or more times by selling their flats for six figure gains. While we see others monetising their flats, not once but a few times and laughing all the way to their banks, we cant do anything to ours because we would incur 'loss' if we sell our flat. Frustrated, but cant do anything.