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Whats your net worth

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  #1291 (permalink)  
Old 29-08-2013, 09:32 AM
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Default Not easy to retire

working in the hospitality business for a long time. approx 15k per month. Own a condo 1.2 M and have 200K in the bank. 10 years ago I would have been happy with this, today I feel that it is inadequate to retire on, unless I move to a third world country. How do you feel about retirement and what net worth does an average person need to retire.

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  #1292 (permalink)  
Old 29-08-2013, 09:49 AM
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There are actually many financial tools (freely available) in the internet to help you make the assessment. Nowadays they are also easy and intuitive to use.

One such calculator I recently came across is this: Great Eastern Life | SUPREME RETIREMENT

Your fears are unfortunately valid. Most people are not aware of the deleterious effect of inflation and health care cost.

Already you can see the gahmen stepping in to help middle income family to buy their flats. Now households earning $6,500 pm is considered "needful" of help. What more in 10, 20 years time? Maybe by then households earning $10k pm would need subsidy as well. Meaning your retirement savings would not last long.


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working in the hospitality business for a long time. approx 15k per month. Own a condo 1.2 M and have 200K in the bank. 10 years ago I would have been happy with this, today I feel that it is inadequate to retire on, unless I move to a third world country. How do you feel about retirement and what net worth does an average person need to retire.


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  #1293 (permalink)  
Old 29-08-2013, 01:09 PM
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Quote:
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working in the hospitality business for a long time. approx 15k per month. Own a condo 1.2 M and have 200K in the bank. 10 years ago I would have been happy with this, today I feel that it is inadequate to retire on, unless I move to a third world country. How do you feel about retirement and what net worth does an average person need to retire.
which 3rd world country are you looking at? across the causeway or further away?

one way you can retire in spore is to sell your condo at the age of 70. then use the proceeds to buy a studio hdb flat for the elderly. then retire with the cash balance. you can retire with about $2k per month.

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  #1294 (permalink)  
Old 30-08-2013, 07:56 PM
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36, single, stays with parents
Earning $38k pa, savings $30k
No GF, hobby playing computer games
Am I doing ok or am I a loser?
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  #1295 (permalink)  
Old 31-08-2013, 03:34 AM
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36, single, stays with parents
Earning $38k pa, savings $30k
No GF, hobby playing computer games
Am I doing ok or am I a loser?
Anyone who is contributing to the society is a winner. Your time is limited, so don't waste it living someone else's life. I've a friend who stay single just to take care of his mother, he is 55 years old now. So you're ok.
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  #1296 (permalink)  
Old 31-08-2013, 07:32 AM
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According to the latest salary survey Salary.sg - Your Salary in Singapore

$38k pa is below the median income which is $53k. That means you are on the wrong side of the divide.

Make your computer game hobby pay off. A lot of time is wasted. By the way what are you working as?

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36, single, stays with parents
Earning $38k pa, savings $30k
No GF, hobby playing computer games
Am I doing ok or am I a loser?
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  #1297 (permalink)  
Old 31-08-2013, 08:04 AM
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Been working for more than 25 years, now 47, bringing home $60k pa. My wife is a housewife who takes care of her old parents. We live in a cosy 3 room flat. I have to support 5 persons, including my two school going children. I hope I will not die suddenly as so many people are dependent on me. Life can be challenging but a man got to do what a man got to do.
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  #1298 (permalink)  
Old 31-08-2013, 10:06 AM
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You said it man. Have you bought insurance? You know 5 people are dependent on you financially, so you should ensure that they are not left high and dry should something bad happen to you.


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Been working for more than 25 years, now 47, bringing home $60k pa. My wife is a housewife who takes care of her old parents. We live in a cosy 3 room flat. I have to support 5 persons, including my two school going children. I hope I will not die suddenly as so many people are dependent on me. Life can be challenging but a man got to do what a man got to do.
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  #1299 (permalink)  
Old 31-08-2013, 05:45 PM
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Hi all gurus out there,

Need your advice on retirement. My wife and I are in our mid 40s and we just started to plan for retirement. We have finished paying the loan for our 4 room HDB flat. Our savings so far are not much, only $50k. How much do we need to save if we plan to retire by age 65? We think we need about $3k a month for our household expenses when we reach 65. Our annual combined income is currently $100k. How much do we need to save per month? We are worried whether we can save enough to retire. Please don't suggest investing in stock as we are afraid we will lose our money. Can please help advise how we can retire? Thanks.
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  #1300 (permalink)  
Old 31-08-2013, 08:32 PM
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Assuming you and your spouse are 45. And you want to retire by 65. That's 20 years to go. And assuming you will live to 85. Another 20 yrs. Here's what you will need during your retirement years if you want to maintain the $3000 pm purchasing power throughout the 40 years. Assume inflation rate at 3.5%. Dont say I say, but $3k for two persons is really really basic. Definitely no car, and cannot go for holidays also.

Value today -- $3000 pm
20 years later when you are 65 (to have same purchasing value) -- $5,969 pm
40 years later when you are 85 -- $11,877 pm

Here's the bombshell - the amount you will need to maintain that very modest lifestyle of $3000 per month.

To last 10 years (from 65 to 75 yrs old) : $941,392
To last 20 years (from 65 to 85 yrs old) : $2,168,275

What!? So much? you say. Ok, let's say zero inflation every year. Just based on $3,000 pm
1 year will mean $36,000 already.

Let's say you retire at 65. With zero inflation, you will need:
To last 10 years (from 65 to 75) : $360,000
To last 20 years (from 65 to 85) : $720,000

To be save, also assume there will be inflation, and save and invest as much as you can while you are still working! Better still, dont retire at all if possible.

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Originally Posted by Unregistered View Post
Hi all gurus out there,

Need your advice on retirement. My wife and I are in our mid 40s and we just started to plan for retirement. We have finished paying the loan for our 4 room HDB flat. Our savings so far are not much, only $50k. How much do we need to save if we plan to retire by age 65? We think we need about $3k a month for our household expenses when we reach 65. Our annual combined income is currently $100k. How much do we need to save per month? We are worried whether we can save enough to retire. Please don't suggest investing in stock as we are afraid we will lose our money. Can please help advise how we can retire? Thanks.
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