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

[Leongsam]

Half a million dollars might not be enough.

I already arrived at that conclusion years ago.

In order to achieve financial independence, a figure of between $3 million to $5 million is the minimum amount required in order to enjoy ones retirement.

Anything less will be touch and go. This doesn't just apply to Singapore. It would be the same in most developed countries.

 

[winnipegjets]

I already arrived at that conclusion years ago.

In order to achieve financial independence, a figure of between $3 million to $5 million is the minimum amount required in order to enjoy ones retirement.

Anything less will be touch and go. This doesn't just apply to Singapore. It would be the same in most developed countries.

$3-$5 million ....how many people can save that much? Most people's lifetime's earning won't exceed $1 million, and that is before tax.

 

[Leongsam]

$3-$5 million ....how many people can save that much? Most people's lifetime's earning won't exceed $1 million, and that is before tax.

Anyone can achieve this if they set their minds to it. I explained how it is done in the retirement sticky thread.

 

[Papsmearer]

DBS must have only surveyed their wealth management clients. How many sinkies expect to receive $3500 a month for retirement and what amount would they have to save to get that?

The median income for singaporeans is about $2250 per month. After you deduct 36% for CPF contributions, u are left with $1440 per month. From this amount, you have to pay living expenses. Even if you can set aside $500 per month outside of your CPF for 40 years, you will only receive $741K. And if you have an average inflation rate of 3% per year over the 40 years, this number shrinks to $227K in today's money.

 

[SgGoneWrong]

For those who look at living elsewhere, dual citizenship is best for you.

 

[Romagnum]

500k not enough? DBS talking cock

Gimme 499k I straight away retire for you to see

 

[mojito]

Wah what happened care to share ? You are only 30s with 375k cash should be enjoying life at this age lah.

More and more dua kang yau siu in the forum these days. Must be because school holidays now.

 

[frenchbriefs]

More and more dua kang yau siu in the forum these days. Must be because school holidays now.

is leong sam a dua kang yau siu?

 

[rotiprata]

500k not enough? DBS talking cock
Gimme 499k I straight away retire for you to see

no talking cock... retirement age is oredi raised to 65
enough reason to stop the CPF withdrawn age at 55 completely...

 

[jw5]

Later DBS will tell you to let their "relationship" managers help you to "grow" your money.

 

[Cerebral]

Wah what happened care to share ? You are only 30s with 375k cash should be enjoying life at this age lah.

To have 700k in bank when he is only in his 30s and only earning 10k and montha will tell you what kind of lifestyle he has.

I recomend that you do stop to smell the roses. Those money is really only a digit...

 

[Cerebral]

I am looking at Mudland. Good option imo.

I am also thinking of mudland, but wife says no.....

 

[po2wq]

... The survey showed that a fifty-year-old man who expects to receive $3,500 a month in today’s dollars ...

y shud a 50 yr o retiree nid 2 spend $3,500 a month? ... feed prc charbors? ...

 

[Aviator]

Mudland is really the best option

 

[SgGoneWrong]

Why do sinkies need to retire? Should learn from LKY, work until wheelchair bound, mouth cannot close still not retire.

 

[ginfreely]

$3-$5 million ....how many people can save that much? Most people's lifetime's earning won't exceed $1 million, and that is before tax.

I think most will be dead before reaching that amount.

 

[frenchbriefs]

I think most will be dead before reaching that amount.

what u mean?its only 6 peanuts.

 

[ginfreely]

what u mean?its only 6 peanuts.

6 Singapore peanuts.

 

[lifeafter41]

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.

Was wondering if it includes cpf. After 65, the amount one will receive from cpf life. Provided the goal post don't move again.

 

[enterprise2]

At the rate our costs of living is going up and remember we r already the most expensive in the world, even $2m may not be enough!