How much are you earning per annum?

Can you define what is considered big salary and big pension?

Nowadays only a select few civil serpents are on pension. And those old pensioners' salaries were not as high as new civil serpents now. Also there is a wide range of pensioners from superscale to time scale.

Last time (ten years back), superscale officers salary start around $10k. Now, non-superscale officers can earn more.

Originally Posted by Unregistered

Just wonder how government pensioner fare after their retirement.
They have big salary and therefore big pension.

Originally Posted by Unregistered

Can you define what is considered big salary and big pension?

Nowadays only a select few civil serpents are on pension. And those old pensioners' salaries were not as high as new civil serpents now. Also there is a wide range of pensioners from superscale to time scale.

Last time (ten years back), superscale officers salary start around $10k. Now, non-superscale officers can earn more.

Just take school teacher if they are to retire today.
What are the benefits they will get in relative to their last pay.

fyi, teachers who started on and after 1986 no longer enjoy pension. Some are 55 years old already because they join later, also no pension ok? Then there are others who switched to full CPF even when they started before 1986. Again no pension for them.

Dont think every government staff have pension.

I know many newer teachers earn as much as (if not more) than the older teachers.

Originally Posted by Unregistered

Just take school teacher if they are to retire today.
What are the benefits they will get in relative to their last pay.

Typical HDB retired couple

Food and groceries for 2, $500
Utilities, $100
Transport, $50
Health insurance, $400
Holiday (pro rated), $100
Misc, $100
Total, $1250 pm or $15k pa

Typical Condo retired couple

Food, groceries, restaurants for 2, $2000
Utilities, $300
Car (assumed no more loan) related expenses, $1000
Maid, $1000
Health insurance, $1000
Holiday (pro rated, twice a year), $1000
Entertainment, $1000
Misc, $1000
Total, $8300 pm or $100k pa

So, moral of the story is - your retirement expenses depend on your desired lifestyle.
As long as you are happy, it does not matter how much you spend.
Happiness is in the heart. I see many old uncles and aunties who are happy despite retiring with little means. I also see rich retired couples arguing or see them with long faces.

Originally Posted by Unregistered

I was just wondering how much does a retired couple need nowadays to live in Singapore, based on the following conditions:

1. Retired at 65.
2. 4 room flat paid off.
3. No car.
4. No maid.
5. Eat mostly home cooked food.
6. Do household chores themselves.
7. Holidays once a year in neighboring countries.

How much is a reasonable household expense per month?

I think it is a "jealousy" biased observation that wealth = unhappy family.

There are many factors to why couples quarrel and fight, and usually the lack of money is one of the key causes.

There is something else I observed in high density Singapore that is sad. That there are many instances of family friction coming from retirees staying with their grown up children and their families. It is either the retiree cannot get along with the in-laws or own children. Only recently, two cases have resulted in deaths!

I think best to let your children have their space to bring their own family. Come and help look after the grandchildren when asked, but stay away when they grow up and need their own rooms and space. Absence also makes the heart grows fonder.

Never make the mistake of staying with your children when you retire. If not properly managed, it can destroy relationships and even lives!

Originally Posted by Unregistered

Typical HDB retired couple

Food and groceries for 2, $500
Utilities, $100
Transport, $50
Health insurance, $400
Holiday (pro rated), $100
Misc, $100
Total, $1250 pm or $15k pa

Typical Condo retired couple

Food, groceries, restaurants for 2, $2000
Utilities, $300
Car (assumed no more loan) related expenses, $1000
Maid, $1000
Health insurance, $1000
Holiday (pro rated, twice a year), $1000
Entertainment, $1000
Misc, $1000
Total, $8300 pm or $100k pa

So, moral of the story is - your retirement expenses depend on your desired lifestyle.
As long as you are happy, it does not matter how much you spend.
Happiness is in the heart. I see many old uncles and aunties who are happy despite retiring with little means. I also see rich retired couples arguing or see them with long faces.

45, 43, married couple with two teenage children, income $97k pa & $110k pa respectively.
Savings $20k pa & $30k pa respectively.
Lives in a resale condo, bought for $600k, in 2005. Still servicing loan of $200k.
Other assets include CPF and cash, no stocks, $400k.
Total husband & wife combined net worth (including home equity), $1.4m.
How are we doing as a couple?
Is our net worth considered low among graduate couples?
Any suggestions what we should do to prepare for retirement at 60?

Originally Posted by Unregistered

45, 43, married couple with two teenage children, income $97k pa & $110k pa respectively.
Savings $20k pa & $30k pa respectively.
Lives in a resale condo, bought for $600k, in 2005. Still servicing loan of $200k.
Other assets include CPF and cash, no stocks, $400k.
Total husband & wife combined net worth (including home equity), $1.4m.
How are we doing as a couple?
Is our net worth considered low among graduate couples?
Any suggestions what we should do to prepare for retirement at 60?

I believe these two are idiots, earning >200k and still do not know how to plan for retirement.

Either their bosses are their father paying them out from his own pocket, or they just simply cook up story, or they want to tell us not all Singaporean are clever enough to manage their own finance.

Originally Posted by Unregistered

fyi, teachers who started on and after 1986 no longer enjoy pension. Some are 55 years old already because they join later, also no pension ok? Then there are others who switched to full CPF even when they started before 1986. Again no pension for them.

Dont think every government staff have pension.

I know many newer teachers earn as much as (if not more) than the older teachers.

I have a relative just retired from teaching at JC about two years ago at age 60. Husband also teaching in Polytechnic, is due to retire this year.

I was sensitive enough not to ask about their pension, but I knew two years ago prior to retirement she was given a rather complicated choice of pension + something else (two choices to choose).

From my observation, I know they received very good pay. Staying in a 3 bed room private condo (mind you, not EC), driving good Jap car, sending son to UK for medical course (MBBS) with own money, buying an apartment in London for about GBP 400k paying cash.

Just wonder if pay is no good, pension is no good, how could they afford all these? Please provide facts, not fabricating infor that is not accurate. Don't know please don't respond.

TQ

ps: Definitely they join government service before 1986.

Maybe you heard of think called financially planning. =)

There is a factual news report on T.V. of a parking attendant who is a multi - millionaire.

How did he become so rich?

Originally Posted by Unregistered

Just wonder if pay is no good, pension is no good, how could they afford all these? Please provide facts, not fabricating infor that is not accurate. Don't know please don't respond.

TQ

ps: Definitely they join government service before 1986.

You are really dense. You think only must have good pension then can afford condo and send children for overseas medical course?

Throughout this forum you can see many young and not so young high earners with good passive incomes from their shrewd investments. You think they have pension?

Our teachers are competitively paid. Two graduated teachers married to each other would have a combined income at the top 10 - 15% of household incomes. By 50, they could easily afford to live in a condo and possibly have another for rental income.

Originally Posted by Unregistered

I have a relative just retired from teaching at JC about two years ago at age 60. Husband also teaching in Polytechnic, is due to retire this year.

I was sensitive enough not to ask about their pension, but I knew two years ago prior to retirement she was given a rather complicated choice of pension + something else (two choices to choose).

From my observation, I know they received very good pay. Staying in a 3 bed room private condo (mind you, not EC), driving good Jap car, sending son to UK for medical course (MBBS) with own money, buying an apartment in London for about GBP 400k paying cash.

Just wonder if pay is no good, pension is no good, how could they afford all these? Please provide facts, not fabricating infor that is not accurate. Don't know please don't respond.

TQ

ps: Definitely they join government service before 1986.