How much are you earning per annum?

Originally Posted by Unregistered

Annual salary, $50,000. 50 years old. Own a HDB flat in Redhill, estimated to be worth $900,000. Applying for new BTO, costing $200,000. When I get my new BTO, will sell my Redhill flat at $1m, pay off the new BTO flat in cash and can retire with my $800,000 profit.

Clever plan. But I caution you about retiring with only $800K in early 50. Got children, spouse or aged parents to take care of?

To live comfortably you will need about $5K pm or $60K pa. $800K will be gone in 13 yrs at most when you reach 65 yrs old. After that eat grass, but in S'pore no more grass hor.

Originally Posted by Unregistered

Clever plan. But I caution you about retiring with only $800K in early 50. Got children, spouse or aged parents to take care of?

To live comfortably you will need about $5K pm or $60K pa. $800K will be gone in 13 yrs at most when you reach 65 yrs old. After that eat grass, but in S'pore no more grass hor.

Alot of people working already don't have 5k per done...alot of people are already eating grass, i guess.

Originally Posted by Unregistered

Clever plan. But I caution you about retiring with only $800K in early 50. Got children, spouse or aged parents to take care of?

To live comfortably you will need about $5K pm or $60K pa. $800K will be gone in 13 yrs at most when you reach 65 yrs old. After that eat grass, but in S'pore no more grass hor.

I don't need so much, $3k pm will do. I don't drive, go disco, gamble, drink, or womanize. No more mortgage to worry, also living in HDB flat got many rebates. Food about $500 pm, utilities $200 pm others $800 pm. Can still save $1500 pm. If I want to, can rent out one room and get $500 pm. So total savings $2000 pm. Can go holiday once a year, only spend $2k.

I can buy dividend stocks to give me 5% per year or $40k per year (with $800k capital).
$40k per year means $3.3k pm, this should be more than enough.

Originally Posted by Unregistered

Alot of people working already don't have 5k per done...alot of people are already eating grass, i guess.

That's why he said there will be no grass in S'pore in time to come - because many people eating grass now.

Anyway, the guy who is looking at retiring with $800K can do reality check using the CPF retirement calculator. It can give you a good gauge of how much a person needs to last his specified retirement years and I know $800K will not last long.

Originally Posted by Unregistered

That's why he said there will be no grass in S'pore in time to come - because many people eating grass now.

Anyway, the guy who is looking at retiring with $800K can do reality check using the CPF retirement calculator. It can give you a good gauge of how much a person needs to last his specified retirement years and I know $800K will not last long.

Whether $800k will last long or not depends on your spending pattern. If you are prudent, it can last for many years. There are many who have much lesser than this amount when they reach 65, they still manage to survive and get additional income from renting out their HDB flat rooms. Those who have 3 rooms rent out two rooms, earning $600 per month per room. So they get $1200 extra per month.

$800k is enough for retirement.

Embassy chauffeur with annual 30000. Shame!

46, single, poor guy with good looks. Only earning $50k pa.
Lives in a 3 room HDB flat valued at $500k. No loan.
Planning to sell and buy 2 room BTO selling at $100k.
Can go holiday, once in my life time, to Australia, spend $5k.

Originally Posted by Unregistered

46, single, poor guy with good looks. Only earning $50k pa.
Lives in a 3 room HDB flat valued at $500k. No loan.
Planning to sell and buy 2 room BTO selling at $100k.
Can go holiday, once in my life time, to Australia, spend $5k.

Should be happy already, got own home. $50K pa for single quite comfortable. Holiday should go, no need to think so much. More important is got savings or not. 46 yrs old is not young anymore.

But life could still change. I got 2 colleagues who married late. One at 48, another at 50. Both wives foreigners. The 48 yr old got baby last year. Although happy now he worry about how to maintain family since he also tired of working. People his age have children already in JC or Uni, so it was difficult to find people to share baby issues. Also hard to talk to younger colleagues - age gap too big.

He also worried next time his child go to school, his classmates will disturb him as grandfather bringing him to school.

Originally Posted by Unregistered

Should be happy already, got own home. $50K pa for single quite comfortable. Holiday should go, no need to think so much. More important is got savings or not. 46 yrs old is not young anymore.

But life could still change. I got 2 colleagues who married late. One at 48, another at 50. Both wives foreigners. The 48 yr old got baby last year. Although happy now he worry about how to maintain family since he also tired of working. People his age have children already in JC or Uni, so it was difficult to find people to share baby issues. Also hard to talk to younger colleagues - age gap too big.

He also worried next time his child go to school, his classmates will disturb him as grandfather bringing him to school.

Lucky I married younger, I'm 48, son in JC. Have set aside funds for his uni. Cleared my debt. Earning passive income of $5k pm. Planning to retire by 55. By then, son should have completed studies and working. Have accumulated savings for him also.