I was talking to someone & the the discusson on just how much you need per year came up. If one has already got a home fully paid up. No intention of owning a car. Can a single person survive on only $50,000 per year for the next 20 years
I remember someone mentioned a figure of retiring with $1.3 million, is this really enough? Or should someone consider moving out of Spore?
Depends. Do you have a good medical insurance policy? Do you have any particular habits, like need for commercial sex? $50,000 a year is sufficient if you have a good medical policy and your home is fully paid, and you don't indulge in sex, and you don't need a maid, and you don't go for expensive holidays, and you don't eat out often, and you don't have expensive tastes, and you live a frugal life overall. Meet all these requirements, and $50K is enough.
But beware of inflation. It is over 5% per annum. In 15 years' time, your purchasing power will fall in half, and you'll find it inadequate. People always forget about inflation or underestimate it.
$1.3 million is not a big deal in Singapore. If you want to retire on 1.3 million, I'd worry. You better ask your friend not to retire or to start monetizing his hobbies.