When I can retire ?

[chootchiew]

I am in my early 40s, single. I live in a 4room pigeon hole fully paid. I don;t own a car as I cannot afford this luxury. I started saving late, thus I have only about $160k savings todate. On average I can only save about $2k per mth. I find it hard for passive income as $160k is too little for that. My current annual income is about $50k. Also I will probably remain single, as I think I cannot afford to have a wife and children as well. When do you think I can retire ? Or maybe work some part time job ? Any constructive comments and advices from bros are welcome . Thanks.

 

[chootchiew]

You asked a spastic question. :oIo:

Obviously it depends on you want to do for your retirement?

Do you have a wife to split that meager savings with? :oIo:

I am not well prepared to have a family. My plan for retirement now is to be able to travel to lower cost countries like msia, thailand, viet, maybe about 4 times yearly, and having safe sex wherever I will be going. Then in sg land will probably have some simple hobbies.

 

[Queen Seok Duk]

I am in my early 40s, single. I live in a 4room pigeon hole fully paid. I don;t own a car as I cannot afford this luxury. I started saving late, thus I have only about $160k savings todate. On average I can only save about $2k per mth. I find it hard for passive income as $160k is too little for that. My current annual income is about $50k. Also I will probably remain single, as I think I cannot afford to have a wife and children as well. When do you think I can retire ? Or maybe work some part time job ? Any constructive comments and advices from bros are welcome . Thanks.

I believe you're much better off than most Singaporeans.

If you rent out your HDB flat for $1,500 a month, and move to Malaysia or Thailand, you will not have to worry about costs of living.

 

[chootchiew]

Then just calculate lah!

1 trip how much?

4 trips per year how much?

20 years how much?

Also factor in the cost of treating diseases that is present in your family history

Why you want to retire? Do some business to keep the $$$ rolling in so you can get a mistress or two!

Eh ! Where got so easy to calculate, there are more variables to consider, thats why I asked this "spastic" question in the hope of some experience bros here can advise with a more absolute answer.

I consider myself not a person with business mind, and my savings now are all blood $, so doing business look risky to me now. I have lost quite a substantial $ to the stock market previously, also lost quite a fair bit to gambling, so I have turned protective of my $ now.

 

[iFARKurMADER]

Eh ! Where got so easy to calculate, there are more variables to consider, thats why I asked this "spastic" question in the hope of some experience bros here can advise with a more absolute answer.

I consider myself not a person with business mind, and my savings now are all blood $, so doing business look risky to me now. I have lost quite a substantial $ to the stock market previously, also lost quite a fair bit to gambling, so I have turned protective of my $ now.

"There is no such thing as retirement" - guess who say this?

 

[chootchiew]

I believe you're much better off than most Singaporeans.

If you rent out your HDB flat for $1,500 a month, and move to Malaysia or Thailand, you will not have to worry about costs of living.

Renting out flat is not a option for me, at least for now, as my parents and relative is staying with me.

A lot of sg people always like to lament how poor they are ...blah blah, but I think they are not as bad as they appear to be . I guess they are just afraid people will start borrow $ from them lor. So dont be fooled by these people.

 

[Faidenk]

TS, Let me tell you the case of my buddy who came with me to Phnom Penh, Cambodia.

He is 48, single, and like you, has a fully paid for 3 bedroom HDB. He rents this out to a FT couple for $1700.

Now in PP, he shares a rented apartment with me for USD160/month (per person). This includes water, electricity. cable.

He is thinking of getting married here eventually, secure the citizenship, then withdraw all his CPF and sell the apartment. This, he reckons, will nett him close to half a million SGD. This amount will set him up for life without having to lift a finger here.

We roughly need about USD600 ( a person) a month to live here, this includes a roof over the heads, food (mix of dining in as well as out), hitting the bars 3 to 4 times a week, women maybe once a week, transport around town. Only thing not factored in is plane tickets for your trips back to SG and medical, which can be a major expense here.

More details at my Khmer Diary thread - http://www.sammyboyforum.com/showthread.php?t=199708

 

[Queen Seok Duk]

Renting out flat is not a option for me, at least for now, as my parents and relative is staying with me.

A lot of sg people always like to lament how poor they are ...blah blah, but I think they are not as bad as they appear to be . I guess they are just afraid people will start borrow $ from them lor. So dont be fooled by these people.

A lot of Singaporeans are indeed poor. You're better off because you don't own a car.

Many Singaporeans could not muster the discipline to resist owning a car before their 30s. The loans for cars are the ones that will drain your savings, and the best part, without your noticing it.

Most Singaporeans in your age group do not have $50,000 cash savings, let alone $160,000. In your case, you can afford to be out of work for at least 3 years, since you don't have to service any instalments.

Most Singaporeans will kpkb if they are out of work for 3 months. You don't believe can ask our resident whiner, Krafty.

 

[chootchiew]

TS, Let me tell you the case of my buddy who came with me to Phnom Penh, Cambodia.

He is 48, single, and like you, has a fully paid for 3 bedroom HDB. He rents this out to a FT couple for $1700.

Now in PP, he shares a rented apartment with me for USD160/month (per person). This includes water, electricity. cable.

He is thinking of getting married here eventually, secure the citizenship, then withdraw all his CPF and sell the apartment. This, he reckons, will nett him close to half a million SGD. This amount will set him up for life without having to lift a finger here.

We roughly need about USD600 ( a person) a month to live here, this includes a roof over the heads, food (mix of dining in as well as out), hitting the bars 3 to 4 times a week, women maybe once a week, transport around town. Only thing not factored in is plane tickets for your trips back to SG and medical, which can be a major expense here.

More details at my Khmer Diary thread - http://www.sammyboyforum.com/showthread.php?t=199708

Thanks for yr info bro. The gal at the top of yr link page looks good and cheerful to be with. I have never cheong cambodia nor viet todate. Only thailand so far. Yes you have touched a impt factor about the to n fro airfare which can be costly with frequent trips if one were to find a long term r/s there. BTW does your friend intend to marry a combodian, to me is rather challenging. Does the gal there speak chinese like most viet does ?

 

[hotbot]

maybe you all can teach me how to retire?:(:(

 

[hotbot]

OI,CHEE BYE! DO YOU KNOW YOU ARE PISSING PPLE OFF.

Chao Ah Kwa Krafty :oIo:

You have $$$ to retire meh? :oIo:

 

[chootchiew]

A lot of Singaporeans are indeed poor. You're better off because you don't own a car.

Many Singaporeans could not muster the discipline to resist owning a car before their 30s. The loans for cars are the ones that will drain your savings, and the best part, without your noticing it.

Most Singaporeans in your age group do not have $50,000 cash savings, let alone $160,000. In your case, you can afford to be out of work for at least 3 years, since you don't have to service any instalments.

Most Singaporeans will kpkb if they are out of work for 3 months. You don't believe can ask our resident whiner, Krafty.

I'd like to own car also but I've woken up from my mistakes done during my late 20s to early 30s , I was also 1 of the group you mentioned, thats why I ended up saving late. Now no choice lor everyday have to lun and squeeze with FT in mrt :( Recently have thought to ride bike again but chicken out recalling the time when I was home bound for 5 months following a bike accident.

I still have some reservation about your comment about most sinkie still does not have $50k cash by 40. Most of the people around me in my age group and most even younger earn much more than I do, based on my calculation on their lifestyle expenses.

 

[chootchiew]

QUOTE=iFARKurMADER;558306]"There is no such thing as retirement" - guess who say this?[/QUOTE]

tiu that person :oIo:!

 

[hotbot]

you remind me of a passenger I picked up last month. He is in his late 20's, an ACS old boy,doing sales at one of the MNC. He told me his salary is just barely enough, besides he also own a car. His gf is a lawyer. He faces pressure when her gf's parents always tell him that their so and so is a lawyer or doctor. His good friends are either doctors or lawyers too. He has diffculty keeping up with them as their one nite out can total to few thousand dollars,even if split the bill, everyone has to pay few hundred dollars.
He told me he yearn to have a PUB in Indonesia by the beach. He hated the rat chase in sinkapore.

my impression of him is that at his age, he speak very well and is definitely one of the smarter person ard. Got bright future if he persevere.

I'd like to own car also but I've woken up from my mistakes done during my late 20s to early 30s , I was also 1 of the group you mentioned, thats why I ended up saving late. Now no choice lor everyday have to lun and squeeze with FT in mrt :( Recently have thought to ride bike again but chicken out recalling the time when I was home bound for 5 months following a bike accident.

I still have some reservation about your comment about most sinkie still does not have $50k cash by 40. Most of the people around me in my age group and most even younger earn much more than I do, based on my calculation on their lifestyle expenses.

 

[Faidenk]

Thanks for yr info bro. The gal at the top of yr link page looks good and cheerful to be with. I have never cheong cambodia nor viet todate. Only thailand so far. Yes you have touched a impt factor about the to n fro airfare which can be costly with frequent trips if one were to find a long term r/s there. BTW does your friend intend to marry a combodian, to me is rather challenging. Does the gal there speak chinese like most viet does ?

The pic is not posted by me, it's an advert from Sam.

And yes, in order to secure Cambodian citizenship, it makes sense to marry a Cambodian girl. I've met some who speak Chinese, and an Cambo-Chinese girl who can't even say ni hao.

Jetstar flies there, costs anything from $100 to $250 depending on the offers so it's not really prohibitive. But the check-in times are real shitty, like 6 in the morning.

 

[chootchiew]

you remind me of a passenger I picked up last month. He is in his late 20's, an ACS old boy,doing sales at one of the MNC. He told me his salary is just barely enough, besides he also own a car. His gf is a lawyer. He faces pressure when her gf's parents always tell him that their so and so is a lawyer or doctor. His good friends are either doctors or lawyers too. He has diffculty keeping up with them as their one nite out can total to few thousand dollars,even if split the bill, everyone has to pay few hundred dollars.
He told me he yearn to have a PUB in Indonesia by the beach. He hated the rat chase in sinkapore.

my impression of him is that at his age, he speak very well and is definitely one of the smarter person ard. Got bright future if he persevere.

Sales people from MNC usually draw quite a high gross pay, including car allow, petrol card, comm. Successful sales rep should be on par with some junior to midrange lawyers. He is lucky to have a lawyer gf, can hardly find a ugly female lawyer.. If I were him I will continue to date the gal, but I will refuse to meet the parents. Also I will find new friends, then going out with the lawyers and doctors to avoid the mental and financial stress with them.

 

[Leongsam]

as well. When do you think I can retire ? Or maybe work some part time job ? Any constructive comments and advices from bros are welcome . Thanks.

"Advice" is a non countable noun; you do not add an "s" to make it plural.

"Advice" is like "Rice". You say... "Please pass me the Rice." You don't say "Please pass me the rices" because "Rice", like "advice", is a non countable noun.

There are many other examples. To test your knowledge of non countable nouns, go to English Language Quiz - Countable or Non-countable Nouns (I-TESL-J) and take the test.

You can't afford to retire in Singapore. Your income and savings are not sufficient for you to be financially independent at this point.

However, you're in a perfect position to explore retirement in some other country by liquidating your assets.

 

[eErotica69]

I believe you're much better off than most Singaporeans.

If you rent out your HDB flat for $1,500 a month, and move to Malaysia or Thailand, you will not have to worry about costs of living.

Well, your reply may not be the best solution, but it is a constructive one for TS. So many people comment but their comments is as good as no comment.

Up you!

 

[eErotica69]

Bro Chootchiew,

Hey be honest about it, at forties and $160K savings and a 4-room flat, is just not enough to retire.

Even if you rent out your HDB (assuming if all your relatives moved out), $1500 is ok to live in other countries like Thailand, but is still not enough.

Have you considered about unforseen expenses like medical? Or what if there are no takers for your HDB flat for a period of time? Or you meet the right person in your life in say Thailand?

Well, you got to save more. Buffer savings for the expected "unexpected" events. Save to invest in passive income like Bonds, Blue chips, Preference shares... but make sure all your investment do not move in the same direction during a downturn.

 

[silverfox@]

I am in my early 40s, single. I live in a 4room pigeon hole fully paid. I don;t own a car as I cannot afford this luxury. I started saving late, thus I have only about $160k savings todate. On average I can only save about $2k per mth. I find it hard for passive income as $160k is too little for that. My current annual income is about $50k. Also I will probably remain single, as I think I cannot afford to have a wife and children as well. When do you think I can retire ? Or maybe work some part time job ? Any constructive comments and advices from bros are welcome . Thanks.

You do not need to worry because you do not have any liabilities like car, loans.