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

[wuqi256]

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

Hi Hawkeye, thats what i would do in that scenario given by TS if i have to subsist and continue staying in SG as a bachelor. This is as i have aged parents to take care of and have to look after their medical bills. Its not just about me, no matter how they treated me, my parents brought me up, so living simply, saving up and getting some form of insurance would ensure i would be in a better position to take care of them should the need arises.

 

[contangee]

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.

Agree with you that you should save more than you need just in case. Also true that you will need full time maid if you need are. However, if you have mobility problems, you will have almost have no spending elsewhere so $50k a year should still be fine. No need for vacation, geylang, K-OK,..etc. Even if you are healthy, at some point you will also want to simplify your life as well. Just looking at the spending habit of the older people in my family, all of them cut back significantly when they hit 60+ and by 70, they are almost monk-like. Not that they have no money, all of them are ok financially but they just don't go see movie, drink, shop,..etc. All they spend is transport money to ipoh/penang,..etc to see friends. I suspect me and most people will go through the same phase of spending and getting old.

 

[wuqi256]

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.

Yes, it is required for us to buy at RM $500k and above, developers may give you a furniture/furnishing package and or may give you a rebate but you can still get condo or landed units to purchase at around that price.

Also you can still get reasonable rates of rent although if it is for long term, then perhaps buying may be better. I would not recommend service apartments though as many bought service apartments and never accounted for the fact that utilities for their properties may be set at higher commercial rates.

Not only Malaysia but Thailand and perhaps even Taiwan is worth considering as well if one has to factor in medical or palliative care in the long term.

 

[wuqi256]

All they spend is transport money to ipoh/penang,..etc to see friends. I suspect me and most people will go through the same phase of spending and getting old.

Very true, one of my friends didn't bat an eyelid when giving his son a few properties but still takes the CW3 bus into SG and still drives his old car around most of the time. Really sets the standards for thriftiness.

 

[eatshitndie]

i intend to retire in bedok on a low budget and with a strict daily schedule:

pang sai - free
mee pok ta and kopi for breakfast - $4
walk the siglap linear park - free
surf sbf - free
nasi lemak and teh tarik for lunch - $4
surf sbf - free
snooze - free
surf sbf - free
yong tau fu and freshly squeezed sugar cane juice for dinner - $7
cycle to and around bedok reservoir - free
surf sbf - free
shower and sleep - free

total expenses per day - $15

 

[chootchiew]

Nabei I am working my ass now to accumulate a sum enough for $600-700 mthly for retirement and some still say 50k per yr is not enough

 

[johnny333]

..
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?..

Can't speak for others but when I was looking around in LOS one of my criterias is access to decent hospitals. Bangkok & Pattaya fits that criteria. I'll be sure to look for a good health insurance.

The money I am currently spending is what I get from dividens any balace left over jus goes back into the investment pot. If necessary I can dip into my principal.

 

[Leongsam]

I was talking to someone & the the discusson on just how much you need per year came up. If one has already got a home fully paid up. No intention of owning a car. Can a single person survive on only $50,000 per year for the next 20 years

I remember someone mentioned a figure of retiring with $1.3 million, is this really enough? Or should someone consider moving out of Spore?

What is the source of your income?

$50,000 is subsistence living. If you have assets that generate $50,000 returns per annum on a regular basis, why don't you move out of that shit hole to a place where the same sum provides you with a far more comfortable and satisfying lifestyle.

 

[johnny333]

Nabei I am working my ass now to accumulate a sum enough for $600-700 mthly for retirement and some still say 50k per yr is not enough

I was in the same boat but I always put aside something for investment. Took decades to build up my portfolio. Just make sure to invest your $

 

[Leongsam]

Nabei I am working my ass now to accumulate a sum enough for $600-700 mthly for retirement and some still say 50k per yr is not enough

That definitely isn't enough and you have yet to account for inflation. $700 per month was enough in 1965 but definitely isn't enough now and it will be far from enough in 20 year's time.

You should aim for a net worth of about $3 million to be in a comfortable position for life.

You say you're working your ass off. My question is are you doing that for yourself or you doing it for someone else? Hard work is a fantastic wealth generator but not if you're an employee. You need to invest time and effort in something that you own or something that you have a substantial share in.

 

[johnny333]

What is the source of your income?

$50,000 is subsistence living. If you have assets that generate $50,000 returns per annum on a regular basis, why don't you move out of that shit hole to a place where the same sum provides you with a far more comfortable and satisfying lifestyle.

Don't know how my friend is getting his $. He just asked me if $50k/year was enough.

My case might be different since I'm getting $50k/year from the dividens on stocks that I own. I'm comfortable in Spore but the only fun I get is when I'm traveling outside of Spore.

Can't sell my home in Spore right now because my parents are staying with me. I'm planning to spend more time in LOS & maybe buy or rent a place there. Even thought of going to Canada for their health care system, Getting citizenship so that I can withdraw my CPF

 

[chupacabra]

John boy canada immigration opens in May. Try your luck dude. I'll be giving it a shot. Plus also trying for NZ or OZ. Doesn't matter as long as me and my family are out. Was in Perth on a 457 visa last year but I felt it was too tide down being on a slave visa. I'm a chef, whats your profession.?

 

[chupacabra]

That definitely isn't enough and you have yet to account for inflation. $700 per month was enough in 1965 but definitely isn't enough now and it will be far from enough in 20 year's time.

You should aim for a net worth of about $3 million to be in a comfortable position for life.

You say you're working your ass off. My question is are you doing that for yourself or you doing it for someone else? Hard work is a fantastic wealth generator but not if you're an employee. You need to invest time and effort in something that you own or something that you have a substantial share in.

Boss just a question for you about NZ, I was thinking of starting a transportation business. Delivery of goods and shit. I got my bro who drives a truck in peesai, thought of doing it small first with a rig, pickup or those refrigerated trucks. Any ideas would be swell.

 

[Don Muthuswamy]

I was talking to someone & the the discusson on just how much you need per year came up. If one has already got a home fully paid up. No intention of owning a car. Can a single person survive on only $50,000 per year for the next 20 years

I remember someone mentioned a figure of retiring with $1.3 million, is this really enough? Or should someone consider moving out of Spore?

Shd b enuff ifif u:

1. R not married & no kids.
2. No car.
3. Need not pay HDB mortg.
4. No exp holidays.
5. Just go 2 GL 1 a fortnite or 1 a mth.
6. 2 not visit casino.

If ur getting $50k pass income, u shd perhaps consider moving 2 a cheaper plc datll offer u better qlty of life like Msia, Thailand or oder sim plcs.

 

[erection2015]

this still looks to be a very extravagant lifestyle ......can you trim the expenditure further

i intend to retire in bedok on a low budget and with a strict daily schedule:

pang sai - free
mee pok ta and kopi for breakfast - $4
walk the siglap linear park - free
surf sbf - free
nasi lemak and teh tarik for lunch - $4
surf sbf - free
snooze - free
surf sbf - free
yong tau fu and freshly squeezed sugar cane juice for dinner - $7
cycle to and around bedok reservoir - free
surf sbf - free
shower and sleep - free

total expenses per day - $15

 

[erection2015]

no need for such expensive medical insurance.....just sign up for the sbf medical insurance and for $2 per month you get free medical advice and treatment from Dr clinton thick thick thick.

dat 1+k 4 medical insurans ...

 

[erection2015]

ya...quite a good state of affairs to have 50k a year at hand....you need to be careful how you spend but you dont have to stinge.

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.

 

[eatshitndie]

this still looks to be a very extravagant lifestyle ......can you trim the expenditure further

can.

pang sai - free
surf sbf - free
sleep - free

total expenses - $0. that was what some bros here did, and they passed away.

 

[Liquigas]

Nabei I am working my ass now to accumulate a sum enough for $600-700 mthly for retirement and some still say 50k per yr is not enough

$700 pm is a bit tough even for a man living alone in retirement. A sum of $1,000is more reasonable according to my old friend who is retired. He is in his mid 50s, unmarried, staying alone in a 3-rm HDB flat (fully paid) and no car. Told me he is surviving on $1,000 pm. Not too bad lah considering that the average joe here is all like that what . Below is how.....
Meal - $ 450 ($15 X 30)
Transport - $50 (mrt/bus)
4D/toto - $100
Massage - $200 (X2)
Misc - $200 (utilities, handphone, haircut...etc)

 

[Scrooball (clone)]

$50,000 per year?

U better pray hard that you don't get sick or otherwise. The stay at ICU is $1,000 per day. (correction: typed wrongly. Should be $1,000 not $10,000 per day)