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09-02-2015, 02:02 PM
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This is true. You don't need much for retirement. The problem is some old retirees are hooked to gambling, smoking, drinking and these drain the pocket. Nowadays you can still get $3 meals from hawker centres. Just buy and takeaway home.
Quote:
Originally Posted by Unregistered
The new CPF Life scheme has this enhanced option. If you are 55 this year and put in $241,500 in your CPF min sum, by the time you are 65 in 10 years time, you will get $1900 pm and your wife will get $1900 pm so in total you get $3,800 pm.
You can rent out two of your HDB flat rooms at $800 pm and so you get $1,600 pm from room rental.
Your children can each give $500 pm and if you have two children, you get $1,000 pm.
So, in total your passive income is $6,400 pm. This is more than enough for a retired couple who is debt free and do not have bad habits such as gambling, partying, drinking, smoking, womanizing, over spending on luxury goods, etc. They must also not employ a maid and must not own a car.
So, retiring should not be difficult if you have a paid up HDB flat, the enhanced CPF Life and good children. If you don't have good children, it is purely your fault for their poor upbringing. Must also not have bad, sinful activities and habits. |
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09-02-2015, 04:10 PM
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This is too broad a statement to make. Meaning it is not true you dont need much to retire.
It all boils down to when you retire, what state of health you are in, whether got children to support or not (for eg, special needs children), whether you are in debt or not (for eg housing loan, business loan etc).
Also dont forget that if you retire at 55, there is a good many years where you are still physically active and you may still want to travel or have hobbies. Only when you are much older like in your 70s then maybe your needs become simpler, but then your health will start to fail and your medical needs and bills will go up.
It is when people have no hobbies or activities to keep them occupied when retired, that they may turn to gambling and other vices. So it is important to plan well for retirement both financially and socially.
Quote:
Originally Posted by Unregistered
This is true. You don't need much for retirement. The problem is some old retirees are hooked to gambling, smoking, drinking and these drain the pocket. Nowadays you can still get $3 meals from hawker centres. Just buy and takeaway home.
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09-02-2015, 08:39 PM
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For those of you buying a new car, take note that oil prices has BOTTOMED and now on an uptrend.
So, buy those Cat A cars which consume less petrol. Petrol prices will be more expensive.
Those thinking of renewing the COE of their old car, best to buy a new car instead as newer cars have better technologies that makes the new cars more fuel efficient.
Asian petrol cars are also better in terms of fuel consumption compared to continental petrol cars in general.
COE prices have also BOTTOMED and will resume its UPTREND.
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09-02-2015, 09:35 PM
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Fresh grad - Accountancy (non-local U)
Accounting Analyst in FMCG MNC
$4.4k per month (salary + tpt allowance)
What do you guys think of this package?
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09-02-2015, 09:43 PM
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Quote:
Originally Posted by Unregistered
Fresh grad - Accountancy (non-local U)
Accounting Analyst in FMCG MNC
$4.4k per month (salary + tpt allowance)
What do you guys think of this package?
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you are overpaid. which company is this?
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09-02-2015, 10:40 PM
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Quote:
Originally Posted by Unregistered
For those of you buying a new car, take note that oil prices has BOTTOMED and now on an uptrend.
So, buy those Cat A cars which consume less petrol. Petrol prices will be more expensive.
Those thinking of renewing the COE of their old car, best to buy a new car instead as newer cars have better technologies that makes the new cars more fuel efficient.
Asian petrol cars are also better in terms of fuel consumption compared to continental petrol cars in general.
COE prices have also BOTTOMED and will resume its UPTREND. |
COE prices have not bottomed and will continue it's decline next few quarters.
Please dont come here and sell your ko-yok that COE will continue to defy gravity to go up.
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09-02-2015, 11:22 PM
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Quote:
Originally Posted by Unregistered
The new CPF Life scheme has this enhanced option. If you are 55 this year and put in $241,500 in your CPF min sum, by the time you are 65 in 10 years time, you will get $1900 pm and your wife will get $1900 pm so in total you get $3,800 pm.
You can rent out two of your HDB flat rooms at $800 pm and so you get $1,600 pm from room rental.
Your children can each give $500 pm and if you have two children, you get $1,000 pm.
So, in total your passive income is $6,400 pm. This is more than enough for a retired couple who is debt free and do not have bad habits such as gambling, partying, drinking, smoking, womanizing, over spending on luxury goods, etc. They must also not employ a maid and must not own a car.
So, retiring should not be difficult if you have a paid up HDB flat, the enhanced CPF Life and good children. If you don't have good children, it is purely your fault for their poor upbringing. Must also not have bad, sinful activities and habits. |
The problem is after paying your mortgage using CPF OA/SA, do you still have $241,500 in your CPF to be remitted to CPF Life at age 55? And another $241,500 for your wife?
Why you need to rely on your children, is it a norm? How sure your children can earn enough to feed himself and his family?
Why want to to rent out your rooms to strangers? You don't value privacy?
If you earn small income now, better don't buy cars and engage maid. Try to make your money grow faster. Unless you are high achiever, you won't grow rich by mere savings.
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