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KNN boss why you always show this type of figures KNN can show the common sinkie type of figures anot KNN are you trying to scare my uncle KNN
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The RETIREMENT thread
- Thread starter Leongsam
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He sounds more like an insurance salesman. Lol
lol his kind of graph is for high ses retirees who wanna live it up. Nothing wrong with his projection if that's the kind of lifestyle you're after. If your uncle just needs a simple and frugal lifestyle, a lot less is needed.
I've done a very rough projection based on $1m available and his funds are put into interest bearing investments with humble return of 2% yearly. You can change the parameters according to your uncle's needs and circumstances. Main assumptions: interest income remain fixed at 2%, uncle expenses remain fixed at $36,000 per year, no crisis along the way such as medical, legal, etc. In reality, there will be some crisis here and there so better to have more than less for assurance sake. On this basis, his $1m should last him some 40 years
| year | Available Fund | yearly expense | income @ 2% |
1 | 1,000,000 | 36,000 | 19,280 |
2 | 983,280 | 36,000 | 18,946 |
3 | 966,226 | 36,000 | 18,605 |
4 | 948,830 | 36,000 | 18,257 |
5 | 931,087 | 36,000 | 17,902 |
6 | 912,988 | 36,000 | 17,540 |
7 | 894,528 | 36,000 | 17,171 |
8 | 875,699 | 36,000 | 16,794 |
9 | 856,493 | 36,000 | 16,410 |
10 | 836,903 | 36,000 | 16,018 |
11 | 816,921 | 36,000 | 15,618 |
12 | 796,539 | 36,000 | 15,211 |
13 | 775,750 | 36,000 | 14,795 |
14 | 754,545 | 36,000 | 14,371 |
15 | 732,916 | 36,000 | 13,938 |
16 | 710,854 | 36,000 | 13,497 |
17 | 688,351 | 36,000 | 13,047 |
18 | 665,398 | 36,000 | 12,588 |
19 | 641,986 | 36,000 | 12,120 |
20 | 618,106 | 36,000 | 11,642 |
21 | 593,748 | 36,000 | 11,155 |
22 | 568,903 | 36,000 | 10,658 |
23 | 543,561 | 36,000 | 10,151 |
24 | 517,712 | 36,000 | 9,634 |
25 | 491,346 | 36,000 | 9,107 |
26 | 464,453 | 36,000 | 8,569 |
27 | 437,022 | 36,000 | 8,020 |
28 | 409,043 | 36,000 | 7,461 |
29 | 380,504 | 36,000 | 6,890 |
30 | 351,394 | 36,000 | 6,308 |
31 | 321,702 | 36,000 | 5,714 |
32 | 291,416 | 36,000 | 5,108 |
33 | 260,524 | 36,000 | 4,490 |
34 | 229,015 | 36,000 | 3,860 |
35 | 196,875 | 36,000 | 3,217 |
36 | 164,092 | 36,000 | 2,562 |
37 | 130,654 | 36,000 | 1,893 |
38 | 96,547 | 36,000 | 1,211 |
39 | 61,758 | 36,000 | 515 |
40 | 26,273 | 36,000 | (195) |
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Thanks bro this is a more realistic guide KNN
Hi everyone !
Good job for sharing FIRE (Financial Independence and Retirement Early) concept.
It has been a long long time since I logged in..
To sweeten the retirement life (esp in Australia), you can also receive the govt age pension if you have NO assets (other than your multi million primary hse) greater than 900k under your name. You should be receiving $950 per fortnight or approx 25k per year.
I can't wait for kids to finish Uni and 'Do Nothing' @ home.. What a great country ! hehe.
Good job for sharing FIRE (Financial Independence and Retirement Early) concept.
It has been a long long time since I logged in..
To sweeten the retirement life (esp in Australia), you can also receive the govt age pension if you have NO assets (other than your multi million primary hse) greater than 900k under your name. You should be receiving $950 per fortnight or approx 25k per year.
I can't wait for kids to finish Uni and 'Do Nothing' @ home.. What a great country ! hehe.
Do you have a spreadsheet to work out the table you attached?
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i dont know about others.
if i were to stay and grow old in singapore i can never retire and can never have childen because we are low income earner.
i always tell my wife whe we old and can no longer push trolley to collect cuboard our last stop we end up in bedok reservior or mrt track she always reply me that i am crazy to think that way but deep inside her heart she knows it is the hard truth. singapore is very expensive to live and worst at the end of the day we owned nothing even our hdb value drop until and last only 99 years.
from my own personal experince the only way to retire is plan early and plan carefully and plan to retire overseas where it is cheaper to live.
if u cant move or migrated to those really good countries like canada, Australia, NZ u can consider move to neigboring countries like malaysia, thailand, and indonesia.
every countries no matter where u are there are places that are safe to live and there are places that are alot of crime so u have to do alot of reserch and ask around to those who live there. if u can plan to buy a small house by the time u reach 55 maybe that small house already paid finish or almost pay finish. u can rent out your hdb flat and collect the rent and live a comfortable life in a small house (when i say a small house it is a house with a land)
i know alot of sgrean are scare scare to take a risk to move out (trust me i was one of them) but when i think when i grow old in singapore it is more scary then going overseas at leats if i go oversea there is 50/50 my life and when i old it will be better then staying put in sg where i know how my life and my old age going to be and it is very scary when i think of it.
people will tell me why must we move to another country we were born and live there for so long.
to me agree with them if we are rich people we can afford anything even we are old and no need to worries about money and paying the medical bills.
poor people like myself i got no choice i dont want to be burden with bills medical bills, food, it is gong to be very stressful life i dont want that kind of life and i sure many feel the same way too.
this is just my 2cent thank you for reading
if i were to stay and grow old in singapore i can never retire and can never have childen because we are low income earner.
i always tell my wife whe we old and can no longer push trolley to collect cuboard our last stop we end up in bedok reservior or mrt track she always reply me that i am crazy to think that way but deep inside her heart she knows it is the hard truth. singapore is very expensive to live and worst at the end of the day we owned nothing even our hdb value drop until and last only 99 years.
from my own personal experince the only way to retire is plan early and plan carefully and plan to retire overseas where it is cheaper to live.
if u cant move or migrated to those really good countries like canada, Australia, NZ u can consider move to neigboring countries like malaysia, thailand, and indonesia.
every countries no matter where u are there are places that are safe to live and there are places that are alot of crime so u have to do alot of reserch and ask around to those who live there. if u can plan to buy a small house by the time u reach 55 maybe that small house already paid finish or almost pay finish. u can rent out your hdb flat and collect the rent and live a comfortable life in a small house (when i say a small house it is a house with a land)
i know alot of sgrean are scare scare to take a risk to move out (trust me i was one of them) but when i think when i grow old in singapore it is more scary then going overseas at leats if i go oversea there is 50/50 my life and when i old it will be better then staying put in sg where i know how my life and my old age going to be and it is very scary when i think of it.
people will tell me why must we move to another country we were born and live there for so long.
to me agree with them if we are rich people we can afford anything even we are old and no need to worries about money and paying the medical bills.
poor people like myself i got no choice i dont want to be burden with bills medical bills, food, it is gong to be very stressful life i dont want that kind of life and i sure many feel the same way too.
this is just my 2cent thank you for reading
I did use a spreadsheet to do up the table but have junked it there and then.
Never mind , I work out one myself with inflation factor in.. If you retire at 65 with 1 million, it will last till 91
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Your numbers are all over the place how much is being drawn from the fund annually?
I was doing a quick one without rounding up the decimal.. The expense column is showing fund being drawn at 2% inflation rate
Wow this thread has been around for 6 years! But this is honestly my first time in here.
Have seen it sticky all the time but I never thought to go see what it is. Guess I have no plans fo retire anyway.
Will work till I drop. And when cannot work and still not yet drop then will commit suicide. No use already if cannot work dont deserve to live.
Have seen it sticky all the time but I never thought to go see what it is. Guess I have no plans fo retire anyway.
Will work till I drop. And when cannot work and still not yet drop then will commit suicide. No use already if cannot work dont deserve to live.
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singapore should scrap CPF and re-introduce Pension
when there no CPF then hdb houses will be affordable and people can pay off faster amybe max 15 years and after that people can start saving.
and pension is good when old not working we dont have to worry we still can put food on the table and pay the bills.
my heart pain everytime i see old people pushing trolley collecting boxes to sell to karang guni for a few dollar so that they can buy food for the day.
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You fall into the category of those who view the state of "retirement" as "no longer working".
I defined it right at the start as "no longer having to work for a living" which is a huge difference.
No longer having to work for a living? That's the definition of financial freedom. Not retirement.
There are many who are financially free but still will not retire.
Sorry man I dont agree with your definition of retirement.
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That's why I defined it right at the beginning of the thread. You may not agree but I use the term "retirement" based upon my own personal experiences of quitting my day job.
In 1995 I was working 70 hours or more per week. My aim was to take public the company I had invested a substantial amount of money in.
This was achieved in May 1996. I cashed out and no longer had to go to work. In fact I would not have been allowed in to the office because I had already quit the company. I considered myself RETIRED because I no longer had a job nor did I need one.
Have I spent all the time since doing NOTHING? Of course not but the point is I no longer needed to work for a living. Every dollar I earned after May 1996 was just icing on the cake.
https://www.thebalance.com/what-is-retirement-2388822
Updated May 08, 2019
Retirement, according to the dictionary, is to “withdraw from one’s position or occupation or from active working life.” You can achieve retirement when you have sources of income that do not have to be earned by working.
Retirement and the term “financial independence” are often used interchangeably. Both are achieved when you have enough savings, investment income, and/or pension income to cover your living expenses. Work becomes optional!
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Financial independence is the better term as it describes it better.
As you know many people "retire" without having achieved financial freedom too.
So the two terms are NOT interchangeable.
What do you call someone who has stopped working but does not have enough money to survive? They will still say they are "retired" but if asked if they are financially independent they will say no.
Similarly there are people who are really financially free and if you ask them "you must have retired" they might reply saying no. They still are very actively doing work but on their own terms.
You have freedom to "define" whatever you want for yourself but clearly that definition doesnt work for everyone.
How many people achieve financial freedom at the age of 50?
It involves many considerations. Not just work. Not just business. But also lifestyle. Life choices eg getting married having children.
Luck....children getting health problems? Spouse?
Many wish they can be rich. It is not the same as financially freedom.
But I will say that life is a bitch. There are people who do well financially and feel invincible they may be very cardiovascular fit then kena cancer. Remember my classmate Dr Richard Teo?
Sometimes people think they have time oh I am only 45 still got time to attain that financial freedom then can "retire". Then they got killed in a car accident.
It is always about managing expectations. Once you expect something you are going to be disappointed.
Which is why I have no expectations. Or very low expectations. You cant be disappointed if you do no plan to ever attain financial freedom or retirement. And that you hope to die early rather than late.
Just do your best while you can. And be thankful.
It involves many considerations. Not just work. Not just business. But also lifestyle. Life choices eg getting married having children.
Luck....children getting health problems? Spouse?
Many wish they can be rich. It is not the same as financially freedom.
But I will say that life is a bitch. There are people who do well financially and feel invincible they may be very cardiovascular fit then kena cancer. Remember my classmate Dr Richard Teo?
Sometimes people think they have time oh I am only 45 still got time to attain that financial freedom then can "retire". Then they got killed in a car accident.
It is always about managing expectations. Once you expect something you are going to be disappointed.
Which is why I have no expectations. Or very low expectations. You cant be disappointed if you do no plan to ever attain financial freedom or retirement. And that you hope to die early rather than late.
Just do your best while you can. And be thankful.
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Someone who has stopped working but does not have enough money to survive certainly isn't considered to have "retired".
The terms "jobless" or "destitute" come to mind depending upon the state of their finances.
Boss Sam maybe you should title the thread " the Retirement by Financial Freedom thread"
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