Adulting 101: The cost of raising children has always put me off having one. Is it really that expensive?

[TerrexLee]

SINGAPORE — Since I was thrown into the working world last year, I’ve had plenty of big numbers tossed at me.

Save at least S$1 million by age 62 if you wish to retire comfortably, people told me. Add to that another S$300,000 for a four-room Build-To-Order (BTO) flat, or at least S$500,000 if you plan to buy one in a mature estate or a resale unit. And don’t forget to set aside renovation costs.

On top of these, if you want to have children, make sure to set aside between S$200,000 and S$1 million a child, these well-meaning advisers say.

For someone who’s just embarking on this adulting journey on a rookie journalist’s income, these figures seem way out of reach and are anxiety-inducing — so much so that I have questioned whether I would ever be able to afford a child if that is what it costs.

Previously, when the topic came up, I would dismiss it by asking my girlfriend: “Do you want to retire or do you want to have kids?”

But as I was working on this column, I decided to speak to a financial consultant to get a clearer idea of just how much it would cost me to raise a child.

After all, I’m aware that how much it would eventually cost depends on the choices my partner and I make.

For example, whether we deliver the baby in a private or public hospital, place the child in a kindergarten where the fees are S$500 a month or S$2,000, plan to sign them up for expensive enrichment classes and feed them only organic produce.

Read more at https://www.todayonline.com/singapo...ren-has-always-put-me-off-having-one-are-they

 

[Leongsam]

$1 million by age 62 isn't nearly enough for retirement.

 

[syed putra]

The plan in the old days was to get as many children as possible yo they will take care of you durung retirement. Thst does not work anymore.

 

[batman1]

Don't even think about it. You will be sentenced to lifetime imprisonment.

 

[laksaboy]

Just hook up with a single mother and raise ready-made children that do not share your DNA.

 

[CPTMiller]

$1 million by age 62 isn't nearly enough for retirement.

You right.
In Singapore only have $1 mil cash at 62 age retired and you are alive till 80++ is not enough

 

[Leongsam]

You right.
In Singapore only have $1 mil cash at 62 age retired and you are alive till 80++ is not enough

18 years = 18x12 = 216 months.

$1 million / 180 months = $4,600 per month not counting inflation. A rather miserable existence.

$3 million to $5 million is the barest minimum required to retire at 62.

 

[Datingafter35]

View attachment 119653
SINGAPORE — Since I was thrown into the working world last year, I’ve had plenty of big numbers tossed at me.

Save at least S$1 million by age 62 if you wish to retire comfortably, people told me. Add to that another S$300,000 for a four-room Build-To-Order (BTO) flat, or at least S$500,000 if you plan to buy one in a mature estate or a resale unit. And don’t forget to set aside renovation costs.

On top of these, if you want to have children, make sure to set aside between S$200,000 and S$1 million a child, these well-meaning advisers say.

For someone who’s just embarking on this adulting journey on a rookie journalist’s income, these figures seem way out of reach and are anxiety-inducing — so much so that I have questioned whether I would ever be able to afford a child if that is what it costs.

Previously, when the topic came up, I would dismiss it by asking my girlfriend: “Do you want to retire or do you want to have kids?”

But as I was working on this column, I decided to speak to a financial consultant to get a clearer idea of just how much it would cost me to raise a child.

After all, I’m aware that how much it would eventually cost depends on the choices my partner and I make.

For example, whether we deliver the baby in a private or public hospital, place the child in a kindergarten where the fees are S$500 a month or S$2,000, plan to sign them up for expensive enrichment classes and feed them only organic produce.

Read more at https://www.todayonline.com/singapo...ren-has-always-put-me-off-having-one-are-they

If you don't send your child for extra tuition and universities. She/he will be at the back of the group. And that is where your expenses balloon. True. A degree is definitely the norm now in the corporate world but are you sure it is a must as most corporate hr don't need degrees but experience and presentation and accomplished. Look at the number of imports. I doubt they spend years and thousands of dollars to be good at their skills.

Don't waste time paying for degree. It is not degrees they want. It is the skill. Beside. If your child is good. Scholarship is another way to go.

Suicides in school children. Common. Can tell by the amount of curriculum after school.

So do yourself a favour. Have children because you want to love your wife and want to create representation of family. Because not guarantee they will follow your footsteps of be successful.

If you don't have network and net worth. Pretty hard for them to climb.

 

[blackmondy]

$1 million by age 62 isn't nearly enough for retirement.

More than enuf if you die at 63.

 

[nayr69sg]

That's why I have given up planning for retirement.

I buy lottery. If I win I can retire.

If I die early there is nothing to retire from. LOL!

Otherwise just keep working till die.

 

[nirvarq]

That's why must vote PAP. Rent out one house use the rent for easy survival living in the other house. Savings are spare money..........holidays, travels, casual Casinos, ktv, massages : ask @GoldenDragon lol........
SG is all about properties nothing else.
PAP Banzai ~~! lol.........

 

[pvtpublic]

the path to 1m is typically save + invest. a few lucky ones start a passion driven business and make it big. a minority will excell in their professions and journey to 1m and beyond. and of course there are those who were fortunate enough to be born with it.

so looking at these models, what's gone wrong for Singaporeans in their journey to 1m? it's the invest part. and more specifically it's quality of the SGX. most moms and pops invest almost exclusively in the local bourse and that has way under performed the global indexes over the past 2 decades.

in our own way, we have a "lost generation" of investors.

the path forward to 1m is going to get even harder.