Is $50,000 per year enough to retire in Spore?

[johnny333]

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?

 

[peppertail]

No car, no house loan and over 4k per month. Sure why not? It's enough to feed a family.

 

[po2wq]

No car, no house loan and over 4k per month. Sure why not? It's enough to feed a family.

u r far from retiremen age ...

 

[GoldenDragon]

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?

I am quite sure 50k per year is enough for many singles to survive for a year, with house paid up and no car loan to service. That's approx 4k a month and $130 a day. Makan and cig surely no problem. Call chicken once a week also catered for. The big concern is medical. Covered by insurance?

 

[erection2015]

groceries, food and SP bills should be around 1.2 to 1.5 k per month. Transport and phone bills around $600. Misc say $400. Total 2.5k...ballpark figure.

Still got around 1 over k to spare

I am quite sure 50k per year is enough for many singles to survive for a year, with house paid up and no car loan to service. That's approx 4k a month and $130 a day. Makan and cig surely no problem. Call chicken once a week also catered for. The big concern is medical. Covered by insurance?

 

[johnny333]

I am quite sure 50k per year is enough for many singles to survive for a year, with house paid up and no car loan to service. That's approx 4k a month and $130 a day. Makan and cig surely no problem. Call chicken once a week also catered for. The big concern is medical. Covered by insurance?

Any idea how much medical insurance would cost per year with a reputable insurance company
Better exclude NTUC because I'm not sure about their reputation.

 

[po2wq]

... Still got around 1 over k to spare

dat 1+k 4 medical insurans ...

 

[GOD IS MY DOG]

No car, no house loan and over 4k per month. Sure why not? It's enough to feed a family.

everyday come here to forum............no need spend money on entertainment some more

 

[Raiders]

everyday come here to forum............no need spend money on entertainment some more

Now you know why this forum is full of these retired old men?

 

[toolanliao]

got meh. i read the posts here, i thought here got many studs.

 

[PStanley]

4 in 10 Singaporeans not saving for retirement, blames high cost of living

Many put the blame on high cost of living, according to survey

Published on Mar 21, 2013

More than four in 10 Singaporeans say they have not set aside a single dollar for retirement - that was a startling finding from a new survey. -- BT FILE PHOTO

By Magdalen Ng

MORE than four in 10 Singaporeans say they have not set aside a single dollar for retirement - that was a startling finding from a new survey.

The HSBC survey also learnt that people were not saving mainly because of the high cost of living.

Retirement planning has been a major headache for many Singaporeans, who continue to rely on their Central Provident Fund savings as their basic nest egg, a reliance many financial advisers say is outdated.

Still, 41 per cent of about 1,000 Singaporeans polled in the survey said they have never saved for retirement.

BACKGROUND STORY

WHY NOT?

Out of about 1,000 Singaporeans polled in the survey, 41 per cent said they have never saved for retirement. Their reasons:

47 per cent claim they are held back by the cost of day-to-day living 31 per cent say they have never really thought about it
Some 38 per cent say buying a property is the biggest obstacle to saving for retirement
SAVE A LITTLE

If retirement planning is important and a priority, you will make the effort to save, even if it is $100 or $200 a month that you can spare.

- Chief executive Christopher Tan of wealth management and financial advisory firm Providend

Get the full story from The Straits Times.

 

[chupacabra]

It's enough if you and or your family's healthcare is covered for life. If you need to be hospitalize every now and than, 50k not enuff per year. Immigration out of peesai is the key.
Yup you might wait in line at the doctors office but there are plenty of cheap insurance that u can get to go around the queue.

 

[johnny333]

4 in 10 Singaporeans not saving for retirement, blames high cost of living

...

So many reports about Sporeans not having enough savings. However they never provide any info about how much $$$ is considered enough. Maybe the so called "experts" just don't know

 

[Cestbon]

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?

No car loan no housing loan . A fully paid. Of course enough>> even if you count inflation for next 10 year. After 2030 not sure is enough or not . SG$ down or up/bankrupt like greece or Cyprus.

 

[blackreplica]

If you have 50K passive income per year and are retired, get the fuck out of SG and live like a king somewhere else

 

[Cestbon]

If you have 50K passive income per year and are retired, get the fuck out of SG and live like a king somewhere else

Clap clap clap best answer and best solution. Go Thailand or Malaysia.

 

[songsongpunggol]

how much does it costs to move?

 

[Dark Knight]

Most people who are in their early 40s (still single) don't even have $200,000 cash savings in their bank.
Even if they are lucky enough to get work until age 55 the most they can save may be around $400,000 or lesser.
How many of us in reality can really have that $500,000 of cash in hand for retirement to last for that 10 years of enjoyment?
Sad to say not many for those middle and lower income group can really have their retirement in Sillypore.

 

[Hawkeye1819]

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.

 

[johnny333]

If you have 50K passive income per year and are retired, get the fuck out of SG and live like a king somewhere else

He may chose to leave. However he wants to know if staying in Spore is an option with a budget of $50k/ year.

For myself I'm thinking about spending $50 to $100k to buy or maybe just rent a place for a couple of hundred/month a place in LOS. Planning to visit Changmai soon to have a look see. May take a couple of years before I finally decide