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Retirement How much money is needed to retire comfortably, and what do you do in retirement




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  #1 (permalink)  
Old 29-05-2022, 11:32 PM
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Default Early Retirement

How much do you need to retire early?

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Old 30-05-2022, 12:14 AM
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Originally Posted by Salary.sg View Post
How much do you need to retire early?
never enough

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  #3 (permalink)  
Old 31-05-2022, 10:11 PM
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How much do you need to retire early?
2 000 000

10char

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  #4 (permalink)  
Old 03-06-2022, 01:10 AM
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Default I want to retire

My current income streams:
salary $23k
rental 1 $2.5k
rental 2 $2.2k
side hustle 1 $6k
side hustle 2 $1k
dividends $1.3k
Total: $36k

If I retire I will lose my salary of $23k, leaving $13k.

However, these are my expenses:
parents 4.5k
helper 0.7k
ppty tax 0.4k
credit cards 6k
bills 0.5k
loan 1 6k
loan 2 3k
income tax 3k
Total: $24k

If I exclude income tax, it is still $21k. Granted that both loans are technically paying off properties which are assets, they are still depleting my cash.

Am I able to retire?
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  #5 (permalink)  
Old 07-06-2022, 09:43 AM
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Originally Posted by Unregistered View Post
My current income streams:
salary $23k
rental 1 $2.5k
rental 2 $2.2k
side hustle 1 $6k
side hustle 2 $1k
dividends $1.3k
Total: $36k

If I retire I will lose my salary of $23k, leaving $13k.

However, these are my expenses:
parents 4.5k
helper 0.7k
ppty tax 0.4k
credit cards 6k
bills 0.5k
loan 1 6k
loan 2 3k
income tax 3k
Total: $24k

If I exclude income tax, it is still $21k. Granted that both loans are technically paying off properties which are assets, they are still depleting my cash.

Am I able to retire?
You already know your cash is going to deplete. You should already know your answer.
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  #6 (permalink)  
Old 07-06-2022, 12:12 PM
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my household income (both age 50)

salary $40k
rental $4k
dividend $5k (annualized into monthly)

total about $49k

total expense about $20k/month
but should drop to $8k once we decide to retire in 5 years time.




Quote:
Originally Posted by Unregistered View Post
My current income streams:
salary $23k
rental 1 $2.5k
rental 2 $2.2k
side hustle 1 $6k
side hustle 2 $1k
dividends $1.3k
Total: $36k

If I retire I will lose my salary of $23k, leaving $13k.

However, these are my expenses:
parents 4.5k
helper 0.7k
ppty tax 0.4k
credit cards 6k
bills 0.5k
loan 1 6k
loan 2 3k
income tax 3k
Total: $24k

If I exclude income tax, it is still $21k. Granted that both loans are technically paying off properties which are assets, they are still depleting my cash.

Am I able to retire?


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  #7 (permalink)  
Old 09-06-2022, 11:55 AM
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Quote:
Originally Posted by Unregistered View Post
my household income (both age 50)

salary $40k
rental $4k
dividend $5k (annualized into monthly)

total about $49k

total expense about $20k/month
but should drop to $8k once we decide to retire in 5 years time.
Impressive. Are you able to retire now?
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  #8 (permalink)  
Old 29-09-2022, 05:20 PM
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Another humble bragging.

Easy. Just sell your second property. Apparently the rental yield is much lower than the repayment. You've now got cash to invest in stocks and stuff. And what the hell are you buying to have credit bill of 6k a month. That needs to be looked at. Obviously you can't be eating wagyu everyday if you genuinely want to retire comfortably. And why do your parents need 4.5k when you retire? Don't they have their own savings and retirement plan?

Quote:
Originally Posted by Unregistered View Post
My current income streams:
salary $23k
rental 1 $2.5k
rental 2 $2.2k
side hustle 1 $6k
side hustle 2 $1k
dividends $1.3k
Total: $36k

If I retire I will lose my salary of $23k, leaving $13k.

However, these are my expenses:
parents 4.5k
helper 0.7k
ppty tax 0.4k
credit cards 6k
bills 0.5k
loan 1 6k
loan 2 3k
income tax 3k
Total: $24k

If I exclude income tax, it is still $21k. Granted that both loans are technically paying off properties which are assets, they are still depleting my cash.

Am I able to retire?
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  #9 (permalink)  
Old 11-10-2022, 04:22 PM
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Quote:
Originally Posted by Unregistered View Post
Another humble bragging.

Easy. Just sell your second property. Apparently the rental yield is much lower than the repayment. You've now got cash to invest in stocks and stuff. And what the hell are you buying to have credit bill of 6k a month. That needs to be looked at. Obviously you can't be eating wagyu everyday if you genuinely want to retire comfortably. And why do your parents need 4.5k when you retire? Don't they have their own savings and retirement plan?
Not every old parent has retirement savings. I believe a significant number of people in 40-60 age group need to support their own old parents. They are the sandwich generation.
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  #10 (permalink)  
Old 11-10-2022, 04:33 PM
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The amount required to retire is relative to one's expectation. An above average performing grad should be able to retire at 55 and a high achiever can expect to retire at 40-45.
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