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retirement 101

zhihau

Super Moderator
SuperMod
Asset
i was thinking a bit about retirement recently and i was appalled to discover that it would be very hard for folks to retire here in Singapore, and the reason being: there's no ten year series for the subject on retirement!

jokes aside, i say CPF and HDB are the prime suspects, couple that with high costs of living and low wages, what a lethal combination. how can we expect to retire gracefully?
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
jokes aside, i say CPF and HDB are the prime suspects, couple that with high costs of living and low wages, what a lethal combination. how can we expect to retire gracefully?

Instead of drawing a salary, aim towards self employment. You can then create your own private "CPF" equivalent where YOU set the rules regarding rates of return and withdrawal schedules.

While running a private enterprise, it would be prudent to hone your skills in a hobby of your choice. These skills can then be used to keep the mind busy after retirement. Very often, hobbies can also be turned into money spinners. It may not be big bucks but could well be a comfortable supplement to income streams from the principle nest egg.

Get rid of the "employee" mentality. To thrive in todays world, you have to aim higher.
 

theDoors

Alfrescian
Loyal
i was thinking a bit about retirement recently and i was appalled to discover that it would be very hard for folks to retire here in Singapore, and the reason being: there's no ten year series for the subject on retirement!

jokes aside, i say CPF and HDB are the prime suspects, couple that with high costs of living and low wages, what a lethal combination. how can we expect to retire gracefully?

Inherit the HDB from your parents, that should give you a head start.
 

jw5

Moderator
Moderator
Loyal
i was thinking a bit about retirement recently and i was appalled to discover that it would be very hard for folks to retire here in Singapore, and the reason being: there's no ten year series for the subject on retirement!

jokes aside, i say CPF and HDB are the prime suspects, couple that with high costs of living and low wages, what a lethal combination. how can we expect to retire gracefully?
Sam can be very sarcastic and condescending at times, but what he says in this thread makes a lot of sense.
My suggestion would be to cut down or even eliminate completely spending on capital expenditure and not get married.
Many people spend most of their money changing or upgrading their cars and houses in order to look good to their friends and relatives. If you don't do that, you could even retire in SG.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Sam can be very sarcastic and condescending at times, but what he says in this thread makes a lot of sense.

Even my sarcastic and condescending stuff makes a lot of sense. It just doesn't sound nice.
 

manokie

Alfrescian
Loyal
i was thinking a bit about retirement recently and i was appalled to discover that it would be very hard for folks to retire here in Singapore, and the reason being: there's no ten year series for the subject on retirement!

jokes aside, i say CPF and HDB are the prime suspects, couple that with high costs of living and low wages, what a lethal combination. how can we expect to retire gracefully?

You have tell us more about your profession because that will give other Samsters a better idea of what to recommend. The advice will differ according to your circumstances. No 1-fit-all formula.
 

Logisex

Alfrescian
Loyal
You probably won't see your CPF in cold hard cash but you still needs a roof over your head so might as well use it to buy a flat. Nevermind if you are going to inherit your parents' place. Forget about condo or executive, just get a 3/4 room flat which you can cover the monthly payments fully using your CPF. Make it comfortable and forget about upgrading. You can still rent it out to get extra cash if you are qualified. Don't have to compare with the Jonesses because they won't tell you the truth.

You can find a partner in life who shares your values but don't get married and forget about kids. It tough to find such a woman but this is not a priority in life so search for one during your leisure times and treat it as a ECA. The most important thing is that she has to make you happy and not become a burden in your life. In the meantime, you still need to take care of your sexual needs so you need to allocate part of your cash flows to GL.

You don't need a car in S'pore. Save your $$$ for overseas trips.

Sam has already told you what you need to do to retire but don't quit your job yet. Stick on to whatever you are doing while you work on being self employed. Have a plan.

Last but not least, take that fear off your life. People stick to their jobs all their life out of fear. Have the confidence to tell yourself that whatever happens, you can handle it.
 

jw5

Moderator
Moderator
Loyal
Last but not least, take that fear off your life. People stick to their jobs all their life out of fear. Have the confidence to tell yourself that whatever happens, you can handle it.
Hahaha bro, hahaha.
Agree 100%.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Sam has already told you what you need to do to retire but don't quit your job yet. Stick on to whatever you are doing while you work on being self employed. Have a plan.

Many people try to ease their way into self employment by keeping their day job and dabbling in business on the side or going into "partnership" with some hustler. It never works.

In order to succeed, you must have the guts to simply QUIT! and proceed to put your heart and soul into making the enterprise of your choice a success.

By all means plan ahead and save up sufficient capital while working as an employee. However, self employment requires 110% effort for at least 2 to 3 years. It can't be done on a part time or "sleeping partner" basis.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
There are some great tools here for you to crunch the numbers.

http://www.sorted.org.nz/calculators/retirement

A few parameters aren't applicable in the sinkie context so they can be left out of the equation.

I've actually used this site on and off over the last 5 years to get ballpark figures. However, nothing beats iWork numbers for constructing tailor made financial forecasting and planning tools.
 

manokie

Alfrescian
Loyal
TS,

You need to ask youself what you want to do be "rich" or have money to "retire comfortably"

If you plan to work and rely on take home salary, you better be a cocksucker and make sure your relationship with the boss is unbeatable.
If you work for the government, make sure you convert your faith to PAPism and support them without any wavering in faith! Be a super Yes-Man and please your boss with the perfect servile attitude.

If you plan to be your own boss soon, listen to Leongsam.
 

Watchman

Alfrescian
Loyal


Singaporeans needed to be whipped on a daily basis so
that they will face tribulations .

And in tribulations , they will then rise from the cesspool .

If not they are drifting like idiots and preoccupied with idiocy .
 

scroobal

Alfrescian
Loyal
Sam, unlike you most people are married and with dependents. They will not quit in order to avoid the angst that their family have to endure over the initial period of uncertainty.


In order to succeed, you must have the guts to simply QUIT! and proceed to put your heart and soul into making the enterprise of your choice a success.
 

manokie

Alfrescian
Loyal
Sam, unlike you most people are married and with dependents. They will not quit in order to avoid the angst that their family have to endure over the initial period of uncertainty.

It depends on the kind of spouse they have and of course, their current financial situation. Also if the sinkies are sitting on a $200,000 mortage, it's unlikely that they will risk doing their own businesses especially in Sinkieland where connections and $$$ count the most.
 

Unrepented

Alfrescian
Loyal
There is no ten year series because lifestyle and expectations after retirement are different among individuals.

But one of the plan for retirement is how be healthy, medical expenses will suck us dry.

i was thinking a bit about retirement recently and i was appalled to discover that it would be very hard for folks to retire here in Singapore, and the reason being: there's no ten year series for the subject on retirement!

jokes aside, i say CPF and HDB are the prime suspects, couple that with high costs of living and low wages, what a lethal combination. how can we expect to retire gracefully?
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Sam, unlike you most people are married and with dependents. They will not quit in order to avoid the angst that their family have to endure over the initial period of uncertainty.

It doesn't matter which part of the world you live in. Success in life involves short to medium term sacrifice for long term gain.

I'd much prefer to go through a short period of angst while I'm still young rather than endure perpetual despondency and destitution in my twilight years because I didn't make hay while the sun was shining.

Besides angst is good for the soul. It builds character and toughens one up for future hard knocks which undoubtedly crop up from time to time.
 

1sickpuppy II

Alfrescian
Loyal
TS,

You need to ask youself what you want to do be "rich" or have money to "retire comfortably"

If you plan to work and rely on take home salary, you better be a cocksucker and make sure your relationship with the boss is unbeatable.
If you work for the government, make sure you convert your faith to PAPism and support them without any wavering in faith! Be a super Yes-Man and please your boss with the perfect servile attitude.

If you plan to be your own boss soon, listen to Leongsam.

Thou what you mention above is 1 way of doing it there are other ways. I for 1 am proud to say I have not kow towed to any of my superiors in all my years of work. Form a Jap MNC to CIS to my present job in a transport company I have stood my ground and told my bosses a spade is a spade and shit is shit. I agree that there were times where my promotion and yearly increments and bonuses were affected but at the end of the day I can walk out proud knowing that I stood my ground.
At the end of the day I am reaching my retirement in 3years time and I am safe to say I am 1 of the lucky ones to have both my houses fully paid, both my children are financialy independent and if the world and SG don't screw up too badly I am able to retire at 55 without relying too much on my CPF.
 

krafty

Alfrescian (Inf)
Asset
说得好,说得妙,说得夸夸叫。。。:d

it doesn't matter which part of the world you live in. Success in life involves short to medium term sacrifice for long term gain.

I'd much prefer to go through a short period of angst while i'm still young rather than endure perpetual despondency and destitution in my twilight years because i didn't make hay while the sun was shining.

Besides angst is good for the soul. It builds character and toughens one up for future hard knocks which undoubtedly crop up from time to time.
 
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