Is $50,000 per year enough to retire in Spore?

[GoldenDragon]

Any idea how much medical insurance would cost per year with a reputable insurance company
Better exclude NTUC because I'm not sure about their reputation.

No idea, bro. Was never into medical insurance as I am covered by the govt - pension scheme. I just need to pay a very small sum which can be deducted from Medisave if ever hospitalised. Very unlikely to enjoy $8 operation though.

 

[GoldenDragon]

groceries, food and SP bills should be around 1.2 to 1.5 k per month. Transport and phone bills around $600. Misc say $400. Total 2.5k...ballpark figure.

Still got around 1 over k to spare

Yes. Quite comfortable an amount. Can also chiong once a week with the 1k plus leftover. If Geylang, just 4 x $150 = $600. Still have balance for KTV.

 

[GoldenDragon]

Clap clap clap best answer and best solution. Go Thailand or Malaysia.

If I may add, Australia and NZ also boleh. Rental there is bearable. Costs of living too.

 

[Hawkeye1819]

Yes. Quite comfortable an amount. Can also chiong once a week with the 1k plus leftover. If Geylang, just 4 x $150 = $600. Still have balance for KTV.

Cannot lah, bro. Car maintenance already killing many Sinkees. Maid levi also going up. Chiong KTV also no kick, must have HFJ. Definitely need more than $50k per year if you want to finance a "sex-filled" lifestyle.

 

[johnny333]

Depends. Do you have a good medical insurance policy? Do you have any particular habits, like need for commercial sex? $50,000 a year is sufficient if you have a good medical policy and your home is fully paid, and you don't indulge in sex, and you don't need a maid, and you don't go for expensive holidays, and you don't eat out often, and you don't have expensive tastes, and you live a frugal life overall. Meet all these requirements, and $50K is enough.

But beware of inflation. It is over 5% per annum. In 15 years' time, your purchasing power will fall in half, and you'll find it inadequate. People always forget about inflation or underestimate it.

$1.3 million is not a big deal in Singapore. If you want to retire on 1.3 million, I'd worry. You better ask your friend not to retire or to start monetizing his hobbies.

I suspect most Sporans in their 50's aren't healthy enough for hanky panky activities. There may of course be exceptions

If you think 1.3 million is insufficient then in your opinion what would be a comfortable amount

 

[Hawkeye1819]

I suspect most Sporans in their 50's aren't healthy enough for hanky panky activities. There may of course be exceptions

If you think 1.3 million is insufficient then in your opinion what would be a comfortable amount

I don't know your friends' wants and needs so I can't say. For me, I need my dose of California gym, drinking binges, HFJs and such. $3M say? Don't forget you don't want to just park your money in FDs. You want to grow your money too so that it can last however long you live. That means you have to invest a large portion into good blue chip companies, and also high yielding currencies like Aussie or NZD. If you live to 100, how? Old fcuk already reaching 90. OK granted he has super first class medical care. But if you are lucky enough to be blessed with a long life, you don't wanna run out of money.

 

[scroobal]

For $50k, with fully paid house, a better approach is to rent the house out and move to Penang or JB. You can rent a good place or even pay the mortgage and still live comfortably with money to travel twice each year.

 

[GoldenDragon]

Cannot lah, bro. Car maintenance already killing many Sinkees. Maid levi also going up. Chiong KTV also no kick, must have HFJ. Definitely need more than $50k per year if you want to finance a "sex-filled" lifestyle.

HFJs very taxing on the wallet. KTVs very much cheaper. Speaking from almost 3 decades experience.

About 3-4 weeks ago, visited 2 HFJs. Knna, mummy assigned two singers to sit with me. Both kept calling me after my first visit. Left my handphone on the table when I went to the toilet and they used my handphone to call theirs. Realised both were expected to perform their 'show' soon and both were desperate for customers to support them. I 'siamed' all their subsequent calls.

 

[Hawkeye1819]

HFJs very taxing on the wallet. KTVs very much cheaper. Speaking from almost 3 decades experience.

About 3-4 weeks ago, visited 2 HFJs. Knna, mummy assigned two singers to sit with me. Both kept calling me after my first visit. Left my handphone on the table when I went to the toilet and they used my handphone to call theirs. Realised both were expected to perform their 'show' soon and both were desperate for customers to support them. I 'siamed' all their subsequent calls.

You have good discipline. I always fall prey to small talk.

 

[GoldenDragon]

You have good discipline. I always fall prey to small talk.

Bro, your heart must be hard. Almost everygal in nightspot got sad story. How to help them all even if their story is true. Can only pity them. Tolong beh liao.

Good discipline? Hahahaa. If the right one comes along, maybe uncle also kena kongtao!

 

[wuqi256]

He may chose to leave. However he wants to know if staying in Spore is an option with a budget of $50k/ year.

For myself I'm thinking about spending $50 to $100k to buy or maybe just rent a place for a couple of hundred/month a place in LOS. Planning to visit Changmai soon to have a look see. May take a couple of years before I finally decide

Agree on Chiangmai but getting a bit commercial, Chiangrai may also be a good place to stretch the dollar.

 

[contangee]

I am really surprised to see that many people here think that $50K a year is not enough. Remember, when you are older, your discretionary spending tends to slow down too. I just don't see binge drinking at 50+ and Geylang once a week or a Thai trip every once in a while should be sufficient. Who needs full time maid or car maintenance when you retire on the cheap? You can still pay maid to come once or twice a week to do cleaning. With so much free time, you can afford to wait at government clinic.

If I have to choose between working my ass off to save for more money or immediately stop working and have $50k a year, the choice is simple, enjoy life while you can. Still, as other posters have mentioned, living overseas in Thailand or Malaysia beats retiring in SG.

 

[wuqi256]

Actually if one was a bachelor, 4k a month would be plenty even in SG assuming one lives with the parents. Give parents at least 1k monthly, then save at least 1k and spend the rest on utilities, food, transport and mobile phone. No smoking, drinking and just live simply.

 

[soIsee]

Bloody morons here talking about whether this or that is enough or not.

If you are NOT covered on the comprehensive scheme of medical insurance when you are young and healthy when you brought it ..

No insurance will cover you when you old and 'unhealthy'. Even if you chose to pay sky high premium, no insurance would want you.But with only $50k per yr how to pay those premium?

Now you can then see ' How $8 Khaw can end up paying only $8! Of course with those premium he paid which leave the peasant Sinkie pondering if his CPF medi- shield can even shield them at all.

Sinkie are definitely going to have a hard time as most have not set themselves financially free and with investment that generate it's own income indefinitely for good.

 

[soIsee]

He may chose to leave. However he wants to know if staying in Spore is an option with a budget of $50k/ year.

For myself I'm thinking about spending $50 to $100k to buy or maybe just rent a place for a couple of hundred/month a place in LOS. Planning to visit Changmai soon to have a look see. May take a couple of years before I finally decide

Leave ?

You still don't get the idea that most Sinkie are ' mindset locked' and many 'brain dead' that the thought of stepping out of the Sinkie shore scares the daylight out of them and they only could imagine places other than their shit land is 'unable to offer them that acceptable life style' .

LKY has locked the Sinkie for good and he have their mind, body and soul to take them to hell with him.

 

[rusty]

I am quite sure 50k per year is enough for many singles to survive for a year, with house paid up and no car loan to service. That's approx 4k a month and $130 a day. Makan and cig surely no problem. Call chicken once a week also catered for. The big concern is medical. Covered by insurance?

Mon - Toto System Roll $20
Tue - Karaoke $200
Wed - 4D...... House addr, Car no, Tel No, I/C No, LKY death date, total $100
Thur - Toto same $20
TGIF- HFJ $300
Sat 4D $100 & Horse $100
Sun 4D $100 & Horse $100

$1040 x 4weeks = $4160 x 12months = $49, 920 yearly

Balance $80 yearly enough for biscuits and chopsticks only.

Cannot sick can die only

 

[johnny333]

I am really surprised to see that many people here think that $50K a year is not enough. Remember, when you are older, your discretionary spending tends to slow down too. I just don't see binge drinking at 50+ and Geylang once a week or a Thai trip every once in a while should be sufficient. Who needs full time maid or car maintenance when you retire on the cheap? You can still pay maid to come once or twice a week to do cleaning. With so much free time, you can afford to wait at government clinic.

If I have to choose between working my ass off to save for more money or immediately stop working and have $50k a year, the choice is simple, enjoy life while you can. Still, as other posters have mentioned, living overseas in Thailand or Malaysia beats retiring in SG.

Better factor in the cost of a full time maid. Just look at what happened to the last leaf:(

I've seen what can happen when you get older. You have mobility problems & if you are unlucky you'll suffer from stroke. This is of course the worst case scenario.

The problem with not having enough $ is that you start worrying. All that worrying is not good & may cause serious health problems.

 

[Hawkeye1819]

Actually if one was a bachelor, 4k a month would be plenty even in SG assuming one lives with the parents. Give parents at least 1k monthly, then save at least 1k and spend the rest on utilities, food, transport and mobile phone. No smoking, drinking and just live simply.

No smoking, no drinking and live simply.... wat kind of life is that??

 

[Bhumipon]

No smoking, no drinking and live simply.... wat kind of life is that??

Miserable life wasted

 

[johnny333]

Actually if one was a bachelor, 4k a month would be plenty even in SG assuming one lives with the parents. Give parents at least 1k monthly, then save at least 1k and spend the rest on utilities, food, transport and mobile phone. No smoking, drinking and just live simply.

Hi Wuqi

I know that this thread is about 50k & how far it will go in Spore, but can I ask you
about condos in JB.

Do Sporeans face the same restrictions on condo purchses as private properties e.g. must be worth RM$500k & above.
Can someone rent a cheap condo in JB?

With all this talk of inflation it may be necessary to stay in JB & just visit Spore once in a while. It may make more sense especially with the potential of having a population of 7 million in Spore.