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Nearing 55. So the Retirement topic is always close to heart.
I have kids. So the FIRE option is not available. Have to work till 65. I hear that ageing diseases like Alzheimer's, Parkinson and Dementia are on the rise. They say the best way to counter them is to stay active - or work. So, much as I dislike working till 65, I guess I just have to do it.
Post 65, my plans are simple:
CPF ERS wife: $2500
CPF ERS me: $2500
Rent: $3000
Total: $8k for 2 pax
With soaring inflation, I am not sure if this is enough?
Wife wants to work past 70. She loves her job. I can't say the same for mine.
The car has to go. COE is now $140k. The thought of it saddens me. Just have to learn to take public transport. Haiz.
Medical wise, both wife and me have H&S insurance. If warded, the insurance kicks in to cover the bill. Else, just hang out at polyclinics and spam our CHAS card.
Did consider retiring in Perth. I love that place. My rental property is there. But as I aged, I realize it is a piped dream. My family is here. My kids are rooted here. There is no way I can retire there. At best, I hope to shuttle between Perth, Singapore and Penang. Move every 3 months. If I can include Switzerland in the rotation, it will be a sweet bonus.
Job wise, I am trying downgrade to one that has as little stress as possible now. To ease into 65 y.o. To me, I am practical. One has to choose wisely. There is no point chionging all the way to 65 only to die of stress related illnesses before reaching it. I am sure we all have lost someone that went too early.
Are you considering your current/future savings too?
Personally I feel that rental are good and low risk but still a risk.
Not sure abt the rental market in Perth but you there's still a chance of the income gap (either short or long term) for various reason.
Definitely need to build a more diverse savings pipeline from now till retirement.
Are you considering your current/future savings too?
Personally I feel that rental are good and low risk but still a risk.
Not sure abt the rental market in Perth but you there's still a chance of the income gap (either short or long term) for various reason.
Definitely need to build a more diverse savings pipeline from now till retirement.
No, excluded. Any current/future savings is a bonus. It is definitely good to have but I feel it cannot be depended upon for the long term. For example, if you have $200k savings and you wish to rely on it for retirement. It just means you can use $833 a month over a 20 years period. Sooner or later, that savings or whatever savings will be depleted. There has to be a passive income source to offset our monthly expenditure, in our retirement years.
To me, RENT > stocks, bonds, ETF ... etc
I cannot imagine myself at 85 still needing to analyze financial trends. By then, read also got problem. On the contrary, I should still be able to lock and unlock a door for my tenant.
Too late for me to build any more pipelines. I am just a few years shy of 55. Maybe you can?
No, excluded. Any current/future savings is a bonus. It is definitely good to have but I feel it cannot be depended upon for the long term. For example, if you have $200k savings and you wish to rely on it for retirement. It just means you can use $833 a month over a 20 years period. Sooner or later, that savings or whatever savings will be depleted. There has to be a passive income source to offset our monthly expenditure, in our retirement years.
To me, RENT > stocks, bonds, ETF ... etc
I cannot imagine myself at 85 still needing to analyze financial trends. By then, read also got problem. On the contrary, I should still be able to lock and unlock a door for my tenant.
Too late for me to build any more pipelines. I am just a few years shy of 55. Maybe you can?
I get it, and like you rightly mentioned - retiring should be trying to move to a less stressful lifestyle. I hope you move to the right job soon and start planning for your travels after retirement
tbh, forever thailand also not bad.... extend ur money but one thing that keeping me are 3 kids.
I go thailand cant be leave them here also mah
But why not Malaysia? I mean thailand cost of living and malaysia about the same. Actually come to think of it BKK more expensive than KL IMHO.
But at least in Malaysia similar culture and language. And can hop back to SG if need be
No, excluded. Any current/future savings is a bonus. It is definitely good to have but I feel it cannot be depended upon for the long term. For example, if you have $200k savings and you wish to rely on it for retirement. It just means you can use $833 a month over a 20 years period. Sooner or later, that savings or whatever savings will be depleted. There has to be a passive income source to offset our monthly expenditure, in our retirement years.
To me, RENT > stocks, bonds, ETF ... etc
I cannot imagine myself at 85 still needing to analyze financial trends. By then, read also got problem. On the contrary, I should still be able to lock and unlock a door for my tenant.
Too late for me to build any more pipelines. I am just a few years shy of 55. Maybe you can?
Well tbh rental isn't that "hands off" either. Tenants might call you to fix this and that. And if you unlucky you get bad tenants they will destroy your property. Forfeit their 1 month deposit still not enough to cover the damages.
For me turning 45 this year. Single and lonely. Already planning for retirement since been jobless for the past 1.5 years. Have a 4 room HDB almost fully paid and about $140k cash and stocks. Actually have more but spent a significant part of it on my "encounter" with my teerak BKK
My plan is rent out my 4 room hdb and move to JB. I think 4 room can fetch $2.8k-$3k p.m.? That would give me about MYR10k p.m. Can pay for my daily expenses + rent. Extra $140k turn to ringgit is myr500k put in FD can yield another maybe myr1.5k p.m interest ba. total income myr 11k p.m. Is this enough? I think its enough for single or maybe 2 person - if i find a jhb to "live in" with me? what do you guys think?
Well tbh rental isn't that "hands off" either. Tenants might call you to fix this and that. And if you unlucky you get bad tenants they will destroy your property. Forfeit their 1 month deposit still not enough to cover the damages.
Yeah. Nothing is risk free. You got a better idea?
For me turning 45 this year. Single and lonely. Already planning for retirement since been jobless for the past 1.5 years. Have a 4 room HDB almost fully paid and about $140k cash and stocks. Actually have more but spent a significant part of it on my "encounter" with my teerak BKK
My plan is rent out my 4 room hdb and move to JB. I think 4 room can fetch $2.8k-$3k p.m.? That would give me about MYR10k p.m. Can pay for my daily expenses + rent. Extra $140k turn to ringgit is myr500k put in FD can yield another maybe myr1.5k p.m interest ba. total income myr 11k p.m. Is this enough? I think its enough for single or maybe 2 person - if i find a jhb to "live in" with me? what do you guys think?
Looks good to me. RM11,000 is sweet. For 1 pax in malaysia. Will be comfortable.
But I think 45 is too early to retire. You still have 20 more years to go before reaching 65 where your cpf life pays out.
Suggest you re-skill or find a simple employment. It does not have to be full time or high paying. Something to keep you occupied and to pay the bills.
For me turning 45 this year. Single and lonely. Already planning for retirement since been jobless for the past 1.5 years. Have a 4 room HDB almost fully paid and about $140k cash and stocks. Actually have more but spent a significant part of it on my "encounter" with my teerak BKK
My plan is rent out my 4 room hdb and move to JB. I think 4 room can fetch $2.8k-$3k p.m.? That would give me about MYR10k p.m. Can pay for my daily expenses + rent. Extra $140k turn to ringgit is myr500k put in FD can yield another maybe myr1.5k p.m interest ba. total income myr 11k p.m. Is this enough? I think its enough for single or maybe 2 person - if i find a jhb to "live in" with me? what do you guys think?
I wouldn't put $140k into MYR fixed D. MYR will continue depreciate.
I would still keep bulk of the cash and investment in SGD, and change to MYR on monthly basis or as and when you need cash
Looks good to me. RM11,000 is sweet. For 1 pax in malaysia. Will be comfortable.
But I think 45 is too early to retire. You still have 20 more years to go before reaching 65 where your cpf life pays out.
Suggest you re-skill or find a simple employment. It does not have to be full time or high paying. Something to keep you occupied and to pay the bills.
I know but tough bro. I drive grab now but kena suspended coz someone make report I put camera facing client. I was like hello i also need to protect myself right? Later say I molest the passenger then it would be her words against mine and because of the way i look (like tikopek) + fat and balding confirm judge say i in the wrong....fat and ugly guys like me really at a disadvantage in these types of scenarios. So i put camera safeguard me and passenger. Also kena....suspended for 3 months and mandated to remove the camera.....
My plan is rent out my 4 room hdb and move to JB. I think 4 room can fetch $2.8k-$3k p.m.? That would give me about MYR10k p.m. Can pay for my daily expenses + rent. Extra $140k turn to ringgit is myr500k put in FD can yield another maybe myr1.5k p.m interest ba. total income myr 11k p.m. Is this enough? I think its enough for single or maybe 2 person - if i find a jhb to "live in" with me? what do you guys think?
now 4 rm hdb and above can rent out to a total of 8 people instead of 6. so if your location is good, rental can hit 4k a month (before taxes, maintenance, agent commission, etc). 8 people sharing 4k rent is only $500 each. Very good deal for them if location is good.
i dont suggest you turn your S$140k into ringgit and put MYR FD.
you know MYR is forever depreciating one.... your MYR even with good interest, likely wont beat you keeping it in SGD. You're just drawing down your savings in a disguised way.
when i was in pri sch, i still remember it was like 1 SGD to 1.2 - 1.5 MYR. And we thought malaysia was cheap!
For me turning 45 this year. Single and lonely. Already planning for retirement since been jobless for the past 1.5 years. Have a 4 room HDB almost fully paid and about $140k cash and stocks. Actually have more but spent a significant part of it on my "encounter" with my teerak BKK
My plan is rent out my 4 room hdb and move to JB. I think 4 room can fetch $2.8k-$3k p.m.? That would give me about MYR10k p.m. Can pay for my daily expenses + rent. Extra $140k turn to ringgit is myr500k put in FD can yield another maybe myr1.5k p.m interest ba. total income myr 11k p.m. Is this enough? I think its enough for single or maybe 2 person - if i find a jhb to "live in" with me? what do you guys think?
Do NOT convert your SGD to Ringgit it will be the biggest mistake of your life.
If you really need interest income it would be far better to convert to NZD which currently yields 6.1% and has a far better long term outlook vs Ringgit. NZD interest rates will fluctuate over time but historically have averaged around 4% to 5% and exchange rate vs the Ringgit should invariably be in your favour.
Of course nothing is guaranteed 100% when we plan for the future it's all about weighing the odds. Life certainly is a gamble and Mr Grim Reaper always wins in the end.
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07-01-2024, 09:42 AM
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