How Much Do You Save For Retirement?

[jtcp82 0]

Hi All,

Care to share how much do you think is enough if you are retiring at the age of 62?

[bepgof 20]

Hi All,

Care to share how much do you think is enough if you are retiring at the age of 62?

Must breakdown into many items first (eg, medical, tpt, angbao(give away), .....) & sum up these, reflect mre accurately. Those mentioned in newspaper can "read", can't believe. When I "more free", will do a sum up, ok?

I'm back: aportion to monthly base

1. Transport (car, fully paid)- $200(petrol), maint($100), insurance +roadtax($150)+ parking($120) = $570

2. Daily expense (food + misc) - 30 x 15 = $450

3*. Angbao = 0 (out=in)

4. Special occassions(see movie, entertaiment) (say 2 in a month) - 2 x 50 = $100

5. Normal sick, GP (1 in 2 month) - 50/2 = $25

6*. Personal Insurance premium = 0

7*. Hospitalisation = 0

8. House loan (fully paid)=0

9. Clothing(inc underwear, shoe, sock, etc) - $50

Any more? 570+450+100+25+50 = $1195, round up to $1,200/per month (present money valve)

Edited May 19, 2010 by bepgof

[leechaorui 2]

Hi All,

Care to share how much do you think is enough if you are retiring at the age of 62?

How much is needed depends on a number of factors such as:

1. No. of dependents and their needs. People are marrying late and having children even later. Hence, at 62, people may still have school going children.

2. State of health. If a person is healthy, his/ her needs are lesser in terms of medical care.

3. Definition of retirement. If a person is able to engage in some form of own business or part time work, the regular stream of income will lessen the financial need to dip into his reserves. This would provide for the "retiree".

4. Amount of dividends/ rental income/ investment income. If a person has more passive income, there would be less need to dip into his reserve.

5. Quality of life. If a person wish to enjoy retirement by spending more freely, he would need more.

6. Liabilities. If a person is free from liability, he would need less as there is no need to service loan. A retiree who has a fully paid house, a seizable CPF savings, a new car for personal transport, multiple sources of investment income (dividends, interests, etc.) and children who are supporting him will need to dip less from his reserve.

There are more factors and the needs of individuals differ. I think for the lay person without liabilitie, with a house fully paid and a healthy body, I think an income of about $2500 per month at today's prices will be quite comfortable.

[jtcp82 0]

Must breakdown into many items first (eg, medical, tpt, angbao(give away), .....) & sum up these, reflect mre accurately. Those mentioned in newspaper can "read", can't believe. When I "more free", will do a sum up, ok?

I'm back: aportion to monthly base

1. Transport (car, fully paid)- $200(petrol), maint($100), insurance +roadtax($150)+ parking($120) = $570

2. Daily expense (food + misc) - 30 x 15 = $450

3*. Angbao = 0 (out=in)

4. Special occassions(see movie, entertaiment) (say 2 in a month) - 2 x 50 = $100

5. Normal sick, GP (1 in 2 month) - 50/2 = $25

6*. Personal Insurance premium = 0

7*. Hospitalisation = 0

8. House loan (fully paid)=0

9. Clothing(inc underwear, shoe, sock, etc) - $50

Any more? 570+450+100+25+50 = $1195, round up to $1,200/per month (present money valve)

Hmm what about these items

1. HP Bills

2. Uitities Bills

3. Internet bills

4. Service and Conservancy Charges

With inflation in mind, I guess minmally will need 2K. Lets say can live until age 85. That is 576K to be saved.

[eiffel76 1]

guys, in planning for retirement, please do not forget good medical insurance.

and teach one's kids right...a child can make or break one's retirement plans...

[muffin 2]

I think there is a lot of retirement calculator in the Internet, just google and use the tools to calculate what u need during your retirement times, just google, just to share

[Always Happy 0]

how much is much, I dun care, I just save wat i have.

I just make sure i enjoy the present within my means, no instant gratification.

[Pinklady 0]

Not possible to have retirement in mind now leh. its far away from my thoughts leh. currently there are so many expenses each month. how to save up for old age? i guess will need to be like those kopitiam uncles or aunties. have to clear plates for a living, 20 to 30 years down the road

[muffin 2]

It largely depend on the lifestyle you want to live during your retirement days

[huihui 0]

It largely depend on the lifestyle you want to live during your retirement days

Agree with you. I think if your kids have growth up then i think planning to have $1200 per month is good enough.

[joey8 2]

It largely depend on the lifestyle you want to live during your retirement days

I agree .. it depends really on your lifestyle and when you start saving for retirement. For me, I think I need at least $2K monthly.

[muffin 2]

hi,

for retirement, you must also cater in inflation rate too. It is rising for the past few months, maybe when we drink coffee at kopitiam in 15 years time, it is $2.50 or even more.

[yhgdnow 0]

hi,

for retirement, you must also cater in inflation rate too. It is rising for the past few months, maybe when we drink coffee at kopitiam in 15 years time, it is $2.50 or even more.

Very true

At the rate Singapore is going, it might happen sooner

[matrix0405 0]

Must breakdown into many items first (eg, medical, tpt, angbao(give away), .....) & sum up these, reflect mre accurately. Those mentioned in newspaper can "read", can't believe. When I "more free", will do a sum up, ok?

I'm back: aportion to monthly base

1. Transport (car, fully paid)- $200(petrol), maint($100), insurance +roadtax($150)+ parking($120) = $570

2. Daily expense (food + misc) - 30 x 15 = $450

3*. Angbao = 0 (out=in)

4. Special occassions(see movie, entertaiment) (say 2 in a month) - 2 x 50 = $100

5. Normal sick, GP (1 in 2 month) - 50/2 = $25

6*. Personal Insurance premium = 0

7*. Hospitalisation = 0

8. House loan (fully paid)=0

9. Clothing(inc underwear, shoe, sock, etc) - $50

Any more? 570+450+100+25+50 = $1195, round up to $1,200/per month (present money valve)

I think this is accurate, $1.2K/mth is comfortable. Do remember that when u are older, u lose interest in going to disco or movie etc, many expenses go down. Even want to eat also unable to eat much. Many financial planner put the figure at 80% of last drawn pay, this figure is inaccurate and high. The purpose is to convince consumers to buy higher premium policies. So before u part with your money, it is better u make your own estimation or consult bepgof.

[chia90 0]

do agree with Matrix0405 on the financial planner part...but not so sure about 1.2k /mth is enough especially with raising healthcare cost (those chronic illnesses or major servicing/overhauls)... and if spouse is around, dun forget to x2..

btw, would like to share this...

http://sg.finance.yahoo.com/news/How-to-Se...018048.html?x=0

I think this is accurate, $1.2K/mth is comfortable. Do remember that when u are older, u lose interest in going to disco or movie etc, many expenses go down. Even want to eat also unable to eat much. Many financial planner put the figure at 80% of last drawn pay, this figure is inaccurate and high. The purpose is to convince consumers to buy higher premium policies. So before u part with your money, it is better u make your own estimation or consult bepgof.

Edited March 2, 2011 by chia90