When I can retire ?

[Leongsam]

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.

There are quite a number of Sinkies with around the same level of wealth who have retired in NZ where interest rates have historically fluctuated between 5 and 10%.

$500,000 in the bank at 5% earns $25,000 a year in interest before tax. That's about $1500 per month (after taxes) which is almost sufficient to live on.

The minimum wage is $12.75 per hour. That's $50 for 4 hours work a day as a shop assistant, supermarket cashier etc.

If both husband and wife work, that's even more money in the pocket every month.

Health care is free for all major conditions so that's taken care of.

A car is less than $10,000. Rental is around $1200 per week.

Citizenship can be secured within a couple of years of landing. You can then get your hands on ALL your CPF funds which rightfully belong to you.

During that period, most sinkies secure better paying jobs more suited to their qualifications as they have done the hard yard and gain valuable references to accompany their job applications.

 

[chootchiew]

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.

Bro erotica and Ah Sam, I acknowledged all your comments. Sounds like my 160k is really peanut in sg. Now I will focus on saving more by working more OTs and spending less. Passive income is more for folks who already has a pool of $ not like me in this stage. Medical to me is either 1) nil 2) will burnt out even if i hv 1mil so honestly i didnt take that into consieration.

 

[LoserKiller]

Bro erotica and Ah Sam, I acknowledged all your comments. Sounds like my 160k is really peanut in sg. Now I will focus on saving more by working more OTs and spending less. Passive income is more for folks who already has a pool of $ not like me in this stage. Medical to me is either 1) nil 2) will burnt out even if i hv 1mil so honestly i didnt take that into consieration.

did u buy insurance bro

 

[chootchiew]

He has a perverted view of retirement.
He thinks retiring is about screwing women from 3rd world countries.

Walau bro give me a break le.That was just part of the entertainment I looking forward to as a single. I also have to consider all these factors, + other stuff ma. I find sg woman too ex to screw so i have no choice .

 

[0939]

Continue your lifestyle. As long as you can save, your are safe. You are better than 50 per cent of the population. So invest your money wisely.

 

[eErotica69]

Bro erotica and Ah Sam, I acknowledged all your comments. Sounds like my 160k is really peanut in sg. Now I will focus on saving more by working more OTs and spending less. Passive income is more for folks who already has a pool of $ not like me in this stage. Medical to me is either 1) nil 2) will burnt out even if i hv 1mil so honestly i didnt take that into consieration.

Bro, please never disregard medical expenses. You cannot assume that you won't fall illor will die immediately after falling ill.

Well for medical expense, you can buy some insurance for medical that can cover up to 90% or 100% of hospital bills. But please save for the premium of those policies (can use medisave up to $800 per year and some cash top up). These will take care of those hopistal bills in future.

What if you kanna some other illness like High Blood, Diabetes etc... you need medication for the rest of your life. So factor that in too. Just in case....

:p

 

[Leongsam]

What if you kanna some other illness like High Blood, Diabetes etc... you need medication for the rest of your life. So factor that in too. Just in case....

:p

In 1st world countries, the state will foot the bill for these sorts of conditions.

 

[chootchiew]

did u buy insurance bro

You agent ah ? anyway yes I do buy hospitalisation insurance using cpf MA, this is on top of those by default every sinkie have type. I have terminated all my other cash paid insr,endowment, life insr, , as after > 10yrs of payment, I relooked in details and discovered that I was conned in a way or another.

 

[eErotica69]

In 1st world countries, the state will foot the bill for these sorts of conditions.

Correct, but he is in Singapore now!! Your suggestion is for him to migrate? That solves all his retirement problem?

Btw, is very easy for everyone to migrate to any 1st world country?

 

[chootchiew]

Bro, please never disregard medical expenses. You cannot assume that you won't fall illor will die immediately after falling ill.

Well for medical expense, you can buy some insurance for medical that can cover up to 90% or 100% of hospital bills. But please save for the premium of those policies (can use medisave up to $800 per year and some cash top up). These will take care of those hopistal bills in future.

What if you kanna some other illness like High Blood, Diabetes etc... you need medication for the rest of your life. So factor that in too. Just in case....

:p

OK, what I meant was I didnt take major illness as a consideration. I do buy hospitalisation insr. As for chronic illnessess like high blood, diabetes, etc I not sure about cost in other countries. But in sg to be frank I find is not as costly in polyclinics as what many sinkie are complaining. As for major illnessess, once kena thats it lor. even have how much $ also no use, cos no energy and life to spend anymore. To die sudden of any illnesses is also not in consieration, as I dont hv a wife, no children, my parents are self sufficent.

 

[middaydog]

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.

shit! I didn't know I was talking to you

 

[tanwahtiu]

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.

Here is one simple idea for you. Since you don't want marriage, go vecatomy so no sperms but sermons only when have sex. Then you go night clubs and plenty of chio bu waiting to hook big fish to get married. Pretent like a rich fella and fucked these nightclub cheebyes. They will threatened you with baby after sex with you. When that happen fucked them more often and finally declare your vest certificate and got vest where go baby, and dump these cheebyes.

Do this oveer again which can last you a life time without having to go to Bangcock to fuck HIV cheebyes.

 

[chootchiew]

Here is one simple idea for you. Since you don't want marriage, go vecatomy so no sperms but sermons only when have sex. Then you go night clubs and plenty of chio bu waiting to hook big fish to get married. Pretent like a rich fella and fucked these nightclub cheebyes. They will threatened you with baby after sex with you. When that happen fucked them more often and finally declare your vest certificate and got vest where go baby, and dump these cheebyes.

Do this oveer again which can last you a life time without having to go to Bangcock to fuck HIV cheebyes.

Wah thats the most perverted retirement plan i ever heard in my life.
Chiobu in night club are also prone to be HIV +ve . Unless after vasectomy process, wont get aids then is a perfect plan.

 

[silverfox@]

There are quite a number of Sinkies with around the same level of wealth who have retired in NZ where interest rates have historically fluctuated between 5 and 10%.

How much to build back a house when it falls during earthquake in NZ?:o

 

[axe168]

How much to build back a house when it falls during earthquake in NZ?:o

Its FREE.. your house insurance can cover it and build new for you.. It is the same as having a car insurance..

 

[Queen Seok Duk]

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.[/QUOTE]

But they spent more to maintain a particular lifestyle. Like what I have said, car loans are free running taps.

Too much emphasis has been put on earning big bucks; too little has been said about prudent spending. It's just as much skills to learn how to spend, and more discipline to control your spending.

 

[lifeafter41]

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.

S$50k?. Frankly, not even S$20k. Once out of work for 6 months, financial troubles sets in.

To me, S$160k is a big sum.

 

[lifeafter41]

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.

I believe it will be tough if your parents are still staying with you and a relative as well, to get married, as most couples nowadays value their privacy, hence staying with parents unless absolutely no other choice.

 

[chootchiew]

I believe it will be tough if your parents are still staying with you and a relative as well, to get married, as most couples nowadays value their privacy, hence staying with parents unless absolutely no other choice.

you are absolutely right on this issue. In fact when i was about 30yo, I did test out by bringing a ex to stay with them, and even not married, I already began to face pressure by both. After we broke off, even is not related to this issue, I thought to myself its going to be very tough for me to find a wife, as Im the sort that value family. I thought a gf can leave me, wife can divorce me, but parents will always be my parent. From then I started to avoid having r/s.

 

[Queen Seok Duk]

I thought a gf can leave me, wife can divorce me, but parents will always be my parent. From then I started to avoid having r/s.

But your parents will leave you too, one day. By which time, it may be too late for you to have a relationship even if you desire one.