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DBS says $500K not enough for Sinkies to retire. Wah lau eh!!

Papsmearer

Alfrescian (InfP) - Comp
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Half a million dollars might not be enough.

Retirement savings--and the lack thereof--is a major cause for concern for many Singaporeans. The prospect of working past retirement age is looms over many employees, especially for those who have no idea how to manage their retirement funds.

According to a survey by DBS, respondents claimed that a war chest worth $523,306 should be enough to support them in retirement. However, DBS cautions that there seems to be a disjoint between how much one needs for retirement versus how much one needs to have set aside at their retirement age.

The survey showed that a fifty-year-old man who expects to receive $3,500 a month in today’s dollars until he is 81 years old will need $1,050,000 at the retirement age of 65, significantly above the perceived average.

“Despite healthy levels of savings in Singapore, one may still struggle to estimate sufficient funds for their retirement due to the unwillingness to take risks, uncertainty about inflation and life expectancy assumptions,” noted DBS.
 
Who are these idiots to say how much money is necessary for retirement, or when or how we should retire? :rolleyes:
 
Strange. 42k a year at 5% return only need 800+k and that is based on capital fully intact. If willing to dip into capital, the amount needed is lesser. Is this a scare tactic?
 
No worries about retirement.
Sinkies are a rich bunch.
The strength of the sg dollars already beat that of most countries.
 
Strange. 42k a year at 5% return only need 800+k and that is based on capital fully intact. If willing to dip into capital, the amount needed is lesser. Is this a scare tactic?

Kindly point out where we can get 5%. Most mortals are getting only 2.5% in their CPF. If you can get 5%, I suggest u start your own financial company for investors.
 
Um getting 5% is actually quite easy,I believe 9% a year is the average market return from passive index investing?any REIT or diversified blue chip dividend stock portfolio can easily get u 3 to 5%.warren buffet achieved 22% returns rolling average which means his money doubled every 3 to 4 years.

Kindly point out where we can get 5%. Most mortals are getting only 2.5% in their CPF. If you can get 5%, I suggest u start your own financial company for investors.
 
Kindly point out where we can get 5%. Most mortals are getting only 2.5% in their CPF. If you can get 5%, I suggest u start your own financial company for investors.

I know about the CPF returns, but DBS is not referring to CPF. They are saying that you need 1m for 3.5k and month and i am saying that even based on 5% return you only need 800+k. Where they get the 1m number from
 
Half a million dollars might not be enough.

Retirement savings--and the lack thereof--is a major cause for concern for many Singaporeans. The prospect of working past retirement age is looms over many employees, especially for those who have no idea how to manage their retirement funds.

According to a survey by DBS, respondents claimed that a war chest worth $523,306 should be enough to support them in retirement. However, DBS cautions that there seems to be a disjoint between how much one needs for retirement versus how much one needs to have set aside at their retirement age.

The survey showed that a fifty-year-old man who expects to receive $3,500 a month in today’s dollars until he is 81 years old will need $1,050,000 at the retirement age of 65, significantly above the perceived average.

“Despite healthy levels of savings in Singapore, one may still struggle to estimate sufficient funds for their retirement due to the unwillingness to take risks, uncertainty about inflation and life expectancy assumptions,” noted DBS.

This is a very stupid statement. People mostly will change their spending habit after old age and especially after retirement. DBS Gong LJ wei lah
 
60%: Got some coolie rice to eat hor seh liao loh!
 
Don't forget that $600K is supposed to be "peanuts". :rolleyes:
 
This is a very stupid statement. People mostly will change their spending habit after old age and especially after retirement. DBS Gong LJ wei lah

Old people will need more health care as their health deteriorates. With the high cost of health care in Spore this is going to be a problem. This is why I am planning on moving somewhere cheaper than Spore.
 
Old people will need more health care as their health deteriorates. With the high cost of health care in Spore this is going to be a problem. This is why I am planning on moving somewhere cheaper than Spore.

If Healthcare is taken into account, noone from the employee category can retire in sg loh, i think 1 mil also not enough man,.
 
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Old people will need more health care as their health deteriorates. With the high cost of health care in Spore this is going to be a problem. This is why I am planning on moving somewhere cheaper than Spore.

Cost is one thing. The quality of life is even more important when you are old.

The quality of healthcare (at least for the lesser mortals) is nothing to shout about. There are also too many people and not a lot of nature spots.
 
Old people will need more health care as their health deteriorates. With the high cost of health care in Spore this is going to be a problem. This is why I am planning on moving somewhere cheaper than Spore.

But Singapore healthcare outcomes number 1 in the world why u worry?if u move elsewhere the outcome may not be as desirable.
 
375k cash each to me is can :) cos I don't really spend $ besides basic needs. To other people is a big NO.

both me n wife only early 30, retire then too sian at home.
somemore i can earn 10k per month, why retire?
 
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