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13-09-2014, 04:54 PM
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You are saving too little. You must save at least $1m a year for the next 30 years and retire at 80 so that when you die at 81, you can leave behind $35m for your kids.
Quote:
Originally Posted by Unregistered
We are 50, and are constantly thinking of retiring, but reality tells us to persevere. Our children are still schooling and we have elderly parents to take care of. Thankfully the gahmen is looking to raise the retirement age to 65. This will give us 15 more years to build up our retirement funds.
Our monthly expense:
1. Allowance to parents & children : $1100
2. Income taxes : $2900
3. Utilities : $250
4. Domestic helper : $550
5. Groceries : $1400
6. Condo fees (x 2) : $650
7. Condo loan (x1) : $3000
8. Car loan (x 1) :$2000
9. Car road tax (x 2) : $200
10. Car insurance (x 2): $200
11. Petrol : $350
12. Children's school fees(x 2) : $600
13. Personal insurance (x2) : $500
14. Family meals at restaurants (x 4) : $800
15. Annual vacation (prorated) : $450
Total monthly expenses : $ 14,000
Monthly income:
Him : $14,500
Her : $8,500
Passive : $9,000 (from rental, dividend & interests)
Total monthly income :$$32,000
Monthly savings (incl CPF): $18,000
Ave. Annual bonus (incl 13th month) : ($14,500 + $8500) x 4 = $92,000
Total yearly savings : $18,000 x 12 + $92,000 = $308,000
If we can continue at this pace till 65, we will be able to accumulate another 15 x $308,000 = $4.6m! Then we can continue to maintain our current lifestyle in retirement. Maybe we will not have 2 cars, and we will save on income taxes. But we will still want a maid to help with household chores.
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13-09-2014, 07:15 PM
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Actually one should work as long as you can, because besides the salary, there are other equally important benefits:
1. Subsidized / free medical provided by employer
2. Free annual medical check ups for those above 40, 45 depending on company
3. Incentive overseas holidays
4. Transport and meal allowances
5. Sense of purpose, or at least your task/assignment for the day is set. If you are not working, you will be hard pressed to find something meaningful to occupy your time.
6. You have weekends & public holidays to look forward to. If you are not working, every day is the same boring day.
7. Socializing with colleagues
8. Annual leaves. Somehow the feeling of going on leave for holidays is special. You feel you earned it.
9. Free or sponsored training for both professional and self developmental courses. If you are not working, you have to pay for everything yourself.
10. Depending on your job, your job title and name card can give you social status. I know many people derive pride from their job titles.
Quote:
Originally Posted by Unregistered
You are saving too little. You must save at least $1m a year for the next 30 years and retire at 80 so that when you die at 81, you can leave behind $35m for your kids.
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13-09-2014, 07:26 PM
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Typical selfish, arrogant mindset. Hopeless. There is more to life than this.
When I retire, I will want to join a charity as a volunteer to feed the poor, destitute and take care of homeless children in developing countries.
I will work hard in my career now and retire at 50 to devote my life to the global poor community. Not to go around bragging how much wealth you have.
Quote:
Originally Posted by Unregistered
Actually one should work as long as you can, because besides the salary, there are other equally important benefits:
1. Subsidized / free medical provided by employer
2. Free annual medical check ups for those above 40, 45 depending on company
3. Incentive overseas holidays
4. Transport and meal allowances
5. Sense of purpose, or at least your task/assignment for the day is set. If you are not working, you will be hard pressed to find something meaningful to occupy your time.
6. You have weekends & public holidays to look forward to. If you are not working, every day is the same boring day.
7. Socializing with colleagues
8. Annual leaves. Somehow the feeling of going on leave for holidays is special. You feel you earned it.
9. Free or sponsored training for both professional and self developmental courses. If you are not working, you have to pay for everything yourself.
10. Depending on your job, your job title and name card can give you social status. I know many people derive pride from their job titles.
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13-09-2014, 08:41 PM
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There is no need for these insults. You can never attain happiness if you always harbor feelings of envy and jealousy.
Also everyone does charitable work in their own ways. If you feel a need to tell the world you are doing charity you are not doing it right. Your "credit" should come from the people you helped, and not from your boasting and trumpeting.
I supposed you also subscribed to the mantra that when you give a man fish, he will have fish for a day, but when you teach him to fish, he can have fish everyday. My view has always been that giving them jobs is the best solution to eradicate poverty. Charity does not give the poor a sense of dignity and sense of usefulness to this world. On the other hand, a job does.
Granted that there will be people who want to devote more time to do charitable work, but before you quit your day job to do that, be responsible to ensure that you yourself do not become a charitable case in future. Worst is when you discover you don't have enough when you are no longer employable.
Quote:
Originally Posted by Unregistered
Typical selfish, arrogant mindset. Hopeless. There is more to life than this.
When I retire, I will want to join a charity as a volunteer to feed the poor, destitute and take care of homeless children in developing countries.
I will work hard in my career now and retire at 50 to devote my life to the global poor community. Not to go around bragging how much wealth you have.
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13-09-2014, 10:40 PM
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Verified Member
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Join Date: Sep 2014
Posts: 12
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Live within your means
Quote:
Originally Posted by Unregistered
Why you worry so much? Your income is so high compared to many Singaporean households. Don't compare with the many show offs in this forum. You can follow the advice of one smart forumer here who plans to retire in KL to join his relatives and friends. He plan to rent out his flat and get the CPF Life payout as passive income for retirement. You don't need millions to retire well. Just a paid up HDB flat and a CPF Life will do. Only fools don't see this.
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Certainly one can retire and lives with the lifestyle he chooses.
If he can afford to spend a million a year, he lives like a king. He can have driver, ADC, PA, gardener, domestic helpers etc. He can do a lot of welfare and charity work slightly less than Bill Gate. People will address him as 'that gentleman so and so'.
If he can afford 100k a year, he can have oversea vacation with his wife once a year. He can has fine dinning on special occasion. Spend moderately on CNY and Christmas.
If he can only afford 12k a year, people will address him as 'that poor old man', should gahmen help him to find him a shelter.
So the lifestyle you choose definitely depends on how much you have saved, and how much passive income so derived from your nest eggs when you retire.
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13-09-2014, 10:53 PM
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Verified Member
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Join Date: Sep 2014
Posts: 12
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Is he has a right mindset?
Quote:
Originally Posted by Unregistered
Actually one should work as long as you can, because besides the salary, there are other equally important benefits:
1. Subsidized / free medical provided by employer
2. Free annual medical check ups for those above 40, 45 depending on company
3. Incentive overseas holidays
4. Transport and meal allowances
5. Sense of purpose, or at least your task/assignment for the day is set. If you are not working, you will be hard pressed to find something meaningful to occupy your time.
6. You have weekends & public holidays to look forward to. If you are not working, every day is the same boring day.
7. Socializing with colleagues
8. Annual leaves. Somehow the feeling of going on leave for holidays is special. You feel you earned it.
9. Free or sponsored training for both professional and self developmental courses. If you are not working, you have to pay for everything yourself.
10. Depending on your job, your job title and name card can give you social status. I know many people derive pride from their job titles.
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I tend to believe he is a Director and major share holder of a public listed company. Will do nothing other than getting benefits at the expense of other share holders.
If he is really a wage earner, I would suggest he goes to Greece so he can work until 67.
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13-09-2014, 11:16 PM
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Verified Member
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Join Date: Sep 2014
Posts: 12
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Retired lifestyle on 4.6m
Quote:
Originally Posted by Unregistered
We are 50, and are constantly thinking of retiring, but reality tells us to persevere. Our children are still schooling and we have elderly parents to take care of. Thankfully the gahmen is looking to raise the retirement age to 65. This will give us 15 more years to build up our retirement funds.
Our monthly expense:
1. Allowance to parents & children : $1100
2. Income taxes : $2900
3. Utilities : $250
4. Domestic helper : $550
5. Groceries : $1400
6. Condo fees (x 2) : $650
7. Condo loan (x1) : $3000
8. Car loan (x 1) :$2000
9. Car road tax (x 2) : $200
10. Car insurance (x 2): $200
11. Petrol : $350
12. Children's school fees(x 2) : $600
13. Personal insurance (x2) : $500
14. Family meals at restaurants (x 4) : $800
15. Annual vacation (prorated) : $450
Total monthly expenses : $ 14,000
Monthly income:
Him : $14,500
Her : $8,500
Passive : $9,000 (from rental, dividend & interests)
Total monthly income :$$32,000
Monthly savings (incl CPF): $18,000
Ave. Annual bonus (incl 13th month) : ($14,500 + $8500) x 4 = $92,000
Total yearly savings : $18,000 x 12 + $92,000 = $308,000
If we can continue at this pace till 65, we will be able to accumulate another 15 x $308,000 = $4.6m! Then we can continue to maintain our current lifestyle in retirement. Maybe we will not have 2 cars, and we will save on income taxes. But we will still want a maid to help with household chores.
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Is it really the lifestyle you want when you retire after another 15 years?
Check out how much you can afford to spend. Don't over spend, neither dare not spend (stingy?)
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13-09-2014, 11:53 PM
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Quote:
Originally Posted by Unregistered
Actually one should work as long as you can, because besides the salary, there are other equally important benefits:
1. Subsidized / free medical provided by employer. Agree.
2. Free annual medical check ups for those above 40, 45 depending on company. Not every company has this, and not everyone enjoys this.
3. Incentive overseas holidays. Not every company has this.
4. Transport and meal allowances. Not every company has this. Not everyone enjoys this too. Transport allowance usually only for senior staff.
5. Sense of purpose, or at least your task/assignment for the day is set. If you are not working, you will be hard pressed to find something meaningful to occupy your time. Perhaps. But definitely there are other things more meaningful than work.
6. You have weekends & public holidays to look forward to. If you are not working, every day is the same boring day. Whether the day is boring or not depends on how you make of it.
7. Socializing with colleagues. Agree.
8. Annual leaves. Somehow the feeling of going on leave for holidays is special. You feel you earned it. True. But that's because work may be stressful.
9. Free or sponsored training for both professional and self developmental courses. If you are not working, you have to pay for everything yourself. What's there to develop professionally when one is retired. Self-development is still possible without a job. Free online courses (Coursera, etc). Library. Bookshops. Surely one can afford books on an occasional basis.
10. Depending on your job, your job title and name card can give you social status. I know many people derive pride from their job titles. True. But the social status part can be illusory. Kind of shallow too. It's another matter if you derive pride and satisfaction from your work
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My 2-cents views.
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14-09-2014, 10:52 AM
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shallow ....
Quote:
Originally Posted by Unregistered
Actually one should work as long as you can, because besides the salary, there are other equally important benefits:
1. Subsidized / free medical provided by employer
2. Free annual medical check ups for those above 40, 45 depending on company
3. Incentive overseas holidays
4. Transport and meal allowances
5. Sense of purpose, or at least your task/assignment for the day is set. If you are not working, you will be hard pressed to find something meaningful to occupy your time.
6. You have weekends & public holidays to look forward to. If you are not working, every day is the same boring day.
7. Socializing with colleagues
8. Annual leaves. Somehow the feeling of going on leave for holidays is special. You feel you earned it.
9. Free or sponsored training for both professional and self developmental courses. If you are not working, you have to pay for everything yourself.
10. Depending on your job, your job title and name card can give you social status. I know many people derive pride from their job titles.
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14-09-2014, 11:16 AM
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Yes please go to some third world and help the poor, make sure there is no internet so we don't have to hear your bla bla bla anymore
You will be a king there, everyone will kowtow do you and treat you like a messiah. this will be an experience that your office never gave you because you yourself are a judgmental and arrogant prick.
Now take the first flight out, take MAS please they also in need of charity, actually go Ukraine or something they need some real help there.
Now vamoosh b*tch
Quote:
Originally Posted by Unregistered
Typical selfish, arrogant mindset. Hopeless. There is more to life than this.
When I retire, I will want to join a charity as a volunteer to feed the poor, destitute and take care of homeless children in developing countries.
I will work hard in my career now and retire at 50 to devote my life to the global poor community. Not to go around bragging how much wealth you have.
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