Lets talk about retirement

[fallen11]

Originally Posted by Amplified87

retire with loved ones and lots of money. This is the real retirement

you can wish for anything
but do you have a feasible plan for yourself to make it real?
lots of money: how much is enough for you? How long to make that money for yourself?

if you got a good inheritance, then good for you

[chubbybastard]

Originally Posted by fallen11

you can wish for anything
but do you have a feasible plan for yourself to make it real?
lots of money: how much is enough for you? How long to make that money for yourself?

if you got a good inheritance, then good for you

Sometimes you just have to agar agar then do it. If you plan too much you tend to overthink then you won't even retire. Work till you drop dead

[fallen11]

Originally Posted by chubbybastard

Sometimes you just have to agar agar then do it. If you plan too much you tend to overthink then you won't even retire. Work till you drop dead

still have to make plans
overthink then wont be able to do it: probably because expectations and plans are not realistic.

example: i want to have $100m by 40 and retire. My income is $100k a year. No other assets no inheritance waiting for me.

Whats the chance? 0.00000000000000000000001% i think

A plan must be realistic for it to work.

Cut unnecessary spending
save up more, increase income
Load up on investments (research about it first)
Work out how much able to save per year, target age for retirement. Project savings by that age. Work out passive income by that age with that savings amt.
Agar agar might work too. But you will be leaving it to luck. And when luck goes the other way.....

from people i know, massive majority of them couldnt retire because their plans were unrealistic. Plans which they could almost never be able to achieve, thus never be able to retire too. Except the time comes when they are forced into retirement.
Also, dont shift goal posts. Shifting goal posts has no end and you will never reach your goal. The only time to shift goal post is that you realise your retirement plans were unrealistic to begin with.

[blackdearth]

spore everything expensive, must work till old man

[teerapong]

Originally Posted by blackdearth

spore everything expensive, must work till old man

Right hahaha

[chubbybastard]

Originally Posted by fallen11

still have to make plans
overthink then wont be able to do it: probably because expectations and plans are not realistic.

example: i want to have $100m by 40 and retire. My income is $100k a year. No other assets no inheritance waiting for me.

Whats the chance? 0.00000000000000000000001% i think

A plan must be realistic for it to work.

Cut unnecessary spending
save up more, increase income
Load up on investments (research about it first)
Work out how much able to save per year, target age for retirement. Project savings by that age. Work out passive income by that age with that savings amt.
Agar agar might work too. But you will be leaving it to luck. And when luck goes the other way.....

from people i know, massive majority of them couldnt retire because their plans were unrealistic. Plans which they could almost never be able to achieve, thus never be able to retire too. Except the time comes when they are forced into retirement.
Also, dont shift goal posts. Shifting goal posts has no end and you will never reach your goal. The only time to shift goal post is that you realise your retirement plans were unrealistic to begin with.

Easy to overthink. Actually we don't really need much. Like everyday i spend less than $10. 1 week $70. 1 month $280. 1 year $3384. Including other expense like water, electricity, occasional entertainment and see doc say $10k p.a. is more than enough. But we overthink and say $10k p.a. where got enough. No $60k cannot retire. When we have $60k p.a. we say crazy. $60k where got enough. No $100k p.a. no need retire. Then you will never retire

[chinacuntlover]

Originally Posted by chubbybastard

Easy to overthink. Actually we don't really need much. Like everyday i spend less than $10. 1 week $70. 1 month $280. 1 year $3384. Including other expense like water, electricity, occasional entertainment and see doc say $10k p.a. is more than enough. But we overthink and say $10k p.a. where got enough. No $60k cannot retire. When we have $60k p.a. we say crazy. $60k where got enough. No $100k p.a. no need retire. Then you will never retire

Daily expense - food
Weekly expense - soap, toothpaste, detergent, shampoo, laundry, transport
Monthly expense - maintenance, utilities, phone, broadband
Yearly expense - prop tax

One off
Appliance replacement, tv, fridge, etc (wear & tear)

Entertainment
- Drinks, cigarette, restaurant, GL, ML, FL
- oversea trip

Ad-hoc
- Medical, Dental, etc
- clothes, mattress cover, shoes (wear & tear)

Background - no loan, housing or otherwise, exclude inflation

Nowaday, hawker fare so expensive, $10 enough for 3 meals daily?
Unless one eat plain porridge for 3 meals

GL min 60 up to 200

I will cater $10 per meal 3 meals daily, averaging 1k monthly
GL 200 per month
All others average 800 monthly

- unexpected expense can push budget boundary
- expect the worse, hope for the best

[dman19]

From a common married man with kids perspective, retirement is really a long shot with the cost of living today. With pay not really rising to match the inflation, it has become such that from monthly can save a bit, to every month break even only. Bonuses come in to clear bills and spending that are unexpected and not forecasted.

Even if I got some cash in savings and investments, also kind of think there will be a day I have to throw them all up. Really must have discipline and must apply it as a couple. husband earn how much wife go and spend them all also will have no ending. if spend a lot on kids on their learning, can only console yourself that its an investment but don't even think about any ROI. If my children can sustain their own lifestyle with their own earnings in the future I am contented already.

Bottom line, just be happy and healthy. Spend and chiong within your means, do not ever borrow money, if you cannot control your credit card spending, cancel it and forget about the stupid rewards. paylah or paynow will do just fine and you no choice can only spend the money you have. The only loans you should have are your house and car loans.

[cool69z]

Originally Posted by dman19

From a common married man with kids perspective, retirement is really a long shot with the cost of living today. With pay not really rising to match the inflation, it has become such that from monthly can save a bit, to every month break even only. Bonuses come in to clear bills and spending that are unexpected and not forecasted.

Even if I got some cash in savings and investments, also kind of think there will be a day I have to throw them all up. Really must have discipline and must apply it as a couple. husband earn how much wife go and spend them all also will have no ending. if spend a lot on kids on their learning, can only console yourself that its an investment but don't even think about any ROI. If my children can sustain their own lifestyle with their own earnings in the future I am contented already.

Bottom line, just be happy and healthy. Spend and chiong within your means, do not ever borrow money, if you cannot control your credit card spending, cancel it and forget about the stupid rewards. paylah or paynow will do just fine and you no choice can only spend the money you have. The only loans you should have are your house and car loans.

Yes, the important thing is to have a comfortable retirement with your loved ones, have sufficient needs, and don't have loans hahaha

[Xgenre]

By retirement, is it retiring as a single guy or with family? If have family, do you need to take care of grandkids or still need to subsidise the living costs of your children?

Seen some retired friends do these. Rent out spare hdb rooms. The rental these days are like $1k - $1.4k per room. Then drive grab to earn daily expenses and to keep socially active. A friend drives from 8 am to 11 am, goes for lunch and takes a nap. Drives again at 4 pm to 8 pm. Then eat dinner and drink beer at coffeeshop till 10.30 pm before going home to sleep. Cannot drink beyond 10.30 pm anyway.

Never touch his savings yet. If grab income cover car rental/driving costs or his personal living costs, his room rental income will cover the gap. He said he will arrange for a prc milf to come over for paid sex once a week. Got car easy to fetch and send home

[critique]

What should not be forgotten in preparing for retirement is maintaining good health by exercising and having regular health tests. This life is only temporary, therefore we must make the best use of it. By preparing for retirement early, it is hoped that you will be able to enjoy your retirement without panic, not just preparing your finances. It's no use being financially ready but being physically unhealthy. will not be able to enjoy retirement

[chubbybastard]

Originally Posted by chinacuntlover

Daily expense - food
Weekly expense - soap, toothpaste, detergent, shampoo, laundry, transport
Monthly expense - maintenance, utilities, phone, broadband
Yearly expense - prop tax

One off
Appliance replacement, tv, fridge, etc (wear & tear)

Entertainment
- Drinks, cigarette, restaurant, GL, ML, FL
- oversea trip

Ad-hoc
- Medical, Dental, etc
- clothes, mattress cover, shoes (wear & tear)

Background - no loan, housing or otherwise, exclude inflation

Nowaday, hawker fare so expensive, $10 enough for 3 meals daily?
Unless one eat plain porridge for 3 meals

GL min 60 up to 200

I will cater $10 per meal 3 meals daily, averaging 1k monthly
GL 200 per month
All others average 800 monthly

- unexpected expense can push budget boundary
- expect the worse, hope for the best

Don't forget to add in continental car expenses, petrol, ERP, Parking, insurance premiums, medical expenses, dental, occasional fine dining, monthly gold class movie, occasional business class flight and Dome L atas escorts for $800/1/1. So you work till you drop dead.

[fallen11]

Originally Posted by chubbybastard

Don't forget to add in continental car expenses, petrol, ERP, Parking, insurance premiums, medical expenses, dental, occasional fine dining, monthly gold class movie, occasional business class flight and Dome L atas escorts for $800/1/1. So you work till you drop dead.

these not realistic la, unless your work income is $20k a month for decades.
basic living can be cheap, yes. very doable as you mention earlier
is what sort of lifestyle do you plan for during retirement.
most people unrealistic for this part, thats y can never retire.

As another bro mentioned about children.... i'm sorry man. Children, yes they suck a big chuck of your wealth off you even if you just feed them for 20 yrs then kick them out of your house to survive without depending on you. The difficulty of reaching retirement will increase several fold with children unless you are at least top 10% earner.
thats why now i try to look after my parents as i understand a lot of their money, time and effort spent on me. And remember dont treat children as an investment, it will never pay back all your capital one. Worst investment ever.

[chinacuntlover]

Originally Posted by chubbybastard

Don't forget to add in continental car expenses, petrol, ERP, Parking, insurance premiums, medical expenses, dental, occasional fine dining, monthly gold class movie, occasional business class flight and Dome L atas escorts for $800/1/1. So you work till you drop dead.

Nah, i don't have these add on lol, except unexpected medical expense. Min cpf payout around 1.7k, so barely scrap by with the designated budget
Live frugal no need live poorly

[Downnwatch]

Originally Posted by fallen11

these not realistic la, unless your work income is $20k a month for decades.
basic living can be cheap, yes. very doable as you mention earlier
is what sort of lifestyle do you plan for during retirement.
most people unrealistic for this part, thats y can never retire.

As another bro mentioned about children.... i'm sorry man. Children, yes they suck a big chuck of your wealth off you even if you just feed them for 20 yrs then kick them out of your house to survive without depending on you. The difficulty of reaching retirement will increase several fold with children unless you are at least top 10% earner.
thats why now i try to look after my parents as i understand a lot of their money, time and effort spent on me. And remember dont treat children as an investment, it will never pay back all your capital one. Worst investment ever.

That's right bro, in reality, even though we have retired, the assets we have are usually used by kids who may suddenly have problems or need this or that. so retirement savings sometimes cannot be used as planned