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

[Merl Haggard]

I am going to make sure to get some health insurance from some reputable company.

Johnny, you're retired and had suffered a heart attack, and as such I think it will be very difficult for you to find an insurance company in S'pore who wants to take you on.

 

[johnny333]

Johnny, you're retired and had suffered a heart attack, and as such I think it will be very difficult for you to find an insurance company in S'pore who wants to take you on.

Do you think so

In the past I've only had coverage under a companies policy. I know very lttle about the health insurance business.
I know that NTUC has those packages which are limit coverage on a limited number of illnesses.

 

[po2wq]

... In the past I've only had coverage under a companies policy ...

tis coy coverage dat cums under coy benefits is a dangerous ting ... as loong as u wok 4 dat coy, u r covered ... once u resigned, u r bare naked ... a lot of ppl tend 2 overrook tis as dey oni use ze coy's coverage, tinking dat dat is oredi sufficient n dun haf any personal medical insurans ...

 

[johnny333]

Johnny, you're retired and had suffered a heart attack, and as such I think it will be very difficult for you to find an insurance company in S'pore who wants to take you on.

tis coy coverage dat cums under coy benefits is a dangerous ting ... as loong as u wok 4 dat coy, u r covered ... once u resigned, u r bare naked ... .

Interesting...... looking more like leaving Spore is not an option, it's a necessity for people like me. Anyone out there have health insurance coverage other than just Medisafe

 

[chupacabra]

John you are right it's not an option. You gotto leave peesai or else no point talking about it and complaining about it when you get older and can't leave.

If you reach you're 70s and 80s who is gonna take care of you if you're in some 3rd world cuntry.. Best is to go west get citizenship and move to say Thailand or Mudland if you intend to stay single. It takes alot perseverance but it's worth it.

 

[Hawkeye1819]

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.

I am paying for all the private medical policies of my old folks. They're getting very expensive, but being fully covered is still better than being exposed to a devastating hospital bills. Total premium about $6K per year. I want to bequest something to others too when I pass away, so I have whole life and other policies. Total premium about $10K per year. That's already $16K per year, or close to $1.3K per month. Expensive, but in return, peace of mind.

 

[Hawkeye1819]

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.

There are some intangibles that SG provides. High class commercial sex is one. I'm not talking about government approved brothels that are vastly inferior to others in the SEA region. If you have the right network, SG is a heaven for those with this particular taste.

 

[johnny333]

Best is to go west get citizenship and move to say Thailand or Mudland if you intend to stay single. It takes alot perseverance but it's worth it.

This is one of the options I have been thinking about. Have friends & relatives over there & I enjoyed the more laid back lifestyle over there.

I'm not so choosy but all this discussion on health care has me worried that $50k per year might not be enough.
I think I will put in a few applications. Will give me a few more options.

 

[TracyTan866]

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?

$50k a year maybe enough..but that doesnt mean that $1.3m is enough for retirement. it depends on how old one retires and how long he will live after that

 

[johnny333]

$50k a year maybe enough..but that doesnt mean that $1.3m is enough for retirement. it depends on how old one retires and how long he will live after that

There are many opinions as to how much is enough. The trouble is that there are too many unknown variables in Spore.

The biggest unknown is health care Who knows what they are going to charge years from now?

Other unknowns is the cost of water & electricity. With the termination of the water deal with Malaysia, Spore will have to rely on technologies like desalination which requires lots of energy. The PAP has a track record of passing on costs plus profit to the public.

Not forgetting the other costs which the PAP will no doubt increae

 

[TracyTan866]

There are many opinions as to how much is enough. The trouble is that there are too many unknown variables in Spore.

The biggest unknown is health care Who knows what they are going to charge years from now?

Other unknowns is the cost of water & electricity. With the termination of the water deal with Malaysia, Spore will have to rely on technologies like desalination which requires lots of energy. The PAP has a track record of passing on costs plus profit to the public.

Not forgetting the other costs which the PAP will no doubt increae

true..

also providing water for 3m people costs much less than for 6.9m people

food prices for 3m people will also be much less than for 6.9m

it's important to say no to an overpopulated SG, especially when we are resource scarce..be at HLP on 1st May

 

[contangee]

The average Singaporeans don't even earn 50K a year any idiot that tells U 50K is not enough should be shot

Finally some common sense in this forum. If $50k is not enough, it is a lifestyle problem, not a financial problem.

 

[winnipegjets]

No car, no house loan and over 4k per month. Sure why not? It's enough to feed a family.

Until you get a heart attack or a serious medical condition.

 

[watchman8]

Until you get a heart attack or a serious medical condition.

That's why important to get personal health insurance to cover medical costs. Too many people think company group insurance, medishield and medisave are sufficient. What they forget is that once major illness strike, will loss job and company group insurance, then medishield cover is minimal while medisave is too little for treating chronic illness. So many people sting on personal health insurance, which is only a few hundred bucks per year.

Even after retirement, the personal health insurance is still one to four thousand per year. It's totally worth it as peace of mind for major illness treatment costs are covered.

So a retired couple can surely survive on $50 k per year if both are covered under personal health insurance when they are still healthy. Dont forget retirees generally spend much less as they no longer need to go out everyday and their kids should be independent by then.

 

[chootchiew]

Until you get a heart attack or a serious medical condition.

I guess a lot of sinkie are mislead by our MIW that a heart bypass cost only $8. And our beloved Tin PL commented that healthcare is very low cost in sinkieland (whereby the video shows a shocking monkey with mouth wide opened).

 

[chupacabra]

Honest how many sinkees got 1k or more to pay insurance...immigrating out of peesai is the best way. Even in western cuntries if u take insurance it would cost a few hundred only on top of the social welfare or free medical.

 

[contangee]

Honest how many sinkees got 1k or more to pay insurance...immigrating out of peesai is the best way. Even in western cuntries if u take insurance it would cost a few hundred only on top of the social welfare or free medical.

In the US, a broken arm can cost you over $50k and the average insurance for a family of 4 is about $15k-$20k a year. The most common cause for bankruptcy is medical cost related. Compare to that, SG is actually not too bad. Also in Europe, they are starting to tighten up health benefits and their tax rate is crazy.

 

[contangee]

That's why important to get personal health insurance to cover medical costs. Too many people think company group insurance, medishield and medisave are sufficient. What they forget is that once major illness strike, will loss job and company group insurance, then medishield cover is minimal while medisave is too little for treating chronic illness. So many people sting on personal health insurance, which is only a few hundred bucks per year.

Even after retirement, the personal health insurance is still one to four thousand per year. It's totally worth it as peace of mind for major illness treatment costs are covered.

So a retired couple can surely survive on $50 k per year if both are covered under personal health insurance when they are still healthy. Dont forget retirees generally spend much less as they no longer need to go out everyday and their kids should be independent by then.

Exactly ! Insurance company are there to make money so don't think to get insurance only when you are sick and old. In fact, when I was upgrading my parents' health insurance to a better plan, they will only allow the upgrade with the preexisting conditions are excluded. Also, some people were criticizing about NTUC plan, they are actually adequate and price effective. For example, I got my parents the Income Shield Plan A (second most expensive plan) which covers rooms and medical services of up to $1,200 per day with an annual benefit limit of $200,000. Premium is about $2000 each per year. If you are interested or curious, see the link on how much premium is charged, see the link below. I am not an NTUC insurance salesman so feel free to disagree. The trick is to get insurance before you get sick. Once you have medical conditions, high blood pressure, heart conditions, etc. insurance coverage will be very expensive if you want to include those conditions.

http://www.income.com.sg/insurance/incshield/premium.asp

 

[watchman8]

Honest how many sinkees got 1k or more to pay insurance...immigrating out of peesai is the best way. Even in western cuntries if u take insurance it would cost a few hundred only on top of the social welfare or free medical.

You have problem even paying $1000 per YEAR for health insurance?

 

[watchman8]

Exactly ! Insurance company are there to make money so don't think to get insurance only when you are sick and old. In fact, when I was upgrading my parents' health insurance to a better plan, they will only allow the upgrade with the preexisting conditions are excluded. Also, some people were criticizing about NTUC plan, they are actually adequate and price effective. For example, I got my parents the Income Shield Plan A (second most expensive plan) which covers rooms and medical services of up to $1,200 per day with an annual benefit limit of $200,000. Premium is about $2000 each per year. If you are interested or curious, see the link on how much premium is charged, see the link below. I am not an NTUC insurance salesman so feel free to disagree. The trick is to get insurance before you get sick. Once you have medical conditions, high blood pressure, heart conditions, etc. insurance coverage will be very expensive if you want to include those conditions.

http://www.income.com.sg/insurance/incshield/premium.asp

Insurance are not charities. They are there to make money, and MAS is there to regulate and police the insurance companies. The insurance companies cannot deny claims or kick you out of the insurance plan once you are sick, else MAS will revoke their operating licenses.

You are right, the trick, or key idea, is to buy when you are healthy. If the insurance company accept sick people, then there is no point for healthy people to buy insurance, and the insurance premium will need to skyrocket to actual medical cost. Then no point having any insurance company in the first place.

Last time I used to siam insurance like crazy, until someone educated me properly. Since then I bought full health insurance cover for my entire family, including my kids. After 6 years, my entire family made claims of more than $200,000, while the total premium paid was around $10,000. Lucky that we benefitted by enjoying more claims than premium paid, unlucky that we actually got sick and had to be treated.

But I still avoid all investment link insurance and life insurance like plagues. Totally useless stuff, IMO. Why pay your insurance agents thousands of bucks for them to lock you into a long term saving plan?