How much are you earning per annum?

Originally Posted by Unregistered

My HDB is a stone throw away from a Safra country club...it has more than those condo miniature facilities.

My hdb is near business center... Duxton

48/50, sold our landed at its peak price last year. we are lucky and precise, now landed property prices are falling hard. bought a condo cheap, only $1m, paid on full. Total income now, $120k pa. Expenses, $90k. Total net worth, $2.5m.

By the way, one of the public facilities I normally drive to for gym and swimming is a safra club, before I bought my condo. I found that the safra club is always crowded. I think they put in a lot of chlorine in the pool to cater to the heavy usage. People can tell that I had gone swimming as I would smell heavily of chlorine after swimming in the pool. On the other hand, I don't have this problem swimming in my condo pool.

I wouldn't sweepingly classify all condo facilities as miniature. Many good condos have tennis courts, 50m lap pools, children's pool, jacuzzi, basketball court, sauna, barbecue pits, well equipped gym, squash court and importantly, exclusivity, privacy and convenience.

Originally Posted by Unregistered

My HDB is a stone throw away from a Safra country club...it has more than those condo miniature facilities.

Originally Posted by Unregistered

By the way, one of the public facilities I normally drive to for gym and swimming is a safra club, before I bought my condo. I found that the safra club is always crowded. I think they put in a lot of chlorine in the pool to cater to the heavy usage. People can tell that I had gone swimming as I would smell heavily of chlorine after swimming in the pool. On the other hand, I don't have this problem swimming in my condo pool.

I wouldn't sweepingly classify all condo facilities as miniature. Many good condos have tennis courts, 50m lap pools, children's pool, jacuzzi, basketball court, sauna, barbecue pits, well equipped gym, squash court and importantly, exclusivity, privacy and convenience.

For a HDB in the same district as Condo, assume same size, will save you at least $300K. Buy a condo just for a pool, not worth at all. Not really exclusive, as you are sharing with thousands of resident actually, pool is much smaller.
My condo swimming pool is so pack nowadays, I can’t swim 50m lap anymore. I have seen children pee in the pool too. The noise is a nightmare when your home is too near to the pool.
I still swim in the public swimming pool in the afternoon sometimes, very often I have an Olympic size swimming pool all for myself, yet I only pay few dollars.

42y
Business Development
MNC
$350k...50% performance linked
expenses of $250k (incl taxes)
savings $100k per year
Networth $2.1 mill incl cpf
Renting

Seeing that many posters asked how much is needed to retire, I trawled the internet to see what the other people in the world say about how much they need for retirement.

According to one US financial guru, he advised that people should aim to have a savings of at least 8 x their last drawn annual salary, not counting their their primary residence and social security. He claimed that this amount would sustain them at their current standard of living for 30 years of retirement. One thing to note is that in the US, people retire around 62 generally.

So in our context, in calculating the amount needed for a comfortable retirement, we should minus the CPF annuity payout, and the primary residence. For my case, our current combined income is $380k pa. Following the simple formula, this means we would need to have $3.04m to retire for 30 years, not including our primary residence and CPF minimum sum.

Looks like we will have to work and save for a good many years more before we can retire. No wonder the Americans are retiring so late in life.

Don't be a naive old fool, all these so called gurus just want to sell you financial products to make you work till you die. If you need $3m to retire, then only the top 1% of Singaporeans will retire. You don't need so much to retire, by the time you retire, you don't need a car, two maids and no longer support your kids. In fact, if you have trained your kids to be filial, they will give you money every month.

You can also retire overseas, you just need S$1,000 pm to retire in Chiang Mai or S$2,000 to retire in Malacca. These are safe places to retire, avoid retiring in JB.

I plan to retire in Malacca when I reach 65. My wife and I will get $3,000 pm from our CPF Life and I will have passive income of S$3,000 from renting out my HDB flat to FTs professionals. So, I get S$6,000 pm of passive income or RM15,000 pm. Thus kind of money will allow you to retire in many places round the world.

Originally Posted by Unregistered

Seeing that many posters asked how much is needed to retire, I trawled the internet to see what the other people in the world say about how much they need for retirement.

According to one US financial guru, he advised that people should aim to have a savings of at least 8 x their last drawn annual salary, not counting their their primary residence and social security. He claimed that this amount would sustain them at their current standard of living for 30 years of retirement. One thing to note is that in the US, people retire around 62 generally.

So in our context, in calculating the amount needed for a comfortable retirement, we should minus the CPF annuity payout, and the primary residence. For my case, our current combined income is $380k pa. Following the simple formula, this means we would need to have $3.04m to retire for 30 years, not including our primary residence and CPF minimum sum.

Looks like we will have to work and save for a good many years more before we can retire. No wonder the Americans are retiring so late in life.

Can't stand these 'gurus' of retirement planning. 3 million to retire? Don't talk cock la knn.

Alamak, something so simple you also cannot understand. Let me explain to you.

What the post above is saying is :
If you only earn $50k pa and are used to the $50k pa lifestyle, then for retirement at the same lifestyle (for 30 years), you will need 8 x $50K or $400k. Not including your 3 room flat or studio apartment, and not including the CPF minimum sum.

So for the poster who is earning $380k pa and accustomed to a certain lifestyle and wants to continue living that lifestyle in retirement (for 30 years), they logically need more - $3.04m or roughly $100k pa.

No need to be suspicious of any financial advisors.

Originally Posted by Unregistered

Don't be a naive old fool, all these so called gurus just want to sell you financial products to make you work till you die. If you need $3m to retire, then only the top 1% of Singaporeans will retire. You don't need so much to retire, by the time you retire, you don't need a car, two maids and no longer support your kids. In fact, if you have trained your kids to be filial, they will give you money every month.

You can also retire overseas, you just need S$1,000 pm to retire in Chiang Mai or S$2,000 to retire in Malacca. These are safe places to retire, avoid retiring in JB.

I plan to retire in Malacca when I reach 65. My wife and I will get $3,000 pm from our CPF Life and I will have passive income of S$3,000 from renting out my HDB flat to FTs professionals. So, I get S$6,000 pm of passive income or RM15,000 pm. Thus kind of money will allow you to retire in many places round the world.

So called advisors are just mostly sales people