How much are you earning per annum?

Very true. That is why we should not sell our HDB flat. We should keep because our HDB flat is our best retirement asset. You buy BTO flat for only $200k and now worth $600k. You finish paying your loan and keep. When you retire you can rent out to FTs at a good rent.

You then make sure your CPF grow and when you reach 55, you can take the money and invest in dividend stocks. Our CPF system is the BEST in this world. Some people can't see how good it is. With the CPF system, you can own a valuable property and with CPF Life, you get monthly income at 65 onwards.

HDB flat + CPF savings + CPF Life = Happy retirement

Btw, don't retire in the western countries because of their high cost of living and taxes

Originally Posted by ks55

Everybody should say a big thank you to the Singapore Government!
Singaporean must be the most pampered child on earth to have a farsighted and forward looking policies by PAP government.

Yes! You are absolutely right! Relocation to a lesser place to stay is one option where Japanese old folk has been doing for so long.

By selling your fully paid HDB flat, coupled with CPF annuity, you may be qualify to participate in MM2H.

Otherwise you should consider lesser place like Philippines, Cambodia, Indonesia, India or Bangladesh that will require lesser budget still.

If you save a little bit more, why not you relocate to a better world like Switzerland, Austria, NZ, Australia, Canada or US ? Think about it.

I can assure you there is no Jekyll and Hyde at play. I just like to poke fun at one guy who thinks he is damn zhai in his condo looking down at everyone. All day long talk about his charity work or his conti car. I love to laugh at such low class self indulging b*stards.

Who's fighting lah, I amuse myself by typing a few words and pissing someone else off. I don't even bother putting too much thought in dealing with such a arrogant a*hole. Its just good fun for me.

These days I very free so got time to just whack, Entertain u all also mah. Lagi best free one.

Originally Posted by Unregistered

It is funny when 2 unregistered posters fight each other .... And a 3rd one pokes fun about it.
So who am I? Am I really a third fellow or am I one of the 2 posters?

Perhaps the first 2 posters are the same guy, Jekyll and Hyde or am I the one who is .....

If want to fight, register and leave behind contacts e
In each other's post...

Originally Posted by Unregistered

This is stupid people thinking. The way to retire well is to retire somewhere cheaper. So many people are now retired in Malaysia. They have a paid up flat and now renting them out at $3k pm. They also have passive income of $2k pm from dividends, CPF, etc. So they get $5k pm or RM12.5k pm. They rent a nice condo in KL for RM2k pm and spends RM5k pm for food, car, utilities, holidays, etc and can save the rest. No need to think too much.

This is a brilliant idea indeed. You don't need millions to retire. Just need a fully paid HDB flat, some stocks to give you dividends and CPF. In fact if you can rent out your flat at $3k pm, you can retire in Thailand now. With just $2k pm, you can retire comfortably in Chiang Mai. Just google or type in "retire in Chiang Mai" and you can get lots of info.

Originally Posted by Unregistered

This is a brilliant idea indeed. You don't need millions to retire. Just need a fully paid HDB flat, some stocks to give you dividends and CPF. In fact if you can rent out your flat at $3k pm, you can retire in Thailand now. With just $2k pm, you can retire comfortably in Chiang Mai. Just google or type in "retire in Chiang Mai" and you can get lots of info.

Yes, you can retire in Chiang Mai but you won't! 99.9% won't! To live in a foreign country with totally different culture and surrounding will be very sad at old age. All retirement plans must be geared towards retiring in your home country.

Originally Posted by Unregistered

Yes, you can retire in Chiang Mai but you won't! 99.9% won't! To live in a foreign country with totally different culture and surrounding will be very sad at old age. All retirement plans must be geared towards retiring in your home country.

Sorry, I should add the KL is the only choice if you really want to retire outside Singapore. Both cities are 90% similar. Not surprising since they share the same root.

Originally Posted by Unregistered

Sorry, I should add the KL is the only choice if you really want to retire outside Singapore. Both cities are 90% similar. Not surprising since they share the same root.

agree, another place is Penang. Not JB, high crime rate.

if you can generate S$4k pm (RM10k pm) of passive income from your hdb flat, cpf, and other investments, you can retire well there. condo rent is cheap, car is cheap, petrol is cheap, medical is cheap, all is cheap. good for retirees.

Originally Posted by Unregistered

Yes, you can retire in Chiang Mai but you won't! 99.9% won't! To live in a foreign country with totally different culture and surrounding will be very sad at old age. All retirement plans must be geared towards retiring in your home country.

Many Europeans and Americans are retiring in Asia. Do your research you will be surprised. The richer ones retire in Singapore while the less well off ones retire in Thailand and Malaysia.

Originally Posted by ks55

From what I observed in this forum, many tend to use the term how much they earn, how much they save, how much net asset worth now etc.

Financial independence when you retire does not take into consideration all these things. Mike Tyson may earn millions in a single fight, that doesn't make him live comfortably in later part of his life.

Many stated in this forum their net worth is more than 1.0m. Look carefully, the 1.0m comprises mainly of condo at present value 1.5m less 600k loan outstanding. Other assets presumably comprise of cash, share, car, and CPF saving.

Please take note property price may go up and down. Property needs maintenance, need to pay taxes and insurance.

To achieve financial independence means that you can live with the quality of life similar to what you have while in full employment. Need not think thrice to spend extra few dollar here and there. Able to replace household items and mode of transport when necessary. Up keep and house maintenance as usual.

Simple test whether you have achieve financial independence will be :

1. You have a mortgage-free home.
2. If you have cash asset equivalent to 100 times last draw monthly gross pay (i.e before tax, CPF contribution, or what ever deduction).
3. If you can generate 65% replacement income from your nest eggs.
4. If you are paying 20% income tax at the time of retirement.
5. If you have been saving in what ever form (or commitment) at 15% of your last drawn gross pay and nil when retire.
6. If you can earn 10% ROI pa on your nest eggs consistently.
7. If inflation does not exceed 4% pa.
8. If you only spend up to the replacement income every year (already inclusive of 4% inflation per year);
9. If you do not intend to leave anything to your children other than the house you are staying.
10. If you do not live longer than 79 years (4 year longer than life expectancy right now).

So, when you already achieved the above criteria, regardless of your age (age 40, 50, 60 up to you), you should be able to live the same quality of life at the time of your retirement.

Note: Cash asset to include CPF, cash, FD, share, bonds, unit trusts, second house that can generate income. By no means contribution from children to be included.

walu leh, see liao lah...like that, how to retire???

Originally Posted by Unregistered

Many Europeans and Americans are retiring in Asia. Do your research you will be surprised. The richer ones retire in Singapore while the less well off ones retire in Thailand and Malaysia.

Malaysia is a great place to retire for Singaporean. Before you choose Malaysia, find out whether you qualify to participate in MM2H plan.

Penang definitely a favorite place. Kota Kinabalu is equally good.
For any people though of Kuala Lumpur, consider greater KL as an alternative. Kuala Lumpur city centre may not be so cheap as you think. Think of Subang Jaya where it is much cheaper and well linked to any part of KL by LRT and Commuter train. Subang Jaya also very near to Subang Airport where you can take some domestic flight to resorts within Malaysia. It is also not that far to go to KLIA for international flights.

Originally Posted by ks55

From what I observed in this forum, many tend to use the term how much they earn, how much they save, how much net asset worth now etc.

Financial independence when you retire does not take into consideration all these things. Mike Tyson may earn millions in a single fight, that doesn't make him live comfortably in later part of his life.

Many stated in this forum their net worth is more than 1.0m. Look carefully, the 1.0m comprises mainly of condo at present value 1.5m less 600k loan outstanding. Other assets presumably comprise of cash, share, car, and CPF saving.

Please take note property price may go up and down. Property needs maintenance, need to pay taxes and insurance.

To achieve financial independence means that you can live with the quality of life similar to what you have while in full employment. Need not think thrice to spend extra few dollar here and there. Able to replace household items and mode of transport when necessary. Up keep and house maintenance as usual.

Simple test whether you have achieve financial independence will be :

1. You have a mortgage-free home.
2. If you have cash asset equivalent to 100 times last draw monthly gross pay (i.e before tax, CPF contribution, or what ever deduction).
3. If you can generate 65% replacement income from your nest eggs.
4. If you are paying 20% income tax at the time of retirement.
5. If you have been saving in what ever form (or commitment) at 15% of your last drawn gross pay and nil when retire.
6. If you can earn 10% ROI pa on your nest eggs consistently.
7. If inflation does not exceed 4% pa.
8. If you only spend up to the replacement income every year (already inclusive of 4% inflation per year);
9. If you do not intend to leave anything to your children other than the house you are staying.
10. If you do not live longer than 79 years (4 year longer than life expectancy right now).

So, when you already achieved the above criteria, regardless of your age (age 40, 50, 60 up to you), you should be able to live the same quality of life at the time of your retirement.

Note: Cash asset to include CPF, cash, FD, share, bonds, unit trusts, second house that can generate income. By no means contribution from children to be included.

Good posting. But how to achieve? We have children and HDB commitment.