The RETIREMENT thread

[Dr Christopher Cheok C S]

 

[Deleted member 178254]

Embracing retirement is like starting a new chapter. Finding hobbies, traveling, and cherishing family time is key.

 

[liamricci]

Still long way to go. At the moment i still need to study for another two years and use my favorite academic writing service https://academized.com/ once in a while. If i think so much ahead i probably see myself somewhere on the beach with the glass of white wine and reading an interesting book. Don't have an idea how i gonna achieve all that, but only the life will show me the way, right?

 

[k1976]

Retirement - what does it mean?

In my books, retirement isn't doing nothing. It's doing what you want to do rather than because you have to earn a living performing a task which may or may not bring you any satisfaction.

In order to do as you please, (within the boundaries of the law of course) rather than what you are being paid to do, you first need to achieve financial independence. This term causes much confusion too. I take it to mean what it says... ie that you no longer have to depend upon regular employment in order to fund your lifestyle. You are independent of others and are not beholden to any organisation or person when it comes to money.

Everyone is different so there's no fixed threshold that defines what financial independence is. What's enough for me may well be far too little for you. More of that later.

How is financial independence achieved?

1. Saving as much as possible with the hope of achieving your goal. (very difficult to achieve in this day and age)

2. A combination of saving and investing in the enterprises owned by other people. (better than just saving but not ideal)

3. Investing in yourself and creating wealth on your own. (The best method of all and in my opinion, less risky than investing in 3rd parties)

Need to find a Golden Goose to provide for us in next economic superycle

 

[k1976]

Embracing retirement is like starting a new chapter. Finding hobbies, traveling, and cherishing family time is key.

Move on to next stage to how to let money work for u

 

[k1976]

And be realistic in retirement lifestyle

 

[k1976]

Well in Sinki land, what is waiting for us after we hit 50s, ish already well documented in may online forums... All I say ish 花无百曰红

It is good to plan early and start early

 

[k1976]

How do you work out the size of your nest egg?

Do the math based upon a 4% return after inflation and taxes. If you move to the right places or get a good accountant, taxes can be eliminated or reduced considerably.

For every $1,000,000 in productive assets, you should receive an income of $40.000 per annum so if you think you need $200,000 per year to support the lifestyle that you wish to enjoy, you need $5,000,000 in assets excluding the family home.

The family home does not count. It yields nothing. It is an overhead as long as you live in it.

If you want the lifestyle of the rich and famous, you'll probably need about $30 million or more. You then enter the realm of private yachts, chartered jets and fancy penthouses.

Less than $20 million and you're very comfortably well off but not really rich.

Remember that this thread is about achieving financial independence and not about becoming super wealthy. I emphasise this because I believe that just about anybody can achieve a target of $4 to 5 million. All it takes is willpower and perseverance. Becoming a billionaire is a different ball game altogether.

Most hardlander cannot achieve 6digit saving wan, as they believe in the overnight millionaire dream

 

[k1976]

How do you work out the size of your nest egg?

Do the math based upon a 4% return after inflation and taxes. If you move to the right places or get a good accountant, taxes can be eliminated or reduced considerably.

For every $1,000,000 in productive assets, you should receive an income of $40.000 per annum so if you think you need $200,000 per year to support the lifestyle that you wish to enjoy, you need $5,000,000 in assets excluding the family home.

The family home does not count. It yields nothing. It is an overhead as long as you live in it.

If you want the lifestyle of the rich and famous, you'll probably need about $30 million or more. You then enter the realm of private yachts, chartered jets and fancy penthouses.

Less than $20 million and you're very comfortably well off but not really rich.

Remember that this thread is about achieving financial independence and not about becoming super wealthy. I emphasise this because I believe that just about anybody can achieve a target of $4 to 5 million. All it takes is willpower and perseverance. Becoming a billionaire is a different ball game altogether.

Boss, u are calculating in term of which currency unit?

 

[Leongsam]

Boss, u are calculating in term of which currency unit?

SGD but the same calculations would apply to the USD, AUD, NZD etc.

 

[k1976]

SGD but the same calculations would apply to the USD, AUD, NZD etc.

But many sinki hardlander lao hero like to calculate in Baht, RInggit and Yuan, why hah?

 

[k1976]

Better than sinki... We only have a toileet bathtub if u are lucky

 

[Leongsam]

But many sinki hardlander lao hero like to calculate in Baht, RInggit and Yuan, why hah?

That's their problem not mine. I'm a billionaire in VND but that does not put me in the same league as Warren Buffet and Bill Gates.

 

[k1976]

That's their problem not mine. I'm a billionaire in VND but that does not put me in the same league as Warren Buffet and Bill Gates.

It is the next high growth area, Boss Sam
Gxgx, u are at the right place + right time.... Find the right people... And u will huat until no day no light.

The flying stars are well aligned for you. Cheers

 

[k1976]

Prime Minister Lee Hsien Loong said on Sunday (Nov 5) that he will hand over leadership to Deputy Prime Minister Lawrence Wong before the next General Election, which has to be called by November 2025.

Shedding more light on the ruling People's Action Party's (PAP) transition plans, Mr Lee – who is the party's secretary-general – added that “if all goes well”, he will do so by the PAP’s 70th birthday on Nov 21 next year.

 

[Papsmearer]

Prime Minister Lee Hsien Loong said on Sunday (Nov 5) that he will hand over leadership to Deputy Prime Minister Lawrence Wong before the next General Election, which has to be called by November 2025.

Shedding more light on the ruling People's Action Party's (PAP) transition plans, Mr Lee – who is the party's secretary-general – added that “if all goes well”, he will do so by the PAP’s 70th birthday on Nov 21 next year.

Another fucktard cut and paste from you? Not one single original thought.

 

[AHGS14]

That's their problem not mine. I'm a billionaire in VND but that does not put me in the same league as Warren Buffet and Bill Gates.

Imho, cost of living, even with inflation can be estimated by the income of locals. If majority of the locals cannot "survive", there will be "revolutions" either in the ballot box or unrest or worst case "blood" like in the past.

If you can generate S$40K annual income, it will easily work out to RM120K base on the very conservative exchange rate of S$1=RM3 of recent years. You can have a very comfortable life retiring in M'sia. RM120K means a monthly income of RM10K. Not sure exactly where it will rank one, but certainly not in the B40. If it's not in the T20, it will likely to be in the top of M40 to enjoy a comfortable, not necessarily lavish lifestyle.

 

[k1976]

Imho, cost of living, even with inflation can be estimated by the income of locals. If majority of the locals cannot "survive", there will be "revolutions" either in the ballot box or unrest or worst case "blood" like in the past.

If you can generate S$40K annual income, it will easily work out to RM120K base on the very conservative exchange rate of S$1=RM3 of recent years. You can have a very comfortable life retiring in M'sia. RM120K means a monthly income of RM10K. Not sure exactly where it will rank one, but certainly not in the B40. If it's not in the T20, it will likely to be in the top of M40 to enjoy a comfortable, not necessarily lavish lifestyle.

Ish all about Fine-tuning distribution of goods and services thru pricing adjustment, to ensure good balancing of needs vs want

All are in invisible hands control.
Keep calm Keep Huat la Huat La

 

[shock888]

Need to find a Golden Goose to provide for us in next economic superycle

It took me more than 10 years to get my investing approach (losses after losses) right.. and it would serve me well for the rest of my life
There were times I gave up and did not access my investment account for many months, before I return and try again.

 

[shock888]

Imho, cost of living, even with inflation can be estimated by the income of locals. If majority of the locals cannot "survive", there will be "revolutions" either in the ballot box or unrest or worst case "blood" like in the past.

If you can generate S$40K annual income, it will easily work out to RM120K base on the very conservative exchange rate of S$1=RM3 of recent years. You can have a very comfortable life retiring in M'sia. RM120K means a monthly income of RM10K. Not sure exactly where it will rank one, but certainly not in the B40. If it's not in the T20, it will likely to be in the top of M40 to enjoy a comfortable, not necessarily lavish lifestyle.

Even if there is a change in Gov at the ballot box, nothing is going to change. Look around the world, Governments are copying ideas from each other and its not going to be different for the SG Govt of the day.
Its the lack of independent thinking and ability to solve their own issues in most Singaporeans that is worrying.