The RETIREMENT thread

[sweetiepie]

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.

KNN fyi there is another 3rd type of view for leetirement KNN this group of losers is all the while living with debts and until 55 to 65 they can start to draw some money from cpf and start to use the term now I'm leetired but actually is only the pocket loosen abit but they still need their full time job as much as the youngster and very worried about leetrenchment becas without the full time salary their cpf is insufficient KNN

 

[bart12]

You can achieve financial freedom at the age of 50 if you know how to save and invest.. However, most people don't bother because of peer pressure of keeping up with the Jones.
It is better to become financial freedom than to worry about "accident' that could have happen.. Money is always the biggest factor affecting one misery ..I would rather have the money issues taken care of since it is within one control.

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.

 

[nayr69sg]

You can achieve financial freedom at the age of 50 if you know how to save and invest.. However, most people don't bother because of peer pressure of keeping up with the Jones.
It is better to become financial freedom than to worry about "accident' that could have happen.. Money is always the biggest factor affecting one misery ..I would rather have the money issues taken care of since it is within one control.

For oneself yes.

But if you want to leave assets for your family? I have 4 children. I hope to be able to leave behind a family trust with $5m. Invested into GIC very safe. Pay out 80% of the interest to the kids equally. 20% reinvested into the GIC. Kids don't get the money but they get the payouts. helps them but doesnt spoil them. It will take me another 20 years to save up enough.

Anyway family physicians don't make so much money lah.

When I was aged 30 I had only just $5000 in my bank account. My salary was $4000 a month as a medical officer.

My wife's friend's husband was working as a banker in HSBC. They had enough to buy 2 condos in Orchard Road. I remember cos they told us we should invest also.

$5000 invest what shit?

My situation now is much better than if I had stayed in Singapore. But my biggest regret is having gotten back into medicine in Canada. because that meant mediocrity again. While we are paid well, it is not a business that I can put money and effort into and let it run itself eventually or sell it.

I am in the self employed quadrant. And with doctors because the salary is high enough it is hard to convince yourself to give it all up and go into a different venture.

I did it once by moving to Canada hoping that I would never get back into medicine.....thinking it was impossible as people said. But yet......sigh

Seriously being a doctor is like a prostitute. Prostitutes probably earn as much as family doctors if not more.

Anyway forget it lah.

This whole idea of yeah retire by age 40 age 50......so what man? You have to find something to do anyway. And nobody likes to see their assets slowly whittling down as the continue to live.

Sinkies like to boast a lot about how they made so much money "investing". Most lucrative investments were in property. Bought in the 80s and 90s. Then another round during the enbloc sales. yes you still need to be garang and have had the money put into those properties. But it isnt really your "hard work" when it comes to making big money that way.

It is not like building up a company and then selling it. That one I take my hats off. Like @Leongsam

 

[bart12]

You need to shed that mentality of passing inheritance to your kids. As long as you give them good education, they should manage their own life forward.

I don't know how you can just have $5000 in your bank at 30 years as a doctor.. I hope you do not mean your networth is $5k at 30.. I was an engineer about the same age group as you and earning only half your salary, I believe I manage to increase my networth to 6 figure around 30s.. My investment increase significantly by compounding all my annual return. I don't know what GIC you are investing in. As an Canadian, you should be able to invest in Vanguard fund in your tax deferred account which provide superior return.

For oneself yes.

But if you want to leave assets for your family? I have 4 children. I hope to be able to leave behind a family trust with $5m. Invested into GIC very safe. Pay out 80% of the interest to the kids equally. 20% reinvested into the GIC. Kids don't get the money but they get the payouts. helps them but doesnt spoil them. It will take me another 20 years to save up enough.

Anyway family physicians don't make so much money lah.

When I was aged 30 I had only just $5000 in my bank account. My salary was $4000 a month as a medical officer.

My wife's friend's husband was working as a banker in HSBC. They had enough to buy 2 condos in Orchard Road. I remember cos they told us we should invest also.

$5000 invest what shit?

My situation now is much better than if I had stayed in Singapore. But my biggest regret is having gotten back into medicine in Canada. because that meant mediocrity again. While we are paid well, it is not a business that I can put money and effort into and let it run itself eventually or sell it.

I am in the self employed quadrant. And with doctors because the salary is high enough it is hard to convince yourself to give it all up and go into a different venture.

I did it once by moving to Canada hoping that I would never get back into medicine.....thinking it was impossible as people said. But yet......sigh

Seriously being a doctor is like a prostitute. Prostitutes probably earn as much as family doctors if not more.

Anyway forget it lah.

This whole idea of yeah retire by age 40 age 50......so what man? You have to find something to do anyway. And nobody likes to see their assets slowly whittling down as the continue to live.

Sinkies like to boast a lot about how they made so much money "investing". Most lucrative investments were in property. Bought in the 80s and 90s. Then another round during the enbloc sales. yes you still need to be garang and have had the money put into those properties. But it isnt really your "hard work" when it comes to making big money that way.

It is not like building up a company and then selling it. That one I take my hats off. Like @Leongsam

 

[nayr69sg]

You need to shed that mentality of passing inheritance to your kids. As long as you give them good education, they should manage their own life forward.

I don't know how you can just have $5000 in your bank at 30 years as a doctor.. I hope you do not mean your networth is $5k at 30.. I was an engineer about the same age group as you and earning only half your salary, I believe I manage to increase my networth to 6 figure around 30s.. My investment increase significantly by compounding all my annual return. I don't know what GIC you are investing in. As an Canadian, you should be able to invest in Vanguard fund in your tax deferred account which provide superior return.

Yes net worth 5k

I started work as HO 1998 aged 24. Pay was $2600 a month. For 1 year

Then when MO for another year pay was $2940 a month for another year.

April 2000 to July 2002 was serving NS. Initially as MOCC cadet salary was $800 a month. After 4 months salary $1200.

I returned to hospital as MO salary $4000 a month.

I got married in 2000. First baby 2001.

Net work was $5k in 2003.

 

[nayr69sg]

Nah. I prefer to have something to leave behind for my kids.

I am not the type who enjoys going holiday and spending money on myself anyway.

If still can work and earn money why not? If I do other things that dont earn money I will feel like very wasted.

 

[sweetiepie]

Nah. I prefer to have something to leave behind for my kids.

My uncle say KNN good for you son rook rike you agree with all investments are scam except inheritance KNN

 

[nayr69sg]

My uncle say KNN good for you son rook rike you agree with all investments are scam except inheritance KNN

"Investment" high returns higher risk. Low returns low risk. No risk very low returns.

This is why occupations where you get big bonuses is good when you are young. You can invest that money in higher risk instruments. When you are older appetite for risk is lower too.

Bankers and lawyers good cos they get big bonuses even when young age.

Doctors young earn very little. Only after specialise then make better money. Appetite for risk is lower as you age.

Many baby boomers in sinkieland made big money because or property.

Buy a bungalow 500k later sell for 5 million. Also remember property has leverage. You can get a mortgage.

Stocks can buy options but got expiry dates.

Can I retire at age 50? Yea I can if it is only just for myself and wife. I dont even need high risk investments.

But I don't want to walk away from my work even though I hate it. Cos so wasted right? Can still work....dont waste.

I always find that those who "retire by financial freedom" they do so because of a few reasons

1) might be former big shots CEO or minister or civil servant told to step aside for new blood. Cannot find similar high position but have enough money already so say "I made good money and no need work liao! So retired"

2) businessman. Built up business. Sold business. Made good money. Too tired or no motivation to start a new business or further develop and challenge themselves. So say " I made good money and no need work liao! So retired"

In both cases it is usually because whatever was making their good money for them had been taken away or removed or sold. No longer there! If it was still there they might still continue. I mean got good money to make still why not?

You also have all these damn power business fellas like Elon Musk invest his own money into a new venture. These are the true entrepreneurs. They dont do it for the money.

As a family physician earning a few hundred thousand a year if I can still earn it why stop? So wasted right?

 

[sweetiepie]

As a family physician earning a few hundred thousand a year if I can still earn it why stop? So wasted right?

KNN family gp should be 1 of the best job in the world liao even in sg KNN but most sg gp are more ambitious so they always neglect their clinic by sharing and using locum KNN or maybe they think if simply day in day out stay put as family gp the mind will become rusty KNN.

KNN do you have any idea how much a surgical discipline consultant age 39 earn per mth with a gov hospital? KNN my uncle only know a new ho attached to him earn abt $5k now from the ho KNN

KNN also some specialist with pte hospitals tend to share clinic space with another specialist and hire many chiobu counter girls and nurses KNN earn so much still need to stingy on rental meh KNN

 

[bart12]

You have money management problem. How can someone who earned average 3k for 6 years save 5K?

Yes net worth 5k

I started work as HO 1998 aged 24. Pay was $2600 a month. For 1 year

Then when MO for another year pay was $2940 a month for another year.

April 2000 to July 2002 was serving NS. Initially as MOCC cadet salary was $800 a month. After 4 months salary $1200.

I returned to hospital as MO salary $4000 a month.

I got married in 2000. First baby 2001.

Net work was $5k in 2003.

 

[bart12]

Nobody is asking you to stop work even if you are financially independent. If you are happy working , you can carry on.. However, many doctors who pursue FIRE are burnt out or do not wish to deal with nasty patients ..they will not be able to quit if they do not generate enough passive income. You have migrated to North America, one of the most beautiful continent .. I would rather enjoy my carefree life there than working my ass off to save for my offspring..

"Investment" high returns higher risk. Low returns low risk. No risk very low returns.

This is why occupations where you get big bonuses is good when you are young. You can invest that money in higher risk instruments. When you are older appetite for risk is lower too.

Bankers and lawyers good cos they get big bonuses even when young age.

Doctors young earn very little. Only after specialise then make better money. Appetite for risk is lower as you age.

Many baby boomers in sinkieland made big money because or property.

Buy a bungalow 500k later sell for 5 million. Also remember property has leverage. You can get a mortgage.

Stocks can buy options but got expiry dates.

Can I retire at age 50? Yea I can if it is only just for myself and wife. I dont even need high risk investments.

But I don't want to walk away from my work even though I hate it. Cos so wasted right? Can still work....dont waste.

I always find that those who "retire by financial freedom" they do so because of a few reasons

1) might be former big shots CEO or minister or civil servant told to step aside for new blood. Cannot find similar high position but have enough money already so say "I made good money and no need work liao! So retired"

2) businessman. Built up business. Sold business. Made good money. Too tired or no motivation to start a new business or further develop and challenge themselves. So say " I made good money and no need work liao! So retired"

In both cases it is usually because whatever was making their good money for them had been taken away or removed or sold. No longer there! If it was still there they might still continue. I mean got good money to make still why not?

You also have all these damn power business fellas like Elon Musk invest his own money into a new venture. These are the true entrepreneurs. They dont do it for the money.

As a family physician earning a few hundred thousand a year if I can still earn it why stop? So wasted right?

 

[nayr69sg]

Nobody is asking you to stop work even if you are financially independent. If you are happy working , you can carry on.. However, many doctors who pursue FIRE are burnt out or do not wish to deal with nasty patients ..they will not be able to quit if they do not generate enough passive income. You have migrated to North America, one of the most beautiful continent .. I would rather enjoy my carefree life there than working my ass off to save for my offspring..

I dont work my ass off lah.

Mon and Tuesday 9 to 5. Wed to Thursday 10 to 3.

Weekends off.

I ski the nearby mountain resorts until sian liao.

Earning money in medicine is a marathon not a sprint.

It is not like banking or finance or commercial law.

There is no huge bonus for working harder. It is one patient at a time.

It is like prostitute. How many clients can you have sex with a day? Too many means quality of service is no good. Too few means earn too little.

You can be higher class prostitute charge more per client.

 

[nayr69sg]

You have money management problem. How can someone who earned average 3k for 6 years save 5K?

I had to cough up money for my flat and renovations.

 

[Leongsam]

I mean got good money to make still why not?

Because money is not the be all and end all of one's existence. There comes a point where the quest of money should stop and time and effort channelled towards living a meaningful life instead.

What a "meaningful life" consists of is a very personal thing. Once you have found the answer you should start living it at the earliest opportunity because none of us know how long we have on this earth until it is too late.

 

[nayr69sg]

Because money is not the be all and end all of one's existence. There comes a point where the quest of money should stop and time and effort channelled towards living a meaningful life instead.

What a "meaningful life" consists of is a very personal thing. Once you have found the answer you should start living it at the earliest opportunity because none of us know how long we have on this earth until it is too late.

My meaningful life is being able to provide for my children. To see them be happy. To provide for my wife. To let my children and wife not worry about finances.

To be the provider.

You are right it is different for everyone.

I am pretty much a man for his family.

 

[Leongsam]

My meaningful life is being able to provide for my children. To see them be happy. To provide for my wife. To let my children and wife not worry about finances.

To be the provider.

You are right it is different for everyone.

I am pretty much a man for his family.

You moved to Canada but you're still a sinkie. Providing for the wife is sexism of the highest order. You're going to end up in trouble if you carry on with these sorts of outdated values.

 

[nayr69sg]

You moved to Canada but you're still a sinkie. Providing for the wife is sexism of the highest order. You're going to end up in trouble if you carry on with these sorts of outdated values.

I was born and bred a sinkie.

And when I agreed to take those stinking exams to try ans become a doctor again is proof i couldn't shake off the sinkie in me.

Providing for wife is not sexism when it is reality. My wife is a great mother and spouse.

As you said life is short and unpredictable. I have already done what I set out to do. Which was fo migrate start over have my kids grow up in a different environment and help them thrive.

If you go back to all my old posts back in 2003 migration was never for me. It was for my children.

I also never planned to be rich or retire early or whatever by migrating it was to go to Canada work hard maybe even suffer for the sake of my future generations.

Today I will say I have more than fulfilled that objective. I am earning way more than I could have imagined.

I dont see myself deviating and changing 180 degrees from my objectives though.

There is nothing wrong with saving for the future and trying to leave a bit of a legacy for my kids.

What trouble would I get into working hard, being prudent in spending and having a plan to leave a family trust?

 

[Leongsam]

Providing for wife is not sexism when it is reality. My wife is a great mother and spouse.

It was a tongue in cheek remark warning you to be careful of the feminists. They'll tell you that women don't need to be taken care of by men because they are not just as capable, they are MORE capable than any man.

 

[nayr69sg]

It was a tongue in cheek remark warning you to be careful of the feminists. They'll tell you that women don't need to be taken care of by men because they are not just as capable, they are MORE capable than any man.

True.

 

[amransan]

The best thing to do with CPF is to withdraw it and use it as cashflow in the building of investment properties in another country.
Unfortunately, those good days of capital gains are almost over in Australia but properties are still a vital part of the nest egg plans.

Those who migrated to Australia in the 1990s and early 2000s should be sitting on at least 7 investment properties that you refresh every 10-12 years. With min rent at $450 per week these days, it is difficult to do negative gearing. But it is OK.

i living in Australia since 2010 and i just bought another house for investment property and rent it out for $1500 a month and every month i top up $300