Do you think Gay and single can retire earlier since we have less commitment?

[quanjishou]

if yes what is your retirement goal and roughly how much u need per month to retire to maintain your current lifestyle?

[Pubic01]

Read before that S$650 is threshold of poverty line per person. Three times that will be about S$2,000 household. I think S$2,500 monthly per person will be ideal a target to set for retirement lol. I hope I’m not too naive lol

[Singroc]

Different individual has different lifestyle and needs hence the amount required will be different.

[lonelyglobe]

3 hours ago, Pubic01 said:

Read before that S$650 is threshold of poverty line per person. Three times that will be about S$2,000 household. I think S$2,500 monthly per person will be ideal a target to set for retirement lol. I hope I’m not too naive lol

OK,  2.5k per month that will be 30k per year, retire at 65 with a projected life expectancy of 95, that means u will need 30k x 30 years = 900k, do u have that amount in your CPF + saving?

 

Let say u have a room to rent out or other form of passive income say 1k per month,  u will still need 18k per year x 30 = 540k. Assuming the inflation rate at 2.5% which will be offset by the CPF interest rate.

 

I would say a more practical amount will be 1k per month which work out to 12k x 30years = 360k. Assuming u have a passive income of 1k per month, that will fully take care of your monthly expenditures and whatever left in CPF can be use for any unforeseen event or occasional  holiday break. 

Edited May 11, 2023 by lonelyglobe

[cutejack]

Hdb paid up? 1k is enough to pay utility bills n for own use. Rent a room n stay at home. Live a contented life. Old age still need to party n travel meh? 

Nobody wants to have money n wait for emergency to happen. That's the stupid thing to do in life. Right? 

50yo can retire already la.

[quanjishou]

i am a simple person, as of current 1k per month is more than enough.  of course that doesnt include one off expenses like buying handphone or any big item or yearly travel. but yes just the monthly expense 1k is enough, some months i even just spend 800

[begleitung]

so when u retire

[passinthenight]

I retired in 2016 @ age 55 & a half. I am gay & single so I only have myself to worry about.

I live in Australia which means I am entitled to free medical and I can apply for a government pension when I turn 67.

If you have too much money, you can't get the government pension so maybe only get a part pension.

So, I've been living on savings and a private pension I paid into during my working life.

 

 My 2 favourite mottos are 'Don't be the richest man in the grave yard' & 'If you don't travel 1st class, the people who inherit your money, will'.

[Leanmeat]

I would think can retire early but that's only provided you are not those who go for atas stuff or you have done gd financial planning. 

Edited May 25, 2023 by Leanmeat

[keyboard]

Technically is yes. Reality is there is social pressure to not retire till you are of a certain age. The next question would be what will you do when you're retired?

With all that free time, you will have to start to explore things to do, and likely costs more than what you are spending since 8-10 hours are at your job.

Go walk at a mall, end up buying a drink or some yoghurt etc that's going to cost $2-8 instead of a coffee break in the office pantry etc. One trip to Haidilao gonna set you back a week of caipng budget or a murtabak is setting you close to $10 also these days. This is not accounting for the possibility that you decide to eat healthier.

 

Having a passive income is all good, no fret if that's not going to happen since you can't bring money after death. Using CPF figures gives you a ballpark how much living in SG needs for a "standard" lifestyle (caipng (hawker not food court), NTUC, polyclinic, $150 phones).

The rest in cash would be to tie you to age 65-70 before you start cashing out from CPF (note official retirement age likely to increase still).

 

If you're already getting your monies at >4% /yr consistently, then you don't have to rely on CPF that much.

 

Please don't buy love to fill the time, enough stories of those around.

 

Tools:

https://calculator.academy/reverse-interest-calculator/ - say you need 1m - 4% annual compounding (CPF SA) - 30 years - $308k today (age 35)

https://www.calculator.net/annuity-payout-calculator.html - with 1m - 4% interest - 30 years - 4.7k monthly

 

The tagline 1M65 - is referring to 2 people. 500k is a more realistic aim for MOST people.

Edited May 28, 2023 by keyboard