Retirement - the earlier the better!

[Leongsam]

My interpretation of "retirement" means, having achieved financial independence and guaranteed passive income, not having to worry about the next meal forever, not having to answer to the boss, having the time to do what you would have long wanted to do before but couldn't due to work commitment, and finally, live to your own contentment and satisfaction.

Finally, someone with sufficient IQ to understand what the term means. Most of the others here seem to be borderline retards.

I have added to your points.

 

[winners]

Tuan. Agree.

From what I gather, the killer is the increase in minimum sum of Medisave and huge increase in Medishield premiums year after year.
In this way, one has to top up from their ordinary or special account into the medisave account. In this way, they no need to pay so much when one reaches 65.
Coupled with the increase of withdrawal age to 70 in the forseeable futue, one can kiss goodbye to one's cpf.:(

lol, I've long considered the CPF as a form of forgone Indirect Tax for the government. In this way, you don't plan to look forward to it and so won't be so much of a heart pain when realization were to kick in when you're in your 60s.

 

[winners]

I have added to your points.

Thanks Boss.

 

[Leongsam]

lol, I've long considered the CPF as a form of forgone Indirect Tax for the government.

I view CPF as forced savings. It's like an endowment policy. The returns are crap but it prevents those with no discipline from blowing their wages on frivolous items.

CPF savings come in very useful once you've secured citizenship somewhere else. You can then clean out your CPF account and use it buy a beautiful home in the adopted country of your choice.

In OZ and NZ, immigrants from the rest of the world are extremely envious of the ability of Singaporeans to pay CASH for a home once they've obtained citizenship. They consider the sinkie CPF scheme to be one of the greatest things on earth and wish they had something similar.

 

[winners]

However, not many of the 60% average citizens are able to obtain a foreign citizenship. Even if there will be more of such instances in the future, I'm sure the PAPies will implement new rules to limit or defer their withdrawals. It's already implemented for those who have switched to Malaysian citizenship.

 

[Leongsam]

However, not many of the 60% average citizens are able to obtain a foreign citizenship.

What absolute crap. ANYONE can obtain foreign citizenship. I have zapped you for talking through your arse.

 

[winners]

Are you sure? Don't make my toes laugh lah. Tell me which country will accept you if you are not of respectable wealth, unless you enter as a refugee status. No country in this world would want their new immigrants to be another dependent on their welfare system, if any.

Eligible new immigrants (refugees exempted) are supposed to contribute to its economy, not a burden. I think you must have forgotten to take your medications today ya?

 

[winners]

What absolute crap. ANYONE can obtain foreign citizenship. I have zapped you for talking through your arse.

I think you should mean "can apply" instead. Oh...., typo error I supposed.

 

[Fishypie]

BroadLy speaking, to me there's 2 basic groups of 'retirement'; one is a 'voLuntary' one & the other via 'forced'..

 

[winners]

BroadLy speaking, to me there's 2 basic groups of 'retirement'; one is a 'voLuntary' one & the other via 'forced'..

I've divided my life into 3 stages, each about 25 years. First 25 years are to study and get a good qualification. Next 25 years are used to work hard and earn as much as possible. Finally, the last 25 years are for retirement and enjoy the true meaning of life, going for tours to see the world during the initial years. Anything above 75 years old will be a bonus.

 

[Leongsam]

Are you sure? Don't make my toes laugh lah. Tell me which country will accept you if you are not of respectable wealth, unless you enter as a refugee status. No country in this world would want their new immigrants to be another dependent on their welfare system, if any.

Eligible new immigrants (refugees exempted) are supposed to contribute to its economy, not a burden. I think you must have forgotten to take your medications today ya?

Wealth is but one of the categories when it comes to immigration. The majority of immigrants in most Western nations are tradesmen.... electricians, tilers, bricklayers.

A good example is Arnie. He graduated from being an Illegal Immigrant to becoming the Governor of California. When there's a will, there's always a way.

 

[winners]

Wealth is but one of the categories when it comes to immigration. The majority of immigrants in most Western nations are tradesmen.... electricians, tilers, bricklayers.

A good example is Arnie. He graduated from being an Illegal Immigrant to becoming the Governor of California. When there's a will, there's always a way.

Sam, those were the old days, when there's no Internet, but probably only BBS bulletin boards, no fax but only telex and telegraph, no TOYOTA MARK X but only TOYOTA CROWN, where HYUNDAI had just started to establish with their silly looking PONY vehicle, where YAMAHA RXKs are amongst the Ah Bengs' favourite in Sinkie Land and VESPA and BAJAJ are the Ah Peks' favourites, etc.

At what age did Arnie came to America and how old is he now? Even if the Obama's administration were to approve today, the Congress will still strongly oppose such a constitution as much as possible. And don't even need to talk about Europe because you can see for yourself the perpetual protectionist policies they have imposed even amongst the EU themselves.

Please don't forget to take your medications today okay.

 

[sickpuppy]

Nobody can FORCE you to do anything unless they put a gun to your head and nobody needs to work till they're 70. In fact, you don't have to work past 45 if you start planning for financial independence early.

Everyone should set a target of retiring at 40. This gives you ample time to get back on track should you experience a few hiccups along the way.

All you need to do is work out the minimum requirement needed for a comfortable retirement based on the lifestyle you desire. You then work backwards based on a yield of between 3% to 6% over the long term and this will give you what level of net worth (excluding the family home) you need to aim for.

Reaching your goal doesn't mean you stop work. It does mean that whatever you do from then on does not need to yield big bucks anymore. It can be pursued as a hobby.

You know what you said is very true and that was what I did and hence I retired at 49 ( took a bit longer due to 2 recessions and bad investments ) and never look back. Before I retired I had to make sure that I have a secured passive income that can support both my wife and myself and all my commitments are met ( Eg. sibling's education, housing loans and insurance ). I consider CPF as a form of tax cum coffin money

 

[looneytan]

I have added to your points.

I have zapped you for talking through your arse.

Are you sure? Don't make my toes laugh lah.

That fella is like that la, he gives and wait for opportunity to take back

PAP style

 

[winners]

That fella is like that la, he gives and wait for opportunity to take back

PAP style

Thanks. Doesn't matter lah. I know his style for quite some time already. Anyway, I don't give a damn about points, powers, number of posts, etc. If I am denied from posting, I'll just sign on with another nick and wait for the 24-hour "gestation" period, although I would very much like to retain my existing nick because this nick has been my sole signature in many other forums. After all, he's the boss and he can have the final say.

That's why as a goodwill gesture, I'll always remind him to take his daily medications. In my opinion, the 2 best forumers for me are Wuqi256 and Makapaaa.

 

[Leongsam]

At what age did Arnie came to America and how old is he now? Even if the Obama's administration were to approve today, the Congress will still strongly oppose such a constitution as much as possible. And don't even need to talk about Europe because you can see for yourself the perpetual protectionist policies they have imposed even amongst the EU themselves.

I can't speak for Europe or the US but in NZ, an immigrant that I got to know a couple of months ago arrived 2 years ago from South Africa with very little money and nothing more than some sort of trade certificate in car air-conditioning.

He told me he went to http://www.immigration.govt.nz/pointsindicator/ for details. He also indicated that most of his fellow SA migrants go down this route. Very few have any form of tertiary education and most of them have very little money because the South African Rand is pretty much worthless.

 

[Leongsam]

Thanks. Doesn't matter lah. I know his style for quite some time already. Anyway, I don't give a damn about points, powers, number of posts,

That's an excellent attitude to adopt. I commend you for your maturity. Points for you.

 

[winners]

Oh no, not again! Do I have to go through this torment so soon? Please, please, take your medications okay.

 

[Liquigas]

My 50-year old friend could not retire eventhough he is sick and tired of working life because his daughter is still studying in school - sec 3 this year. My advice to young people is simply that if you plan to retire at age 55 or earlier, please have your first child by age 30...

 

[Leongsam]

My 50-year old friend could not retire eventhough he is sick and tired of working life because his daughter is still studying in school - sec 3 this year. My advice to young people is simply that if you plan to retire at age 55 or earlier, please have your first child by age 30...

Had he worked towards achieving financial independence by the age of 40 instead of slogging away for someone else, his passive income would have been able to take care of the financial needs of the whole family.