An uncle I know who is in mid seventies staying with his daughter, he said he needed no more than $1k per month and the amazing part is he donates his excess income to charities every month.
Depends on your lifestyle. In the past I always go restaurant, shopping & clubbing… honestly 5k also not enough. Today I lead a healthy lifestyle… exercising in ActiveSg and safra is dirt cheap till I completely gave up on my plan to retire like a KING inside Malaysia. I’m having a below 2000 kcal dietary as I realize my past eating habits is going to kill me very fast. I kena type 2 diabetes + high BP + high cholesterol around 35 yrs old. I refused to live eating pills till my last. It is dirt cheap to have such diet. No more cravings for fanciful restaurant buffet as I rather reserve my tummy for my favorite cheap hawker food. Now I can easily survive with 1-1.2k including smoking and drinking. SG is dirt cheap for healthy living but freaking expensive for unhealthy 😂
I don't understand why most people need so much money when they retired. My wife and I live on about $800 to $900 a month (all expenses included). What is include? We live in a 2 room flexi hdb flat, never pay any PUB bills for the last 6 to 7 years (because of government grant), food, groceries, internet services, 2 handphones ($5 bill per month for each phone), weekly snacks for my granddaughter, haircut, etc. Don't forget, if you are old, you have to be very careful what you eat. Behave and control yourself then you would not have to see the doctor that often.
In Malaysia, RM100 (USD23) can cover a week's worth of groceries for a family of four, allowing them to prepare nutritious meals at home. In contrast, 80% of Singapore's food supply is sourced from Malaysia.
Assume allowance of $500 and 3 kids = $1,500 each month. No mortgage and no car. That’s a budget of $50 to spend each day. It’s enough for a simple simple lifestyle.
I think they meant having FRS (2024 monthly payout is $1670) and additional 100k in savings account and no loans to repay. Cause if you have a simple life, FRS payout is enough to cover all costs liao, plus yearly overseas trip too😁.
Wrong again, not every auntie and old uncle has FRS. My MIL has 510 for cpf payout, my father in law has 690 for cpf payout. But both eat lesser due to old age, 76 and 81, they consume lesser expenses. They still go to china a few times each year with their stocks trading profits.
@@yaohua007 think theirs is BRS. I also intend to take out my cpf and leave only the BRS. Use the cpf money to invest. Who knows what tricks the garmen will play when i reach 65...scully said only at 80 then give out my cpf money really sia lan liao🥵
@@yaohua007Precisely. It will take a while until most retirees hv that FRS payout since it’s a relatively new concept. However, another concept worthy to look into is how well sgpeans r eating as good quality fruits, vegs, real cheeses, cooking oil or meat, etc, r really expensive in sgp which most older population actually can’t afford, resulting malnutrition n illnesses. Are we still living in outdated mentality of the 70s?
I calculated I will need $2.4k a month for expenses, insurance premiums and bills. $1000 a month seems too low unless it is just for food, transport, phone bills, general groceries. More details provided in the video would be helpful
Hi Janice, different people have different expectations on expenses. $1000 i believe is really doable. Some comments below have validated it. Food for example, some of the older folks interviewed probably eat less or cook some at home or eat v simply. Hope it answers k =)
@@joshconsultancy agree, my father and mother in laws hardly eat much during lunch, sometimes they cook sweet corns or sweet potatoes. Too much meat at old age is not good. They saved up to go china trips simply because my father in law is into stocks trading. He earns a few hundreds each month to accumulate enough for a few nice trips to china with my mother in law.
Dear Josh, I’m 45 next year. Currently I have 900k in cash stocks etc… avg 3% returns only … I also have home loan of 380k from my condo payable by cpf oa which has reserves of abt 15k.. the loan is 20 years which I will work ft for 10 years and seek to either right size the condo to a hdb or keep the condo n pay off the loan by pledging the property n drawing from cpf… If not I can use my cash but it will be left abt 520k… Any advice and also how do u think my finance situation is now? Thanks ❤
Living in 4 room HDB, imo I require $1500-$2000 per person each month for daily expenses. both couple retired ~50 yo and have S$1.7 mio holdings in DBS, UOB , UMS giving ~ $5000 per month ; other amount in PLTR, Tesla , Sofi and QQQ for zero dividends but infinite growth.. not the type of allocation Josh would approve 😊
In Malaysia You would need at least RM 600K with no housing and car mortgages. Also you would need to have good healthcare and permanent disability insurance Just to live a Basic lifestyle
$1k is very restricted budget. It is for those who are healthy, no car housing loan, no more insurance premium and expenses. But then if you only have that much monies, then you have no choice but adapt to it.
From header, I thought it meant 100k to spend per year. Which is a very nice sum to allow to pamper yourself every month for mix of short and long trips.
I aim to get 300x of my monthly spending to retire substantially . Monthly spending needs to include monthly average of healthcare, travel, special expenses, everything. All need to be invested in equity. It will cover inflation as well.
1 k is sufficient if...assume no debt..have other income from stock and investment or kids contribution...if u have debts everywhere and kids r still young..then 1 k is not enough
2 groups of interviewees : Those near CPF Life payout age of 65 or alr receiving CPF Life payouts. Both r ok with $100K in bank accounts. At age 60..a monthly expenses of $1,500 with $100K can last for 5 years to hit 65 and let CPF Life kicks in. Those alr 65 n receiving CPF Life payouts probably not enough as FRS 10 years back then just around $150K. If their CPF Life payouts around $1K, they would think a $500 monthly more from somewhere would b more comfortable. So $100K in bank account n withdrawal of $500 monthly should last 15 years n closer to life expectancy. Jus my assumption that $1,500 monthly s enough for basic needs of seniors above.
It’s not how much you have. Generate cashflow is the right direction. Bank’s stocks will generate you free perpetual cashflow over the years. CPF life will guarantee Singaporean perpetual cashflow through eternity.
It takes 14 years for me to earn 15.5 shares of DBS free and not intent to sell them from now on. Currently use its yearly Dividend for my 3 grand daughters international school fees in Malaysia,
These elderlies may be staying with children who may be taking care of their housing and food. Hence $100k is only needed for medical and perhaps pocket money. Not all retirees are only taking care of themselves. Many still need to continue to pay monthly utilities, telecommunications, property tax, conservancy charges and other household expenses and food cost. Especially those who still have unmarried adult children living with them and this will add to their monthly living expenses. An elderly couple living with unmarried adult children will not qualify for any financial aid from government based on household income. However, while parent's income is for the household's use, children's income is definitely not.
Singapore now is like tokyo in the 80s So god damn expensive Cost of living out of this world No wonder tourists, even rich chinese, are staying away Good luck to retirees on 100k Dont get sick!! Dont need help towards end of life
@@joshconsultancy one more thing, the elderly really need full time help. Govt assistance probably not enough to hire a full time carer. Please don't go to care homes, those places are depressingly unhealthy
@@Likeqiang20, govt assistance also a lot if you live in 3 room flat. My father-in-law had Diabetes. Had a good maid, had govt subsidy for maid. Go hospital, almost free. Please go find out before yakking away.
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An uncle I know who is in mid seventies staying with his daughter, he said he needed no more than $1k per month and the amazing part is he donates his excess income to charities every month.
My friend also just spends $1000 a month during retirement
Donation$ or spending into the economy both has merits contributing in many ways.
Depends on your lifestyle. In the past I always go restaurant, shopping & clubbing… honestly 5k also not enough.
Today I lead a healthy lifestyle… exercising in ActiveSg and safra is dirt cheap till I completely gave up on my plan to retire like a KING inside Malaysia.
I’m having a below 2000 kcal dietary as I realize my past eating habits is going to kill me very fast. I kena type 2 diabetes + high BP + high cholesterol around 35 yrs old. I refused to live eating pills till my last. It is dirt cheap to have such diet. No more cravings for fanciful restaurant buffet as I rather reserve my tummy for my favorite cheap hawker food.
Now I can easily survive with 1-1.2k including smoking and drinking. SG is dirt cheap for healthy living but freaking expensive for unhealthy 😂
Valid sharing =)
I believe you
I don't understand why most people need so much money when they retired. My wife and I live on about $800 to $900 a month (all expenses included). What is include? We live in a 2 room flexi hdb flat, never pay any PUB bills for the last 6 to 7 years (because of government grant), food, groceries, internet services, 2 handphones ($5 bill per month for each phone), weekly snacks for my granddaughter, haircut, etc. Don't forget, if you are old, you have to be very careful what you eat. Behave and control yourself then you would not have to see the doctor that often.
Agree
In Malaysia, RM100 (USD23) can cover a week's worth of groceries for a family of four, allowing them to prepare nutritious meals at home. In contrast, 80% of Singapore's food supply is sourced from Malaysia.
What about inflation.. what about medical cost..etc etc..
My dad is 80+ and living with me, he have passive income from rental of his HDB flat. Most of the time , his monthly spending is less that $1k.
Good sharing
It depend on your living lifestyle.
$100k may be sufficient if the elderly is at least 70 years old and his kids are also giving him a monthly allowance.
Assume allowance of $500 and 3 kids = $1,500 each month. No mortgage and no car. That’s a budget of $50 to spend each day. It’s enough for a simple simple lifestyle.
I think they meant having FRS (2024 monthly payout is $1670) and additional 100k in savings account and no loans to repay. Cause if you have a simple life, FRS payout is enough to cover all costs liao, plus yearly overseas trip too😁.
Valid point 🙂
Wrong again, not every auntie and old uncle has FRS. My MIL has 510 for cpf payout, my father in law has 690 for cpf payout. But both eat lesser due to old age, 76 and 81, they consume lesser expenses. They still go to china a few times each year with their stocks trading profits.
@@yaohua007 think theirs is BRS. I also intend to take out my cpf and leave only the BRS. Use the cpf money to invest. Who knows what tricks the garmen will play when i reach 65...scully said only at 80 then give out my cpf money really sia lan liao🥵
@@yaohua007Precisely. It will take a while until most retirees hv that FRS payout since it’s a relatively new concept. However, another concept worthy to look into is how well sgpeans r eating as good quality fruits, vegs, real cheeses, cooking oil or meat, etc, r really expensive in sgp which most older population actually can’t afford, resulting malnutrition n illnesses. Are we still living in outdated mentality of the 70s?
I calculated I will need $2.4k a month for expenses, insurance premiums and bills. $1000 a month seems too low unless it is just for food, transport, phone bills, general groceries. More details provided in the video would be helpful
Hi Janice, different people have different expectations on expenses.
$1000 i believe is really doable. Some comments below have validated it.
Food for example, some of the older folks interviewed probably eat less or cook some at home or eat v simply. Hope it answers k =)
@@joshconsultancy agree, my father and mother in laws hardly eat much during lunch, sometimes they cook sweet corns or sweet potatoes. Too much meat at old age is not good. They saved up to go china trips simply because my father in law is into stocks trading. He earns a few hundreds each month to accumulate enough for a few nice trips to china with my mother in law.
Dear Josh, I’m 45 next year. Currently I have 900k in cash stocks etc… avg 3% returns only …
I also have home loan of 380k from my condo payable by cpf oa which has reserves of abt 15k..
the loan is 20 years which I will work ft for 10 years and seek to either right size the condo to a hdb or keep the condo n pay off the loan by pledging the property n drawing from cpf…
If not I can use my cash but it will be left abt 520k…
Any advice and also how do u think my finance situation is now?
Thanks ❤
Hi, if a fee based retirement planning consult works, let us know at josh.tan@promiseland.com.sg
Absolutely agree on cash flow better than cash. Prevents scams and distant relatives asking for handouts😰
Yes 100%
$100k can last me for 5 years if my estimated monthly expenses are $2000 per month.
Maybe those who are older have less expectations on expenses 👌🏻
Living in 4 room HDB, imo I require $1500-$2000 per person each month for daily expenses. both couple retired ~50 yo and have S$1.7 mio holdings in DBS, UOB , UMS giving ~ $5000 per month ; other amount in PLTR, Tesla , Sofi and QQQ for zero dividends but infinite growth.. not the type of allocation Josh would approve 😊
Thanks josh for this session.
No probs :)
In Malaysia
You would need at least RM 600K
with no housing and car mortgages. Also you would need to have good healthcare and permanent disability insurance
Just to live a Basic lifestyle
100kSavings(per person) plus substantial cpf for each couple (not BRS)should be enough
Provided no mortgages to be paid
$1k is very restricted budget. It is for those who are healthy, no car housing loan, no more insurance premium and expenses.
But then if you only have that much monies, then you have no choice but adapt to it.
FRS ERS only works at 65 year old. By than is 1650 per month enough all depends on lifestyle choices and have other saving a not
From header, I thought it meant 100k to spend per year. Which is a very nice sum to allow to pamper yourself every month for mix of short and long trips.
Total 😅
Can you help me out on some CPF matters.
I aim to get 300x of my monthly spending to retire substantially . Monthly spending needs to include monthly average of healthcare, travel, special expenses, everything. All need to be invested in equity. It will cover inflation as well.
POV noted ⭐️
1 k is sufficient if...assume no debt..have other income from stock and investment or kids contribution...if u have debts everywhere and kids r still young..then 1 k is not enough
I fear everything will be 10 times more expensive in 40 years' time! SG's 2% inflation CPI figures are BS!
There will also be solutions to simplify, dun worry :)
How you recognise the age of the 1st uncle and 2nd aunty
Ok, they might be older actually
0:28 uncle and auntie never listen to hokkien song " if I have $1m"....if 100k is enough, then the hokkien song will be "if I have $100k" 😂
lol! That song is IF
Haha but all time song
2 groups of interviewees : Those near CPF Life payout age of 65 or alr receiving CPF Life payouts. Both r ok with $100K in bank accounts.
At age 60..a monthly expenses of $1,500 with $100K can last for 5 years to hit 65 and let CPF Life kicks in.
Those alr 65 n receiving CPF Life payouts probably not enough as FRS 10 years back then just around $150K. If their CPF Life payouts around $1K, they would think a $500 monthly more from somewhere would b more comfortable. So $100K in bank account n withdrawal of $500 monthly should last 15 years n closer to life expectancy.
Jus my assumption that $1,500 monthly s enough for basic needs of seniors above.
Good points raised 👍
I guess it depends on your age and lifestyle.😊
Yes exactly
This show that a lot of ppl dont have 100k in bank.
It is true. Hence I thought showing more walks of life is important
It’s not how much you have. Generate cashflow is the right direction.
Bank’s stocks will generate you free perpetual cashflow over the years.
CPF life will guarantee Singaporean perpetual cashflow through eternity.
Fixed costs and lifestyle
I love a simple live. No loan. $1500 a month enough.
Agree! 🙂
Would be curious to know what is your expection for retirement?
I’ve video tutorials on my current monthly expenses. Perhaps around current for retirement, id feel Financially free and happy alr 👌🏻🙂
You need to be debt free and have a passive monthly income stream
My financial goal is retire before I reach 45 years old with 12k of DBS shares in CDP.
Space some love to Ocbc and UoB k 😁
It takes 14 years for me to earn 15.5 shares of DBS free and not intent to sell them from now on. Currently use its yearly Dividend for my 3 grand daughters international school fees in Malaysia,
These elderlies may be staying with children who may be taking care of their housing and food. Hence $100k is only needed for medical and perhaps pocket money.
Not all retirees are only taking care of themselves. Many still need to continue to pay monthly utilities, telecommunications, property tax, conservancy charges and other household expenses and food cost. Especially those who still have unmarried adult children living with them and this will add to their monthly living expenses. An elderly couple living with unmarried adult children will not qualify for any financial aid from government based on household income. However, while parent's income is for the household's use, children's income is definitely not.
Valid point
their house no aircon
lol erm ok…
They can walk to the library or nearby malls to enjoy the free aircon.
old folk don't like a/c .. my dad does no switch on a/c in his bed room.he uses fan everyday ...
All getting dividends from children. Thats why only 100k.
Children are the best :)
Singapore now is like tokyo in the 80s
So god damn expensive
Cost of living out of this world
No wonder tourists, even rich chinese, are staying away
Good luck to retirees on 100k
Dont get sick!!
Dont need help towards end of life
It may not be so dire. Cost of living is high coz our economy is strong.
As to low income elderly, there are gov support schemes like medifund 👌🏻
@joshconsultancy Tokyo had strong economy, low interest rate and high real estate prices too.
@@joshconsultancy one more thing, the elderly really need full time help. Govt assistance probably not enough to hire a full time carer.
Please don't go to care homes, those places are depressingly unhealthy
@@Likeqiang20, govt assistance also a lot if you live in 3 room flat. My father-in-law had Diabetes. Had a good maid, had govt subsidy for maid. Go hospital, almost free. Please go find out before yakking away.
These are simple people…
Simple can be happy :)
1 million 😊😊😊
If younger generation yes maybe :)
Hai. DBS.
if you are 55 yrs old, cpf have 550k, can spend $2k per month.
You dont need million to retire but do need passive income monthly so you don't dig into your savings and to be debt free
Yes agree
minimum 8 figs. cos in the future your kopi will cost 10 dollars per cup
8? Not realistic for the masses