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How much are you earning per annum?

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  #9931 (permalink)  
Old 06-05-2016, 11:41 AM
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[QUOTE=Unregistered;85106]Let me ask you this simple question "Do the poor, needy and destitute need your time or your money more?"

The answer is obvious right? Best way to help this group of people is through creating and giving them jobs. If you cannot create jobs for them, the next best thing is to give them money - NOT your time. They cannot fill their stomach with your TIME.

Jobs give people dignity, hope and pride. When people spend, they create demand for goods and services and this creates jobs.

When you retire early, and start cutting back on your expenses, you are reducing demand for goods and services, which in turn destroy jobs.

When you dont plan properly or plan only for basic survival, you have a much higher chance of running of money before you die or you will become one of the needy, poor and destitute. Then you will have a lot of TIME but no money.[/QUOTE

I bet you must be jobless n dreaming of monies which obviously you dont have. Coming here to day dream!

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  #9932 (permalink)  
Old 06-05-2016, 02:42 PM
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This is a naive and stupid comment. Clearly, you've never done charity work before.


Quote:
Originally Posted by Unregistered View Post
Let me ask you this simple question "Do the poor, needy and destitute need your time or your money more?"

The answer is obvious right? Best way to help this group of people is through creating and giving them jobs. If you cannot create jobs for them, the next best thing is to give them money - NOT your time. They cannot fill their stomach with your TIME.

Jobs give people dignity, hope and pride. When people spend, they create demand for goods and services and this creates jobs.

When you retire early, and start cutting back on your expenses, you are reducing demand for goods and services, which in turn destroy jobs.

When you dont plan properly or plan only for basic survival, you have a much higher chance of running of money before you die or you will become one of the needy, poor and destitute. Then you will have a lot of TIME but no money.


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  #9933 (permalink)  
Old 06-05-2016, 04:31 PM
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Quote:
Originally Posted by Unregistered View Post
You should show some respect to the old man, as an elder to you, before you even speak of filial piety!

I noticed you mentioned you stay in a condo and intend to retire in your condo, but you didn't cater money for condo maintenance. If your condo has security guards, employ gardeners, cleaners and managing agent, you can expect the maintenance fee and sinking fund to grow over the years as their salaries grow to keep pace with inflation. Let's say it's now $300 a month, in 10 years, it could be $500 pm, in 20 years, it could be $700pm.

In your calculation, you say needed $2500 pm, but upped it to $3500 pm to cater for inflation. Now you add in another $500pm for condo maintenance. That would bring the total to $4000 pm or $48k pa. Now to be careful, you would want to set aside some money say $5k pa for emergencies both medical emergencies and house and appliance repairs. This would bring the total yearly budget to $53k. This emergency is also to take of periods when your children are in between jobs or looking for jobs and cannot give you any allowance.

How many years do you expect to live in retirement? 30 years? If 30 years, then you will need 30 x $53k = $1.59m. This should not include your home value. Do you have this amount?

As you can see, with $1.53m your retirement lifestyle will be very basic.

The old man planning to retire on $150k pa passive income is not planning for a luxurious lifestyle, but just a comfortable lifestyle. The only difference between you and the old man is, the old man is planning NOT to touch his savings but only the passive income generated from his savings to sustain his retirement while you are drawing down on your savings in your retirement.
Did you not read that the poster has cash savings which he intends to convert to annuities? That should cater to the maintenance of the condo. He would also have Medisave for medical emergencies. If maintenance of the condo becomes too burdensome, they could downgrade to a HDB flat to free up more cash. $1.53M is a decent sum. One can live a comfortable life if he or she is prudent with spending.

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  #9934 (permalink)  
Old 06-05-2016, 08:55 PM
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Tell me honestly, how old are you? 18? 17?

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Originally Posted by Unregistered View Post
There is a lot of discussion on retirement in this forum. Many posts is by an old man who doesn't represent the average Singaporean retiree as his retirement lifestyle is a lavish retirement lifestyle.

A more practical retirement lifestyle will be:

- Living in your current home (can be a condo or HDB flat) which is fully paid up. No more mortgage payments.
- No need to own a car as it is unnecessary for a retired couple who can move around in public transport during non-peak hours of the day hence avoiding the crowds. This will save you $2000 pm. Public transport cost $100 pm for a retired couple.
- No need to employ a maid as the household chores for a retired couple is minimal. You save $1000 pm.
- For food, a mixture of eating at hawker centres, eating home cooked food and dining at restaurants. Food and groceries, only need $1000 pm for a retired couple.
- Utilities, Internet, etc only $300 pm.
- Medical $200 pm.
- Entertainment and overseas holidays (pro rated) $600 pm.
- Misc $400 pm.
- Total $2500 pm.
- To take care of inflation, your expenses will grow from $2500 to $3500 over 20 years.

This amount can easily be achieved by your Enhanced CPF Life which gives $3600 pm for a retired couple at 65. Your children may give you $400 pm as allowance. If you have two children, then you will get $800 pm. Your passive income will then be $4400 pm.

So, if your retirement lifestyle is not lavish and wasteful, then you don't need much. Just focus on clearing your home loan and make sure you go for the Enhanced CPF Life.

My retirement plan is simple:
- I retire in my condo, which is paid up.
- My Enhanced CPF Life will pay me EVERY MONTH till death.
- I buy annuities with my cash savings to give me extra cash EVERY MONTH till death.
- My retirement lifestyle is simple - No car as my condo is near an MRT station and near shopping amenities. No need maid as household chores are very simple to do. Eat mostly at hawker centres and cook at home, sometimes eat at restaurants. Go holidays during non-peak seasons.
- Any allowances from our children will be a bonus. We don't need it but will gladly accept if they give. This is filial piety, which is lacking in today's society.

How is your retirement plan?
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  #9935 (permalink)  
Old 06-05-2016, 09:20 PM
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If you are thinking of buying a new car, go and visit all the car showrooms this weekend. You will see the crowd. Why? Because COE prices is on the way up. No more $38k COE. Don't listen to the idiot who said COE will go to $10k. Hopeless idiot.

The high demand will come from private car operators, from high income people (including those new grads earning more than $70k pa), from many rich people in Singapore. Those whose car is 3 years or older will also want to buy new car, especially those who bought at $90k plus COE.

Book your car now with guaranteed COE.


Quote:
Originally Posted by Unregistered View Post
Good news!

Cat A and Cat B COEs went up. I told you so!

Congrats to those who got your $38k COE.

COE prices will continue to rise higher and higher due to the very high demand from

1. Replacement demand
2. Demand from private car operators
3. Demand for families buying their 2nd and 3rd cars, one for their wife and one for their children
4. Demand from new buyers who have higher income

Better book your new car now!


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  #9936 (permalink)  
Old 06-05-2016, 10:51 PM
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The goondu car dealer is back!


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  #9937 (permalink)  
Old 07-05-2016, 01:16 AM
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... And not only are the car dealers back, but they are also carrying fake conversation by conversing with themselves!

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The goondu car dealer is back!
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  #9938 (permalink)  
Old 07-05-2016, 05:37 AM
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Default Investment banking landscape in Singapore

Hey guys,

I am studying in the US and I will be joining a bulge bracket bank in New York as an analyst in IBD. Just wanted to get some views on the compensation structure, career progression, deal type in the Singapore/SEA market.

I am offered a base salary of USD 85k with bonus ranging from 40% to 100% which equates to ~SGD 180k before tax assuming 60% bonus. Are the salaries comparable in Singapore?
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  #9939 (permalink)  
Old 07-05-2016, 12:10 PM
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We can all retire in luxury at 55 if we have no dependents at 55 and our HDB flat is paid up. Here's how.

Retire in Penang. Penang is a good place to retire. Many expats all over the world are flocking to Penang to retire. Penang has a lot of interesting places to visit and explore. Penang is a multi cultural place and we can fit it well. People are very friendly.

Penang has a low cost of living for a retired couple.

- Rental for a 3 bedroom condo, facing the ocean RM1500 pm
- Food and utilities RM1000 pm
- Transport RM300 pm (assume purchasing a RM50k car in cash)
- Medical RM200 pm
- Entertainment RM500 pm
- Misc RM500 pm
- Total spending RM4000 pm

How do you finance your retirement expenses in Penang?

- Rent out your paid up HDB flat S$2500 pm
- Convert to RM, get RM7250 pm
- Savings RM3250 pm

So, if you have an open mind, you can enjoy a luxurious retirement in Penang. You can live in a condo with an ocean view and own a car.
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  #9940 (permalink)  
Old 08-05-2016, 08:12 AM
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Excellent. Out of the box thinking. Refreshing. A departure from the typical narrow minded people. You don't need to accumulate millions to retire comfortably. Just need a different mindset.

Our HDB flat is a key retirement asset. Don't sell it away. Rent it out and live in luxury in other cities of the world. Besides Penang, we can also consider KL, Malacca, Vietnam, Cambodia, Thailand, etc. There are many cheap cities in SE Asia where we can retire in. We can even retire in the various cities around SEA for short periods of one or two years in each city. This allows us to travel extensively in SE Asia.


Quote:
Originally Posted by Unregistered View Post
We can all retire in luxury at 55 if we have no dependents at 55 and our HDB flat is paid up. Here's how.

Retire in Penang. Penang is a good place to retire. Many expats all over the world are flocking to Penang to retire. Penang has a lot of interesting places to visit and explore. Penang is a multi cultural place and we can fit it well. People are very friendly.

Penang has a low cost of living for a retired couple.

- Rental for a 3 bedroom condo, facing the ocean RM1500 pm
- Food and utilities RM1000 pm
- Transport RM300 pm (assume purchasing a RM50k car in cash)
- Medical RM200 pm
- Entertainment RM500 pm
- Misc RM500 pm
- Total spending RM4000 pm

How do you finance your retirement expenses in Penang?

- Rent out your paid up HDB flat S$2500 pm
- Convert to RM, get RM7250 pm
- Savings RM3250 pm

So, if you have an open mind, you can enjoy a luxurious retirement in Penang. You can live in a condo with an ocean view and own a car.
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