what is your retirement plan?

[egal]

if any?

[blueduck]

have a restaurant and durian orchard (I planting some durian trees)

[radiusulnar]

CPF Life payout

[egal]

is it enough

[radiusulnar]

I hope so. It's just for living expenses.

[iKneadyou]

Run a foot reflexology center for income

Edited March 12 by iKneadyou

[Singroc]

17 hours ago, radiusulnar said:

CPF Life payout

Frankly, based on the full retirement sum, you only get $16xx per month. Hardly enough unless you live a frugal life.

[M4L4Y]

Sell off my condo unit... buy a small land with small house in M'sia... get by daily selling food along the roadside outside my house!!! 🙂🙂🙂

[doncoin]

I don't think I will ever fully stop working, but my dream has always been to buy a vineyard in South Africa, spend part of the time there, and the rest of the time be an advisor to companies to keep life interesting. 

[aftereightme]

3 hours ago, doncoin said:

I don't think I will ever fully stop working, but my dream has always been to buy a vineyard in South Africa, spend part of the time there, and the rest of the time be an advisor to companies to keep life interesting. 

And then you drunk at the vineyard in South Africa ... sexually, erotically, seductively ... how I hope to business partner with you in that big space of vineyard surrounded by Africans 😆 😂 

[aftereightme]

On 3/13/2024 at 9:49 AM, Singroc said:

Frankly, based on the full retirement sum, you only get $16xx per month. Hardly enough unless you live a frugal life.

my neighbours told me easily hit $3000 per month since they retired

Edited March 23 by aftereightme

[mp440028]

Depending on your lifestyle, $2.5k/$3k is actually sufficient. It should cover most bills, the ocassional nice lunch or dinner. I used to budget $2k when I first retired, now upgraded to $2.5k because of inflation.

 

Have a spending tracker, something like 1Money which you can download from the Google Play or something to keep track of expenditure. It's easy to use and can be personalized.

 

The only way to keep to budget is to be aware of what you are spending. It can be painful if you have a big ticket item to buy. And don't cheat. After a while, you know what are your fixed expenditures, and what are frivolous items, and from there, adjust your budget.

 

Hope this helps.

 

 

 

 

[doncoin]

18 hours ago, aftereightme said:

And then you drunk at the vineyard in South Africa ... sexually, erotically, seductively ... how I hope to business partner with you in that big space of vineyard surrounded by Africans 😆 😂 

 

 

I don't drink a lot which makes it ideal for me to own a vineyard. To be honest, I am thinking more of buying into a partnership of an existing place, that is large enough to have a house where I can live part-time. I love the areas surrounding Cape Town and can definitely see myself spending more time there hopefully in the future. 

[egal]

vineyards sound hard to manage, with climate change and all, u cannot predict the harvest

 

 

i think my biggest spending ticket would be travel

[Want to try]

On 3/13/2024 at 9:49 AM, Singroc said:

Frankly, based on the full retirement sum, you only get $16xx per month. Hardly enough unless you live a frugal life.

Someone on youtube said you can get 4600 a month.. Is he smoking something? 

If you have a roof over your head and no morw debts, i think you can get by with 2k a month, assuming you spend 30 a day on food which ia plenty! Transport by mrt or bus is cheap especially when you have a senior card. Household expenses like utilitiea and wifi wont be more than 200 a month. If you travel aay 2 times a year, you budget another 3.5k a year... 

Like you Singroc, you can sing at hine, go bowling, occasionally get someone home to have fun witj6, retirement life is good 👍

[Singroc]

2 hours ago, Want to try said:

Someone on youtube said you can get 4600 a month.. Is he smoking something? 

If you have a roof over your head and no morw debts, i think you can get by with 2k a month, assuming you spend 30 a day on food which ia plenty! Transport by mrt or bus is cheap especially when you have a senior card. Household expenses like utilitiea and wifi wont be more than 200 a month. If you travel aay 2 times a year, you budget another 3.5k a year... 

Like you Singroc, you can sing at hine, go bowling, occasionally get someone home to have fun witj6, retirement life is good 👍

Think $2k is really a stretch. You need to factor in medical expenses too as it’s going to get more as you age.

Also $3.5k for travel twice a year means you can only go nearby countries like SEA or maybe HK/Taiwan/China.

[egal]

with inflation i guess tht is even harder

[Swimfun]

Retirement in Singapore is generally well-supported due to our comprehensive social security system, including the Central Provident Fund (CPF) and Housing and Development Board (HDB) retirement policies.

 

The CPF enables Singaporeans to enjoy a secure retirement through lifelong income, healthcare financing, and home financing.

 

Let’s talk about home financing, since most of us may have invested a large amount of our savings or future monies in housing, whether you are looking for a dream home or an investment opportunity to grow your retirement wealth, the objectives should be the same: to preserve and protect your assets from degrading in value.

 

PM me for more information, if you guys are interested to discuss further on property wealth planning and how CPF and HDB scheme help us to achieve our goal of securing a sustainable retirement income.

 

The key to financial security is making your money work harder for you to outpace inflation.

[bluerunner]

Honestly, it’s too expensive to ‘retire’ without  taking up any job to earn some income. 
Some people will scream at me saying ‘If still need to work, that’s not retire!  Why retire then?’

To me, retire does not mean you must be doing nothing, continue to spend money, and wait to be taken away. 
Retirement to me means, you don’t have to slog and worry about money to pay your bills, and have w enough (very subjective term) to go by. 
For me, I don’t think I’m ready for retirement yet. Simply, money no enough. 

[Balestier]

11 minutes ago, bluerunner said:

Honestly, it’s too expensive to ‘retire’ without  taking up any job to earn some income. 
Some people will scream at me saying ‘If still need to work, that’s not retire!  Why retire then?’

To me, retire does not mean you must be doing nothing, continue to spend money, and wait to be taken away. 
Retirement to me means, you don’t have to slog and worry about money to pay your bills, and have w enough (very subjective term) to go by. 
For me, I don’t think I’m ready for retirement yet. Simply, money no enough. 

Yep ... Take up a less stress  half day job, spend time on yourself.  

[Balestier]

You need to start retirement planning when u are in 20s.

Save more now for your future spending 

[Balestier]

In sg, you will be lucky to die in your sleep. Let's hope won't end up in hospice, ICU or Aged home.

[Swimfun]

9 minutes ago, bluerunner said:

Honestly, it’s too expensive to ‘retire’ without  taking up any job to earn some income. 
Some people will scream at me saying ‘If still need to work, that’s not retire!  Why retire then?’

To me, retire does not mean you must be doing nothing, continue to spend money, and wait to be taken away. 
Retirement to me means, you don’t have to slog and worry about money to pay your bills, and have w enough (very subjective term) to go by. 
For me, I don’t think I’m ready for retirement yet. Simply, money no enough. 

This will be considered as semi-retirement. You might have a bigger appetite, more energy, and interesting dreams now, but when you reach the golden age of retirement, things will change. Luxury expenses will reduce due to loneliness, and your friends, family, and loved ones will pass on. Medical expenses will increase; you'll need either good medical insurance, significant retirement savings, or no savings at all and depend on Medifund for support. Continuing employment will no longer be a choice.

 

As part of Singapore's comprehensive healthcare system designed to provide affordable and accessible healthcare, Medifund helps Singaporean who face financial difficulties in paying for their medical expenses, ensuring that they can still access necessary healthcare services.

[mp440028]

21 hours ago, bluerunner said:

Honestly, it’s too expensive to ‘retire’ without  taking up any job to earn some income. 
Some people will scream at me saying ‘If still need to work, that’s not retire!  Why retire then?’

To me, retire does not mean you must be doing nothing, continue to spend money, and wait to be taken away. 
Retirement to me means, you don’t have to slog and worry about money to pay your bills, and have w enough (very subjective term) to go by. 
For me, I don’t think I’m ready for retirement yet. Simply, money no enough. 

Well said. Retirement isn't about doing nothing. I somehow feel that I am busier as a retiree than when I was employed. Project work, volunteering, and an active social calendar keep me constantly occupied. The great thing about being retired is that you get to choose the projects you want to do, and not have to do the ones you don't want to do. No emails, KPOs, no P&Ls, and no unnecessary calls in the middle of the night from clients.

 

But of course, your lifestyle choices and savings/retirement income stream play a huge part in determining when you can retire.