The RETIREMENT thread

[winnipegjets]

Re: Should he retire?.

Your friend needs to be grateful to the PAP for his good fortune. I suggest he volunteer for PA grassroot activites and start a service business based on contacts made in the organization. I guarantee his bid will be looked upon favorably. It is an excellent way of sustaining his lifestyle in semi retirement. Don't be like the losers here who whine about the PAP day in day out.

And the friend should curse the PAP for stealing from him. He could have gotten $1.3 million in his CPF if not for the PAP paying him a miserly 2.5 percent return.

 

[winnipegjets]

Re: Should he retire?.

It is not sufficient to retire. One heart surgery and most of his liquid asset is chewed up.

 

[ginfreely]

Re: Should he retire?.

I think his cash not alot for a family with two teenage children, he should not retire early if no medical condition and job is manageable.

Unless his early retirement has no impact on the quality of life of his children. It is not just money but as role model of the children.

For people with no dependant, it is different and can retire anytime one wishes. Also is it just him retiring or wife also retiring ?

 

[shittypore]

Re: Should he retire?.

If the PAP stick around, the future generation will like drop dead b4 they retire.

 

[jw5]

Re: Should he retire?.

$1 Million for 2 people and 400K in CPF (which has not excluded minimum sum yet) is imho, not enough to retire on.

Don't forget they have 1 aged parents and 3 children yet to finish tertiary education.

But if he takes a break instead of retiring completely and his wife continues working, should be ok.

With 1kk in cash and 400k in CPF (both combined), house fully paid up and children education need, more or less, taken care of. I think he can afford to take a break.

What do forrumers think?.

 

[jw5]

Re: Should he retire?.

According to "Old Man", if not for "Old Man", we would all be finished.

If not for PAP's fine leadership, all of these would not have been possible for your friend.

 

[lifeafter41]

Re: Should he retire?.

$1 Million for 2 people and 400K in CPF (which has not excluded minimum sum yet) is imho, not enough to retire on.

Don't forget they have 1 aged parents and 3 children yet to finish tertiary education.

But if he takes a break instead of retiring completely and his wife continues working, should be ok.

I am amaze that quite a number of forummers feels that 1kk cash for 2 person, with 400k in CPF is not enough to retire on.
Either most of them are high net worth person and not your typical Singaporean, staying in hdb flats, but in private property or landed, with cash on hand of at least 2kk and 1kk in cpf.

Quite a number of people I know do not even have 200k in cash, not to say 1kk, even at age 55, with 2 person combined.
Can't even think of retirement, but must continue to work till age 67 or longer.
Or maybe I am mixing with the wrong type of crowd

 

[chootchiew]

Re: Should he retire?.

Based on my net worth per household rule, he cannot retire. Has to divide by 5. Way to go for him

 

[lifeafter41]

Re: Should he retire?.

Based on my net worth per household rule, he cannot retire. Has to divide by 5. Way to go for him

His children will get married and set up their own family.
Divide by 2 is most likely, in my opinion, maybe 5 years from now.

 

[winnipegjets]

Re: Should he retire?.

I am amaze that quite a number of forummers feels that 1kk cash for 2 person, with 400k in CPF is not enough to retire on.
Either most of them are high net worth person and not your typical Singaporean, staying in hdb flats, but in private property or landed, with cash on hand of at least 2kk and 1kk in cpf.

Quite a number of people I know do not even have 200k in cash, not to say 1kk, even at age 55, with 2 person combined.
Can't even think of retirement, but must continue to work till age 67 or longer.
Or maybe I am mixing with the wrong type of crowd

Most people in sinkapore can't afford to retire.

 

[eatshitndie]

Re: Should he retire?.

yup, $5m at least before contemplating retirement with an excellent lifestyle. the couple can go easy, travel more, and indulge in hobbies and leisure they have avoided in the past due to cost-consciousness. unfortunately, kids out of university and graduating are no guarantee for zero expense on supporting them hereafter. i've seen sinkie couples who have to continue to provide shelter, food, and broadband access to their kids out of college. these kids are either too lazy to find work, too unmotivated to land a job, too spoilt and comfortable with parents and maids babying them, or too engrossed on social media and games in their lackluster social life. for sinkie parents with such kids, be prepared to send the maid home, throw the kids out of the home, and force them to fend for themselves. freeloading adult children who still rely on parents and maids are becoming more common in sg, thanks to the stupidity of the parents.

 

[JackyCheung]

Re: Should he retire?.

Based on my net worth per household rule, he cannot retire. Has to divide by 5. Way to go for him

chiew chiew

how old are you?

 

[GoldenDragon]

Re: Should he retire?.

Most people in sinkapore can't afford to retire.

Must be refering to LKY.

 

[chootchiew]

Re: Should he retire?.

His children will get married and set up their own family.
Divide by 2 is most likely, in my opinion, maybe 5 years from now.

I think firstly he has to ask himself does he love his job. If everyday drag feet to work type then I would quit and find a happier job even if salary is much lower at his current worth. Expenditure can be adjusted one mah.

 

[chootchiew]

Re: Should he retire?.

chiew chiew

how old are you?

Hi Jacky. If you have followed some of my thread, I am in mid 40s, quitted my full time job due to too many FTs in the company. Currently relaxing with security guard job and finding another job

 

[JackyCheung]

Re: Should he retire?.

Hi Jacky. If you have followed some of my thread, I am in mid 40s, quitted my full time job due to too many FTs in the company. Currently relaxing with security guard job and finding another job

Well. U married and got kids mah?
Well. Life is not easy. All the best to you.

Jia you!

 

[chootchiew]

Re: Should he retire?.

Well. U married and got kids mah?
Well. Life is not easy. All the best to you.

Jia you!

Nope I'm not married . This is the only privilege I have as a single - to quit a job when buay song with the management
Yeah life is tough for both the married and singles here. Thanks and All the best to you too !

 

[lifeafter41]

Re: Should he retire?.

I think his cash not alot for a family with two teenage children, he should not retire early if no medical condition and job is manageable.

Unless his early retirement has no impact on the quality of life of his children. It is not just money but as role model of the children.

For people with no dependant, it is different and can retire anytime one wishes. Also is it just him retiring or wife also retiring ?

It will only be just him for a start.

 

[lifeafter41]

Re: Should he retire?.

Most people in sinkapore can't afford to retire.

That is very sad if you ask me.

 

[Leongsam]

Re: Should he retire?.

I am amaze that quite a number of forummers feels that 1kk cash for 2 person, with 400k in CPF is not enough to retire on.

My feedback has nothing to do with "feelings". I simply do the sums and present the results in black and white.

The issue is not how much a potential retiree has in assets. It's all about what his expectations are once the steady income stops coming in.

Your friend can certainly afford to retire if he decides that he will adopt a lifestyle that costs no more than $3000 to $4000 per month. He'll be able to add to his nest egg and save even more money as time goes by.

Since he's managed to save a considerable amount over the years, it's obvious that they don't spend all that they earn so the forecast $6,700 per month income may not be too far off what they are currently spending. Retirement is a very personal thing. There is no magic formula that will give you a definitive answer. There are only guidelines.

In NZ retirees with zero savings have to survive on only $290 per week ($1160 per MONTH) because that's all the NZ superannuation system will pay regardless of how much taxes you have paid over the years.

The CPF system is far better than the NZ superannuation scheme because with CPF, the more you put in, the more you get out.