I came across a Japanese man who went to the UK to do his first degree. He spent his entire life on his family, at first his parents and then his children. Studying at an overseas university was his dream when he was young. He came with his wife, who faithfully looked after him. Both enjoyed a fulfilling life for three years in London in their last stage of life. The contentment on their faces was godlike.
1-2k is sufficient for retirement as daily expenses, doesn't mean that you should plan your retirement with 1-2k, unless you are sure that 1. You paid finish your mortgage and be sure that you can own that place till you (and your the other half) passed away 2. You don't have any outstanding loan, your future generation can support themselves well 3. You have sufficient saving for emergency use, ie. healthcare. Health insurance health too 4. Have a healthy body (and that's why, one of the important investment is to invest on your health too! Eat healthy, exercise regularly ) So what to do at young? 1. Plan your retirement that while you can take out some money for monthly spending (probably CPF)? ensure you have sufficient cash (or investment) out there for urgent use. People in this video have additional income (investment, room rental, part time job) on top of CPF, and they all agreed that CPF itself is not sufficient. 2. Invest in your health. You don't want to have sufficient money for retirement, yet don't have the health to retire. The runner uncle is doing really good, probably his son grandchildren in army can tell the new recruit that ' my grand father can run better than you!' lol.
What I think I will spend Food: $500 (Hawker + self cook ) Household item: $100 HDB S&CC: $60 PUB bill: $150 Broadband: $30 HP bill: $40 Transport: $100 Entertainment: $200 Insurance: $100 Total: $1280 But if inflation is 2% yearly, eventually I will need to spend $2000 every month in 20 years time!!!
Would have been more useful if it gives a bit more granularity on what the $1k to $2k cover. Like does it cover household or just personal? What about insurance premiums, vacations, occasional renovation expenses like replacing aircon, etc?
Replacing Aircon? 😅 I think that’s not a recurring expenditure at all. 2k is for recurring expenditures (month on month basis). Non re-cutting expenditures all are excluded I would reckon.
$1000-2000 is enough to live comfortably in Singapore, if you don’t eat in fancy restaurants, buy useless stuffs and don’t get a life terminal disease.
The 3 retirees look fit & seems like pretty healthy without critical ailments such as hypertension, cardiac, diabetes, glaucoma, cancer, etc. That makes S$1,000 to S$2,000 possible to survive. Maybe, CNA run a sequel on those retirees with critical ailments to find out whether its possible to survive with that same S$1,000 to S$2,000.
I am sure in most cases ,their children are able to help them with their medical expenses. My mother who was a housewife her whole life depended on us for everything. And because she lived with my sister (be4 she died) who is a single and retired, she gets many subsidies from our govt when she was hospitalised. We only paid 10% for all the assistive devices like wheelchair, commode etc. And the hospital bills ,after medisave and medishield subsidies, was not high at all.
We also chose to educate our children, but we also have regrets about what we did with our extra money though we travelled extensively through Europe and the country of my birth. My husband is retired after working till he was 72. I am recently retired after 48 years of nursing. A year ago, our youngest son 30 years old, built a large house as an investment and then gifted it to us to live in for as long as it takes. Every day I give my thanks and gratitude because we are more fortunate and blessed than many.
@@kimmeipkm 1k per person, husband wife both add together 2k, u tell me not enough? How big spender are u? Surely ur not gonna tell me need to spent 20 bucks for one meal? Or need to buy LV bag for urself?
@Gerry S.S Valid point. The question is whether Medisave is sufficient. I would encourage you to ask around to see how much people are paying for their medical bills if they don’t have insurance and solely relying on MediShield Life and their Medisave. In my opinion, it might be enough for some people, but not for all.
@@tanyeehern got medishield, it surely is enough. See how in the video, all of them keep a healthy lifestyle? Go walk around,exercise, interact with others. If u whole day stay at home do nothing then of course need to spent alot on medical cause u gonna get alzheimer.
@@tanyeehern My mum in law stayed with me in the last stretch of her life. She got $2 K rental from her flat. That money was enough to cover her medical cost and her personal expenses and she had to visit government specialists often and stayed in hospital numerous times.The money was enough for her own expenses including hiring a maid to look after her full time. Her children didn't need to chip in. Of course when in hospital she stayed in C class which was heavily subsidised. Some of her medical cost was lower as she was a PG. She also got $300 of monthly Eldershield paid out. So I think if we take up all the medical scheme recommended by the government, we are safe with medical expenses. Although she didn't go to school she fully trusted the government.
true and i would say its different stages of life. When you're a young adult, fitness and health is not really a major concern, most just wanna have fun. When you're old and retired (assuming you have cash like them), you can focus on health and fitness.
Retire with 1-2k per month. Can definitely be done is you have totally cleared All financial commitments and you have a bulk of cash for your medical expenses on standby. Which I can easily say many people won’t have that luxury .
Actually its suffice but only if dont have any debts.....thats why its important to live below your budgets in young ages......spend less....invest more No biz loan...no personal loan....no card credit....total freedom
@@adrianhartanto5243 i had a classmate from a poor family, he had 12 siblings, his parents are poor (stay in 2 room flat) yet keep having kids, when we graduated secondary school his mother had given birth to 2 more kids for a total of 14. not sure why they want to so many kids when they can barely feed them.
@@ainzooalgown7589 yepp if kids parent already rich they can work for retirement. But most of kids working is to support their poor ass parents. Don't blame society duh
It is a great advise to plan your retirement while you're young. It important also to stay healthy because it's the only way you can enjoy your retirement years if you're not sick.
Someone has posted a question “ what retirement on $ 1,000.00 - $ 2,000.00 in Singapore looks like?” One commenter said it’s not enough to live as it is too little to live comfortably. Obviously it it is more than enough but he is talking about going for overseas vacations with his family yearly. So if he is talking about that kind of standard of living then he must asked himself whether or not he earned $ 1 million or not. If he can’t then then he must dreaming. Many people in Singapore earned $3,000.00 a month is still living. Don’t be so demanding as the world does owns YOU a living.
Yes, I agree. My wife and I spend about $900 a month for TC , internet, hand phone, groceries and PUB bills. Why do you need to spend so much every month? For example, my PUB bill (including gas) is less than $58 a month? Singaporeans are what I call "over consumption lot".
Sing gov control the media , social ,the newspaper,no foreigners or investors can comments anything here .Do you think they will film those elders or senior citizen staying in one room flat or rental room.to show you how they retire poor?These senior citizens had 100k in their CPF board.the sg gov just wait put them in one block.waiting for them to die ,give them monthly $300 to spend.n refute return back their money.when these elders die,our good gov Buried them in cremation.and take away their money just like this.cos ,no siblings ,no children's.their children's don't want them.I pitiful these senior citizen.I am also a victim here
I think 🤔for 4K/moth for a couple would be just enough for covering basic needs, food n insurance. Singaporeans don’t need to own a 🚘 that saves a lot. Careful planning can still travel at low cost. Cheer up lots of ppl can’t afford to retire.
So blessed to be able retire. I dont know if my generation can even think about it. Work until i die or die because of work...that is the life of a sandwiched class singaporean
Hmm I tot so until I started doing investments and side hustles. I realize it's possible to retire early if you spend some time each day achieving retirement goals
That's why it's important to be low maintenance from young. Some of my friends used to spend thousands on makeup, skincare, clothing, expensive dining and overseas trips. After they retired, they are forced to continue working to maintain that lifestyle. Mind you, they have savings and pension, but those just ain't enough.
@@valkang2844 A question I used to ask my younger self during my early to mid twenties. Should I spend my salary on dressing up/branded stuff OR do I prefer more $ in the bank? I chose the latter 😊
@@valkang2844 It's ok, coz I'm pretty low maintenance myself. Happy to use drugstore brands though with my ok earnings, I can actually splurge. My point is, once we get used to a certain pampered life, it's pretty hard to switch to less.
@@juzajie very smart girl 👧 even at your twenties. Most young ppl fall for the temptations n choose to go with the flow so as to be trendy. Choice is ours to make and soon we find our own circle of friends to hang out with. Everyone’s goal of happiness is different .
@@toyoyoyo104 It must be tough to live a meager lifestyle in Singapore with all the advancements n temptations going on around you. Good luck 👍 and enjoy the scenery wherever possible.
My wife and me started to save around 12 years ago. We are almost 55 yo now. We are ready for retirement with CPF life. We plan to put in Enhanced Retirement Sum into RA. And select Escalating Plan at 65.
I plan to migrate. Already put in process.. cost of living too high here. And I don't like the idea of CECA, dictatorship, govt shifting goalpost on cpf, holding out my money. Whatever enhanced thingie is bullshit. Even now during covid the assistance dished out is bullshit. Anyway best of luck.
@@waktempeh8684 email me juvezhang9@yahoo.com if you plan to migrate to Bandung, Indonesia, I have a landed house 470 M2, house 80 M2 2BR, price is SGD 40,000. Forty thousand SGD. Cool daily temp. 17-23celcius.
As of 2020, I think it's possible to 'retire' with SGD2K for a couple to live comfortably. On condition that your home is paid off and children won't need any financial help. Probably the highest expense would be the Medishield tied insurance. I think with proper planning, still can afford 1-2 trips to SEA countries annually.
I think it depends on your lifestyle and what you value in life? If sumptuous meals at restaurants everyday is how one lives their remaining days then obviously 2k isn't enough lol. Most ppl at retirements has almost no financial commitments or debts. The are really just financing their lifestyle from food to transport and travel. There are working adults who live on 2k per month WITH financial commitments. How is it impossible lol. Maybe you'll need to consider evaluating your financial capabilities against your spending patterns and make adjustments accordingly. (Since it's a little too late to increase your wealth significantly at this age.) Some ppl are content with daily activities that don't cost a lot like the couples that exercise and take up sports. Hosting friends at home is also cheaper than going for high tea every other day.
I think you are mistaken of my financial capabilities 😂😁 . I just have much higher retirement standards thats already been acheived, thats all. I am still increasing my wealth too 😃 . All the best
i noticed all of them exercised regularly and I believe all have adequate health insurance which is important. Life is about balancing health, wealth and time. they are all extremely lucky folks.
With COVID and no overseas trips, now is like how we spend money in our retirement days. My monthly expense all these months is under 2K, so I'm pretty fine with living within 2K. My hobby/passion (photography) costs none (unless upgrading gear), so I just have to be careful that I'll stay healthy...
In the end life is all about you ,so make yourself busy with a hobby. Ride a bicycle and do grab food ,maybe 5 to 10 jobs at your own time and target. A little exercise on the bicycle will go a long way and you smile with the money coming your way everyday.
Most Asians grow up from a poor family. As they grow up and acquire wealth , they learn to be prudent from their parents. But the younger generation(Asian) has started to change....
A lot of youngsters nowadays spend more than they saved and they are rather poor in finance planning for their future. Some still depend on their parents handout. If u inculcate good saving habits like most seniors which started saving from young and don't overspend what one earned, u definitely can retire and live comfortably with your CPF and saving. Yet, afford to travel, shop and eat at restaurant. Most of the retired old folks who are not born with a silver spoon in their mouth are already a millionaire through saving and prudent spending when they are young. Once they retired, they can enjoy the fruits of their own labour without having to rely on their children. Though, u may see some retired ppls still choose to work part time after their retirement because they wanted to keep their mind active, not for the income but to past time instead.
Tell me how to save if for the last 5 years I bring home $1,300-$1,500 per month. Supporting parents. Ride bicycle or take the public transport. My enjoyment is cup of kopi o... before going home. Utilities itself set me back $400/month. Groceries and wet marketing is $500/month. Transport? Marriage is out of the picture. Tried looking for better paying job... but they prefer to take in FT.. so tell me.. buying a house? If I get married buying a house... pay upfront small.. but monthly probably have to pay cash... unlike our seniors.. buying houses below 100k. Can get that now? Crazy
@@waktempeh8684 Keep going! you have an amazing habit. Riding Bicycle is the smartest way to keeping yourself healthy and it saves so much time as compared to exercising just for the sake of being healthy. Most people who work in the office and do not exercise are slowly killing themselves, my own brother is one good example. I enjoy cycling a lot too! You are so filial too! Extremely filial. I heard of a girl who had to clear her father's gambling debt by taking on more classes as a tutor, sacrificing her personal time. I felt really bad for her. Don't give up! I am sure your income will eventually increase if you keep persisting. And what's amazing is that the value of thrift has been deeply ingrained in you and even when you are earning $1million a year, you can still live like you earn $1.3k a month.
Hi Wendy, you make a really good point here. I am 30 this year and for the last 8 years, I have been living a very thrifty lifestyle because of some bumps in my early career as well as some thought experiment that I imposed on myself. At one point in my twenties, I was only earning about $5/hr or less. I could really understand how it's like not to have money to meet the social obligations like attending friends' wedding and sometimes even taking public transport. (However, I would not say that I can understand how it's like to live in the lower income bracket and trying to escape poverty. What I had went through is nothing compared to children who are born in the lower income families or old people who had to continue to clean toilets or offices or clear up plates to survive in Singapore.) On the other spectrum, I have some close friends who earn and spend. The only savings they have is probably CPF savings. I have tried to nudge my friends to rethink their spending habits but it's really tough you know. Sometimes I really think I am a big busybody. Dishing out unsolicited advice. However, I am doing it because I really care for my friends a lot. I never really want to sound condescending or preachy. What I learnt from all these unsolicited attempts to preach to my friend is that it is better for us to start teaching our children how to live a simple life from young. Just want to share my 2 cents thought here and hopefully elicit some responses from like-minded people to bring some solace to myself. Thank you!
Very instructive video...gives an informed objective evaluation on amount of funds needed to support retirement...great job. Should get CPF to show video to all coming to 55 years
@@bchpls24 Sure.. by all means, if having 10 is not an issue as long as the parents have the ability, I.e. time and resources to raise the kids, then go ahead.
According to each couple what they like BUT personally I prefer either only one child or max. two so ALL can have better quality of life and MUCH less stress on parents to provide
See the main difference between America society and Singapore/Malaysia CPF scheme. In US, they called it 401K, but 491K was invested in the stock market, you may earn a lot more if the stocks are appreciated, but you may loss almost everything and left with your underwear. In Singapore and Malaysia, we have account 1,2 and 3. Only account 2 can be used for investment. This safeguard your money to ensure that your have secured the basic fund needed if adverse situation happen such as prolong recession.
@@mysticcove3392 Thanks for the very comprehensive details, I am passing this info to my son who will be working soon... yes, I have limited knowledge about 401K, thanks for your help.
As an Indonesian, this is what I see from this video: -these elders are healthy, they even work part-time to get fit. Some even do sports. -I know Singapore is an expensive country, I wonder how you break down those $2000.
Probably something like that (in my personal retirement planning) - assuming I’m a healthy retiree, lead a moderate lifestyle, have my own home fully paid and no outstanding loans. Assuming I don’t own any liability like cars as well. In Singapore dollars F&B $500/ mth (assuming eat out every meal in hawker centre/food court) Transport $100-200/mth (assuming take public transport most of the time with occasional car share) Utility bills $100-150/mth (assuming you stay in HDB) Phone bills $30/mth Entertainment - $100-300 Total: $1000-1200
I would think it goes like this: Electric and Utility Bills: $300 Phone bills: $120 Cable and internet $80 Transport : $300 Groceries : $500 Eating out: $300 Toiletries 🧴 100 Miscellaneous $100 Medical : $200
The government isn't paying the retired workers enough due to the present situation in the economy... Bitcoin investors are making huge profit now bitcoin has being raising the past few weeks from 37k to 48k today. 2021 is gonna be a great year for investors.
Investing in assets is the code for having a successful financial life, investing with the right company or software would free you from modern financial slavery.
why minister need 1 million pay yearly if $1k to $2k enough? this is a gov guide advertisement. Things in yr hourself will never spoilt or need replacement?
It's not entirely true. I agree that the producer did hyped up the CPF alot at the end of the video and I am so glad that you pointed it out too. However, the front part has a lot of info/nuggets of gold. We need to empathise with the producer sometimes and I think CNA is really trying it's best to bring the key messages across. We as audience will also need to have our own filter.
I am in my 40s, had 3 child, i charge all my espenses into one credit card, phone bill, pub, town council, supermarket grocery etc.. my monthly payment is around $1500 plus some cash spending, is around $2k amonth. Nothing is impossible, just how u manage. I had friend making 8k one child not enough money to spend.
Great income for retirees. Looking back the retired teacher used to tell us the joy, happiness and wonderful life before retirement. We could be useful if the legacy will be there for new generation
I’m a 28 year old Filipino getting jealous of the retirement schemes from Singapore. I have lived in Singapore for more than a month back in 2016 and I know how comfortable life can be if you’re hard working. 😩 God when??
Wherever you stay whether landed property or in the kingdom, everything is temporary. Nothing is permanent. The only happiness is to live without major sickness like cancer
$4,400 for 30-day trip? From Beijing to Lake Baikal, Moscow and St Petersburg. Hard to believe it. Can you give the breakdown of the itinerary, please. $1000 to $2000 is enough to cover your daily expenses but not other things like going for tour, and other urgent expenses to pay for house maintenance and household items.
Hi Mr CNA insider I’m also a retiree from my 40yrs of TCM n Western Medicines Medically Businesses.l had buildups sufficiently funds.Even after spending the 3 Kids overseas Top Uni educations n some investments in properties.Still able to balances well the Funds for retirements but in orders for monthly expenditures around 1k-2k 1st No Debts 2nd Full Payments for Property U’re living.otherwise U’ll under great pressure for the remaining yrs of Life.
You don't need to be rich. But you must be very prudent, and prudent early. The biggest liability Singaporeans must clear in order to retire comfortably is your mortgage. That's the biggest chain on our ankles. Once that's solved, you're home free (no pun).
@@runninginsept majority of singaporean belongs to middle income family and they have elderly parents and children to take care of and some do not have the leisurely to retire and some even work till their last breadth and only after death they get the cpf, what is the point of getting the money when they are not around
@@runninginsept I won't call it a chain on our ankles. I will call it a saving plan. When you are forced to save (by paying your installments) you will get to reap the reward when you sell. That was what happened to me.
Their indoors are all air-conditioned at 17%C. Office workers are wearing sweaters indoors. Outdoors are mostly shaded by trees. It is hardly scorchy, but you will sweat a lot if you are outdoors for long.
@@LoongAqua Then we dash into a aircon place like a convenience shop. What I can;t handle is cold. If I am overseas in a temperate climate, and the weather is 12 degree Celsius I do not want to go outside.
At around 60 years old most people have contributed enough for society. No matter how much you like your job, the truth is you only live once and there is a lot of things to discover when you have an open mind. If you can afford to have financial independence you will be able to discover other aspects of life which will bring you joy. Nobody is indispensible to society, not even brain surgeons. In fact you should be generous and give your job to someone else who will enjoy it as much as you did, while you start spending your retirement money, help the economy and create jobs.
the uncle staying at landed house monthly hse maintenance is how much? his health insurance premiums how much? these 2 will easily take up 1k+ out of his 2k mthly spending. he still socialize, travel around to run and probably join running events with his friends. how much does those adds up? i have doubts abt his expense claims but no doubt he is already rich to begin with...
I have doubts, too, as 1. I live in landed and the tax on my property is $8000/year (about $700/month), 2. my utilities sometimes cost over $800/month since we have swimming pool and not to mention that maintenance guy comes in to maintain the pool few times/week. Already these add up to $2k, not to mention many other expenses.
with all the government printing around the world (accelerated due to covid 19) fiat currencies are being devalued like no tomorrow. retirement savings are likely being eroded in the coming years unless they're invested wisely
Hi Brian, well said. I feel so lonely because no one around me (whom I can confide to) seems to understand this. When I am being honest and truthful about my thoughts, a friend said that I am showing signs of depression. It made me feel lonelier. That's why I am crawling through online forums and discussion pages to find like-minded ppl. I have zero idea where I can meet people who actually read enough books today.
I went from stressing over divorce to becoming a successful investor in the marketplace. I have been a passive trader since 5 years ago till now, owning 3 homes and receiving about $60k monthly dividends. I would say that the greatest determinant of your destiny lies in how you react to things and not in the things themselves... great video!
@@fatcat3094 dont anyhow believe other over the internet, I can also said that too. It could likely follow by a scam later asking you to invest with him.
This is how seniors who worked hard to build and develop the country should retire....not something ridiculous like collecting cardboard for "exercise". The people high up there please sit up and take note. Pfft.
They saved or have children to support them in retirement. Singapore cannot afford to be a welfare state to those who did not save for their retirement
@@bsolutions525 As long as income-tax are low there won't be welfare. Singapore Tax rates capped highest at 22%. Other country with welfare example USA capped highest at 37%. Taxes pay for welfare. Singapore has many charity organizations anyway to help others. Those who feels they're left behind don't we as matured adults create our own lifestyle?!.
The Malay couple is just the cutest! They just put a smile on my face ☺️
i Like the close family spirit, blessed family !!
The Encik exercised in the park with mask on even though he was allowed not to wear masks... applause...good example to other park users.
Racist !
So cute 💛💛
Good to work part time earn some income to cover daily expenses. Also take some time doing what you like.
I came across a Japanese man who went to the UK to do his first degree. He spent his entire life on his family, at first his parents and then his children. Studying at an overseas university was his dream when he was young. He came with his wife, who faithfully looked after him. Both enjoyed a fulfilling life for three years in London in their last stage of life. The contentment on their faces was godlike.
Im 28 and i already wanna retire
Why so..?
@Augustus Bridger ok scammer
what stopping you?
@@Alan-Aus Lack of money? Is it not obvious?
I feel u bro LOL
1-2k is sufficient for retirement as daily expenses, doesn't mean that you should plan your retirement with 1-2k, unless you are sure that
1. You paid finish your mortgage and be sure that you can own that place till you (and your the other half) passed away
2. You don't have any outstanding loan, your future generation can support themselves well
3. You have sufficient saving for emergency use, ie. healthcare. Health insurance health too
4. Have a healthy body (and that's why, one of the important investment is to invest on your health too! Eat healthy, exercise regularly )
So what to do at young?
1. Plan your retirement that while you can take out some money for monthly spending (probably CPF)? ensure you have sufficient cash (or investment) out there for urgent use.
People in this video have additional income (investment, room rental, part time job) on top of CPF, and they all agreed that CPF itself is not sufficient.
2. Invest in your health. You don't want to have sufficient money for retirement, yet don't have the health to retire. The runner uncle is doing really good, probably his son grandchildren in army can tell the new recruit that ' my grand father can run better than you!' lol.
your comment is basically listing everything that makes the Human experience a very unequal one, thanks man.
Great to see Sgt Amin doing well. Been a long time since we last met since I left CAAS in 1994. A good man who I can always depend on.
What I think I will spend
Food: $500 (Hawker + self cook )
Household item: $100
HDB S&CC: $60
PUB bill: $150
Broadband: $30
HP bill: $40
Transport: $100
Entertainment: $200
Insurance: $100
Total: $1280
But if inflation is 2% yearly, eventually I will need to spend $2000 every month in 20 years time!!!
How's that 2% inflation coming along 🤣
Would have been more useful if it gives a bit more granularity on what the $1k to $2k cover. Like does it cover household or just personal? What about insurance premiums, vacations, occasional renovation expenses like replacing aircon, etc?
Replacing Aircon? 😅 I think that’s not a recurring expenditure at all. 2k is for recurring expenditures (month on month basis). Non re-cutting expenditures all are excluded I would reckon.
$1000-2000 is enough to live comfortably in Singapore, if you don’t eat in fancy restaurants, buy useless stuffs and don’t get a life terminal disease.
Very true!
Agree! That’s why we need to get ourselves adequately insured as soon as possible.
Very true
@@normanngai644 insurance will be free?
@@tango8242 MediFund
The 3 retirees look fit & seems like pretty healthy without critical ailments such as hypertension, cardiac, diabetes, glaucoma, cancer, etc. That makes S$1,000 to S$2,000 possible to survive. Maybe, CNA run a sequel on those retirees with critical ailments to find out whether its possible to survive with that same S$1,000 to S$2,000.
Singapore Gov control the social media.my friends.Do u think CNA run on poor elder with ailments on retirement based on 1k _2k here
I am sure in most cases ,their children are able to help them with their medical expenses. My mother who was a housewife her whole life depended on us for everything. And because she lived with my sister (be4 she died) who is a single and retired, she gets many subsidies from our govt when she was hospitalised. We only paid 10% for all the assistive devices like wheelchair, commode etc. And the hospital bills ,after medisave and medishield subsidies, was not high at all.
they also own a house that seems to be fully paid :x
We also chose to educate our children, but we also have regrets about what we did with our extra money though we travelled extensively through Europe and the country of my birth. My husband is retired after working till he was 72. I am recently retired after 48 years of nursing. A year ago, our youngest son 30 years old, built a large house as an investment and then gifted it to us to live in for as long as it takes. Every day I give my thanks and gratitude because we are more fortunate and blessed than many.
So haolian
You can retire gracefully with 1-2k if you dont have any more financial commitments and lives a moderate lifestyle.
Very true.
Only for the first few years and thats if you camp out at heartland kopitiams 24/7
Who pays the house rental, 30 days meals 3times a day and house cleaning items / utility bills?
house item no need repair and replacement?
@@kimmeipkm 1k per person, husband wife both add together 2k, u tell me not enough? How big spender are u? Surely ur not gonna tell me need to spent 20 bucks for one meal? Or need to buy LV bag for urself?
The older Chinese couple staying in a landed house, that alone is a multi millions asset!
Paid actors
Until they sell the house or monetise it, its just a roof over the head. I
Yes but the running cost is also crazy - can you imagine no subsidies and etc?
No part time job for me after retire
@@bangzul3120 sell drugs
Great video! However 1-2k is only enough if you’re healthy and well. 😅
If you are well and healthy $1-2k per mth will make you fall sick.....
So must stay healthy. Own time own efforts own results.💪
@Gerry S.S Valid point. The question is whether Medisave is sufficient.
I would encourage you to ask around to see how much people are paying for their medical bills if they don’t have insurance and solely relying on MediShield Life and their Medisave.
In my opinion, it might be enough for some people, but not for all.
@@tanyeehern got medishield, it surely is enough. See how in the video, all of them keep a healthy lifestyle? Go walk around,exercise, interact with others. If u whole day stay at home do nothing then of course need to spent alot on medical cause u gonna get alzheimer.
@@tanyeehern My mum in law stayed with me in the last stretch of her life. She got $2 K rental from her flat. That money was enough to cover her medical cost and her personal expenses and she had to visit government specialists often and stayed in hospital numerous times.The money was enough for her own expenses including hiring a maid to look after her full time. Her children didn't need to chip in. Of course when in hospital she stayed in C class which was heavily subsidised. Some of her medical cost was lower as she was a PG. She also got $300 of monthly Eldershield paid out. So I think if we take up all the medical scheme recommended by the government, we are safe with medical expenses. Although she didn't go to school she fully trusted the government.
Grandpa have better fitness than most nsf lol
Bro you didn’t have to attack us like that :(((((((
Lolxx
true and i would say its different stages of life.
When you're a young adult, fitness and health is not really a major concern, most just wanna have fun.
When you're old and retired (assuming you have cash like them), you can focus on health and fitness.
Retire with 1-2k per month. Can definitely be done is you have totally cleared All financial commitments and you have a bulk of cash for your medical expenses on standby. Which I can easily say many people won’t have that luxury .
1000$ is more like surviving than retiring.
Actually its suffice but only if dont have any debts.....thats why its important to live below your budgets in young ages......spend less....invest more
No biz loan...no personal loan....no card credit....total freedom
We need financial literacy class in school! Low cost index fund for life!
Yes for poor family have kids maybe they can lecture the parents?? Why being poor in the first place??
@@adrianhartanto5243 lol. Can't comment on that. We'd need to understand each situation as it is nuanced.
We do have financial literacy classes in school
-Sec 3 Singaporean (Express) Student (2021)
@@adrianhartanto5243 i had a classmate from a poor family, he had 12 siblings, his parents are poor (stay in 2 room flat) yet keep having kids, when we graduated secondary school his mother had given birth to 2 more kids for a total of 14. not sure why they want to so many kids when they can barely feed them.
@@ainzooalgown7589 yepp if kids parent already rich they can work for retirement. But most of kids working is to support their poor ass parents. Don't blame society duh
If your home is fully paid and your kids is all working than 2k (including part time work) is enough
won't be enough.unless been working 40yrs
It is a great advise to plan your retirement while you're young. It important also to stay healthy because it's the only way you can enjoy your retirement years if you're not sick.
Patrick you are a good son. God bless you for taking of your mum.
Someone has posted a question “ what retirement on $ 1,000.00 - $ 2,000.00 in Singapore looks like?”
One commenter said it’s not enough to live as it is too little to live comfortably. Obviously it it is more than enough but he is talking about going for overseas vacations with his family yearly. So if he is talking about that kind of standard of
living then he must asked himself whether or not he earned $ 1 million or not. If he can’t then then he must dreaming. Many people in Singapore earned $3,000.00 a month is still living. Don’t be so demanding as the world does owns YOU a living.
Yes, I agree. My wife and I spend about $900 a month for TC , internet, hand phone, groceries and PUB bills. Why do you need to spend so much every month? For example, my PUB bill (including gas) is less than $58 a month? Singaporeans are what I call "over consumption lot".
I think it is better to interview on the poor who could not retire well during hard times now and how did they cope.
Sing gov control the media , social ,the newspaper,no foreigners or investors can comments anything here .Do you think they will film those elders or senior citizen staying in one room flat or rental room.to show you how they retire poor?These senior citizens had 100k in their CPF board.the sg gov just wait put them in one block.waiting for them to die ,give them monthly $300 to spend.n refute return back their money.when these elders die,our good gov
Buried them in cremation.and take away their money just like this.cos ,no siblings ,no children's.their children's don't want them.I pitiful these senior citizen.I am also a victim here
I think 🤔for 4K/moth for a couple would be just enough for covering basic needs, food n insurance. Singaporeans don’t need to own a 🚘 that saves a lot. Careful planning can still travel at low cost. Cheer up lots of ppl can’t afford to retire.
I love the comment of the single guy. "Spending time with your loved ones....."
Precious!!! Inspiring!
2k Sg dollar is 6k a month in Malaysia. U can live like (almost) a king!
In Indonesia 2K/monthly live like a King with beautiful young lady, as mistress 😃🤣😀😁
The Malay uncle and aunty is so cute 🥰
So blessed to be able retire. I dont know if my generation can even think about it. Work until i die or die because of work...that is the life of a sandwiched class singaporean
Hmm I tot so until I started doing investments and side hustles. I realize it's possible to retire early if you spend some time each day achieving retirement goals
We have our government to thank for making it a pipedream for many.
That's why it's important to be low maintenance from young. Some of my friends used to spend thousands on makeup, skincare, clothing, expensive dining and overseas trips. After they retired, they are forced to continue working to maintain that lifestyle. Mind you, they have savings and pension, but those just ain't enough.
That’s the problem you have a choice to retire or to put on brand names with empty souls. No offense.
@@valkang2844 A question I used to ask my younger self during my early to mid twenties. Should I spend my salary on dressing up/branded stuff OR do I prefer more $ in the bank? I chose the latter 😊
@@valkang2844 It's ok, coz I'm pretty low maintenance myself. Happy to use drugstore brands though with my ok earnings, I can actually splurge. My point is, once we get used to a certain pampered life, it's pretty hard to switch to less.
@@juzajie very smart girl 👧 even at your twenties. Most young ppl fall for the temptations n choose to go with the flow so as to be trendy. Choice is ours to make and soon we find our own circle of friends to hang out with. Everyone’s goal of happiness is different .
@@toyoyoyo104 It must be tough to live a meager lifestyle in Singapore with all the advancements n temptations going on around you. Good luck 👍 and enjoy the scenery wherever possible.
Great video! Very inspiring! LIVE HEALTHY IN RETIREMENT TO PROLONG IT! =)
My wife and me started to save around 12 years ago. We are almost 55 yo now. We are ready for retirement with CPF life. We plan to put in Enhanced Retirement Sum into RA. And select Escalating Plan at 65.
I would choose enhanced standard plan @65 though.
I plan to migrate. Already put in process.. cost of living too high here. And I don't like the idea of CECA, dictatorship, govt shifting goalpost on cpf, holding out my money. Whatever enhanced thingie is bullshit. Even now during covid the assistance dished out is bullshit. Anyway best of luck.
@@waktempeh8684 email me juvezhang9@yahoo.com if you plan to migrate to Bandung, Indonesia, I have a landed house 470 M2, house 80 M2 2BR, price is SGD 40,000. Forty thousand SGD. Cool daily temp. 17-23celcius.
The way the young runner talk about the uncle sounds like an Insurance Agent LOL
Retiring with $2k a month per person is impossible for me and my wife, i will admit right now. Tough days ahead fellas.
Change your lifestyle to be minimalistic perhaps lesser on material goods. But haha after the tough days you will have a sweet day. Good luck to all
As of 2020, I think it's possible to 'retire' with SGD2K for a couple to live comfortably. On condition that your home is paid off and children won't need any financial help. Probably the highest expense would be the Medishield tied insurance. I think with proper planning, still can afford 1-2 trips to SEA countries annually.
I think it depends on your lifestyle and what you value in life? If sumptuous meals at restaurants everyday is how one lives their remaining days then obviously 2k isn't enough lol. Most ppl at retirements has almost no financial commitments or debts. The are really just financing their lifestyle from food to transport and travel. There are working adults who live on 2k per month WITH financial commitments. How is it impossible lol. Maybe you'll need to consider evaluating your financial capabilities against your spending patterns and make adjustments accordingly. (Since it's a little too late to increase your wealth significantly at this age.) Some ppl are content with daily activities that don't cost a lot like the couples that exercise and take up sports. Hosting friends at home is also cheaper than going for high tea every other day.
I think you are mistaken of my financial capabilities 😂😁 . I just have much higher retirement standards thats already been acheived, thats all. I am still increasing my wealth too 😃 . All the best
@@DonYang73 ah! I misinterpreted your original comment. Well, that's great for you! 2k is doable but ofc more would be better. 😂
They also lived sensibility when they were earning. Saved each month only buy if you have the cash
Very good video for retirees.Thank you
Retirement is the last change to enjoy life.....sobering and well said. Let’s make it a good last attempt eh.
Try to do a version of FIRE like Barista FIRE - to retire early to enjoy the best of the both worlds.
@@warrendarable working toward that actually. With 3 kids in tow, it’s something to chew on when time to take that step. All the best to us.
wow, lovely stories. can't wait to retire 😊
Mr Patrick Lee tq for d life experienced😁
i noticed all of them exercised regularly and I believe all have adequate health insurance which is important. Life is about balancing health, wealth and time. they are all extremely lucky folks.
$2000 minus GST $140 I think not enough for my retirement 😞
07:45 really financially prudent
With COVID and no overseas trips, now is like how we spend money in our retirement days. My monthly expense all these months is under 2K, so I'm pretty fine with living within 2K. My hobby/passion (photography) costs none (unless upgrading gear), so I just have to be careful that I'll stay healthy...
Great video. 👍 CNA Inside.
Please have more similar video in the future.
This is really great !! It strengthened my resolve to keep on saving and investing instead of splurging, as living here in Tokyo can be quite pricey.
In the end life is all about you ,so make yourself busy with a hobby. Ride a bicycle and do grab food ,maybe 5 to 10 jobs at your own time and target. A little exercise on the bicycle will go a long way and you smile with the money coming your way everyday.
Asians generally save at least 30% of their paychecks. American generally spend 100% of their paychecks, then borrow more to spending😃😃
Most Asians grow up from a poor family. As they grow up and acquire wealth , they learn to be prudent from their parents. But the younger generation(Asian) has started to change....
Wow Patrick Lee loves travelling to Phuket and Da Nang because “he loves the sea”.... and the little boys in swimming trunks.
Is he the gay guy in white glasses?
I can't agree more to the statement "retirement is the last chance to enjoy life..." hmm...
A lot of youngsters nowadays spend more than they saved and they are rather poor in finance planning for their future. Some still depend on their parents handout. If u inculcate good saving habits like most seniors which started saving from young and don't overspend what one earned, u definitely can retire and live comfortably with your CPF and saving. Yet, afford to travel, shop and eat at restaurant. Most of the retired old folks who are not born with a silver spoon in their mouth are already a millionaire through saving and prudent spending when they are young. Once they retired, they can enjoy the fruits of their own labour without having to rely on their children. Though, u may see some retired ppls still choose to work part time after their retirement because they wanted to keep their mind active, not for the income but to past time instead.
Tell me how to save if for the last 5 years I bring home $1,300-$1,500 per month. Supporting parents. Ride bicycle or take the public transport. My enjoyment is cup of kopi o... before going home. Utilities itself set me back $400/month. Groceries and wet marketing is $500/month. Transport? Marriage is out of the picture. Tried looking for better paying job... but they prefer to take in FT.. so tell me.. buying a house? If I get married buying a house... pay upfront small.. but monthly probably have to pay cash... unlike our seniors.. buying houses below 100k. Can get that now? Crazy
@@waktempeh8684 Keep going! you have an amazing habit. Riding Bicycle is the smartest way to keeping yourself healthy and it saves so much time as compared to exercising just for the sake of being healthy. Most people who work in the office and do not exercise are slowly killing themselves, my own brother is one good example. I enjoy cycling a lot too! You are so filial too! Extremely filial. I heard of a girl who had to clear her father's gambling debt by taking on more classes as a tutor, sacrificing her personal time. I felt really bad for her. Don't give up! I am sure your income will eventually increase if you keep persisting. And what's amazing is that the value of thrift has been deeply ingrained in you and even when you are earning $1million a year, you can still live like you earn $1.3k a month.
Hi Wendy, you make a really good point here. I am 30 this year and for the last 8 years, I have been living a very thrifty lifestyle because of some bumps in my early career as well as some thought experiment that I imposed on myself. At one point in my twenties, I was only earning about $5/hr or less. I could really understand how it's like not to have money to meet the social obligations like attending friends' wedding and sometimes even taking public transport. (However, I would not say that I can understand how it's like to live in the lower income bracket and trying to escape poverty. What I had went through is nothing compared to children who are born in the lower income families or old people who had to continue to clean toilets or offices or clear up plates to survive in Singapore.)
On the other spectrum, I have some close friends who earn and spend. The only savings they have is probably CPF savings. I have tried to nudge my friends to rethink their spending habits but it's really tough you know. Sometimes I really think I am a big busybody. Dishing out unsolicited advice. However, I am doing it because I really care for my friends a lot. I never really want to sound condescending or preachy.
What I learnt from all these unsolicited attempts to preach to my friend is that it is better for us to start teaching our children how to live a simple life from young. Just want to share my 2 cents thought here and hopefully elicit some responses from like-minded people to bring some solace to myself. Thank you!
Very instructive video...gives an informed objective evaluation on amount of funds needed to support retirement...great job. Should get CPF to show video to all coming to 55 years
2k for old couple is just enough if they hve finish paying their house but again can’t have any car..
I fully respect the malay couple.. they are so brave to have a few children without considering the ability to raise the kids..
@Amirah M.S. nani?
4 is standard.. my neighbour have 7...
@@bchpls24 Sure.. by all means, if having 10 is not an issue as long as the parents have the ability, I.e. time and resources to raise the kids, then go ahead.
According to each couple what they like BUT personally I prefer either only one child or max. two so ALL can have better quality of life and MUCH less stress on parents to provide
Singapore is notoriously expensive. Try Philippines, Okinawa, Japan rural etc.
Thanks for your sharing , have a happy retirement :)
Thank you for such an inspiring documentary.
See the main difference between America society and Singapore/Malaysia CPF scheme. In US, they called it 401K, but 491K was invested in the stock market, you may earn a lot more if the stocks are appreciated, but you may loss almost everything and left with your underwear. In Singapore and Malaysia, we have account 1,2 and 3. Only account 2 can be used for investment. This safeguard your money to ensure that your have secured the basic fund needed if adverse situation happen such as prolong recession.
Sound like you know very little about 401K. I have Roth IRA as well as 401K and I'm 100% in charge of my portfolios.
Ford 250 I am listening, I am eager to know more.
@@mysticcove3392 Thanks for the very comprehensive details, I am passing this info to my son who will be working soon... yes, I have limited knowledge about 401K, thanks for your help.
Do note that US also have social security benefits which is also part of their pension scheme apart from 401k.
As an Indonesian, this is what I see from this video:
-these elders are healthy, they even work part-time to get fit. Some even do sports.
-I know Singapore is an expensive country, I wonder how you break down those $2000.
Yes, I came here to see the break down from the $1000 - $2000 retirement
Probably something like that (in my personal retirement planning) - assuming I’m a healthy retiree, lead a moderate lifestyle, have my own home fully paid and no outstanding loans. Assuming I don’t own any liability like cars as well.
In Singapore dollars
F&B $500/ mth (assuming eat out every meal in hawker centre/food court)
Transport $100-200/mth (assuming take public transport most of the time with occasional car share)
Utility bills $100-150/mth (assuming you stay in HDB)
Phone bills $30/mth
Entertainment - $100-300
Total: $1000-1200
I would think it goes like this:
Electric and Utility Bills: $300
Phone bills: $120
Cable and internet $80
Transport : $300
Groceries : $500
Eating out: $300
Toiletries 🧴 100
Miscellaneous $100
Medical : $200
@@sitibeartrust me. medical insurance is going to climb higher than 200
@@bchpls24 ah yes I forgotten to factor in medical insurance which would be high for the senior age group. It all adds up
The government isn't paying the retired workers enough due to the present situation in the economy... Bitcoin investors are making huge profit now bitcoin has being raising the past few weeks from 37k to 48k today. 2021 is gonna be a great year for investors.
You're absolutely right ma'am, only bitcoin investors will understand.
Investing in assets is the code for having a successful financial life, investing with the right company or software would free you from modern financial slavery.
bitcoin was at 45k but raise now to 48k, I believe it will raise up before the end of the month.
@@ericmorris4876 and that's why 80% of millionaires today are investors.
I love to invest in bitcoin and other crypto currencies but it's difficult to understand the market.
Good to hear these experiences for younger generations
I love this ... GOALZ !! ❣️
why minister need 1 million pay yearly if $1k to $2k enough? this is a gov guide advertisement. Things in yr hourself will never spoilt or need replacement?
In order to retire happily the key message I got was CPF.
It's not entirely true. I agree that the producer did hyped up the CPF alot at the end of the video and I am so glad that you pointed it out too. However, the front part has a lot of info/nuggets of gold. We need to empathise with the producer sometimes and I think CNA is really trying it's best to bring the key messages across. We as audience will also need to have our own filter.
kudos to the Malay family, totally dedicated !
Not anymore. Inflation has gone up to 5.6% in May 2022 in Singapore. Food and energy prices have gone up alot.
Impossible to retire on $2k a month for a couple even without any debts and flat fully paid up. Would be nice to see some breakdown.
but there are ppl with take home pay lesser than 2k with children to feed. Yea they are considered to be lower income but it's not "impossible".
I am in my 40s, had 3 child, i charge all my espenses into one credit card, phone bill, pub, town council, supermarket grocery etc.. my monthly payment is around $1500 plus some cash spending, is around $2k amonth. Nothing is impossible, just how u manage.
I had friend making 8k one child not enough money to spend.
Rich couple. 😍Living in landed property
Great income for retirees. Looking back the retired teacher used to tell us the joy, happiness and wonderful life before retirement. We could be useful if the legacy will be there for new generation
Respect our parents🙏🙏🙏
Please look at the background for the chinese couple before u say 1 to 2k is enough. And he is only 63...so what that means? Rich enough to retire la.
And yet we aren't even giving people 1.2k in minimum wage, how to even retire on 1-2k in retirement?
Now imagine the same segment with ominous musuc
I’m a 28 year old Filipino getting jealous of the retirement schemes from Singapore. I have lived in Singapore for more than a month back in 2016 and I know how comfortable life can be if you’re hard working. 😩 God when??
Sham pre
Its not how much money we make...its how happy we are....
1-2k, that'd ridiculously a lot.
Wherever you stay whether landed property or in the kingdom, everything is temporary. Nothing is permanent. The only happiness is to live without major sickness like cancer
$4,400 for 30-day trip? From Beijing to Lake Baikal, Moscow and St Petersburg. Hard to believe it. Can you give the breakdown of the itinerary, please. $1000 to $2000 is enough to cover your daily expenses but not other things like going for tour, and other urgent expenses to pay for house maintenance and household items.
A man named patrick lee is 62? I thought he is 45 years old. Cna, did you write it wrong?
He looks in his 60s, just look jovial key to be happy 😃
Love your vdo ,from Thailand leave in NY for 45 yrs with 4 grand children we can afford $2-3k/m but can’t stay away from grandchildren
Hi Mr CNA insider I’m also a retiree from my 40yrs of TCM n Western Medicines Medically Businesses.l had buildups sufficiently funds.Even after spending the 3 Kids overseas Top Uni educations n some investments in properties.Still able to balances well the Funds for retirements but in orders for monthly expenditures around 1k-2k 1st No Debts 2nd Full Payments for Property U’re living.otherwise U’ll under great pressure for the remaining yrs of Life.
Is meant for the rich some struggle to put food on the table at the age of 63:still need to work
You don't need to be rich. But you must be very prudent, and prudent early. The biggest liability Singaporeans must clear in order to retire comfortably is your mortgage. That's the biggest chain on our ankles. Once that's solved, you're home free (no pun).
@@runninginsept majority of singaporean belongs to middle income family and they have elderly parents and children to take care of and some do not have the leisurely to retire and some even work till their last breadth and only after death they get the cpf, what is the point of getting the money when they are not around
@@runninginsept I won't call it a chain on our ankles. I will call it a saving plan. When you are forced to save (by paying your installments) you will get to reap the reward when you sell. That was what happened to me.
Wonder where did they climb the 40 storey block?
I would love to live Singapore. Sounds like paradise, but I gather the summers must be sorchers. I already can’t stand the summers in SoCal...
the grass always greener on the other side
Their indoors are all air-conditioned at 17%C. Office workers are wearing sweaters indoors. Outdoors are mostly shaded by trees. It is hardly scorchy, but you will sweat a lot if you are outdoors for long.
Wanderer, the heat is bearable after a while but the high humidity is hard to handle for the vast majority.
@@LoongAqua Then we dash into a aircon place like a convenience shop. What I can;t handle is cold. If I am overseas in a temperate climate, and the weather is 12 degree Celsius I do not want to go outside.
When 30s to 20s become 65 years old in another 30 years...
You will not get to earn 300k from downsizing your HDB house. Need to wake up guys.
its very possible
If you own a place to live, S$1K-2K a month is feasible to live on. Grow your own vegetables and walk.
there's really no harm with late retirement when you love your job! what's the rush...
At around 60 years old most people have contributed enough for society. No matter how much you like your job, the truth is you only live once and there is a lot of things to discover when you have an open mind. If you can afford to have financial independence you will be able to discover other aspects of life which will bring you joy. Nobody is indispensible to society, not even brain surgeons. In fact you should be generous and give your job to someone else who will enjoy it as much as you did, while you start spending your retirement money, help the economy and create jobs.
How can you enjoy retirement with 1k a month tho
1k pay bills finish liao... 🤣 Everyday eat bread or white rice.
@@ericcheong9189 exactly
Well done 好樣的！
the uncle staying at landed house monthly hse maintenance is how much? his health insurance premiums how much? these 2 will easily take up 1k+ out of his 2k mthly spending. he still socialize, travel around to run and probably join running events with his friends. how much does those adds up? i have doubts abt his expense claims but no doubt he is already rich to begin with...
I have doubts, too, as 1. I live in landed and the tax on my property is $8000/year (about $700/month), 2. my utilities sometimes cost over $800/month since we have swimming pool and not to mention that maintenance guy comes in to maintain the pool few times/week. Already these add up to $2k, not to mention many other expenses.
Singapore is an Authoritarian Paradise! ???
Possible 3k a month to 4k, must be okay. ☺️😊
I’ love the fashion of the English speaking guy.
singapore a good country
try not to messed yourselves up
Dont think so much aa maybe we wont survive until 60s n above... a lot off ppl just passed on suddenly.
2 years later after inflation, the 1k becomes 600..not enough
The title should be What Leisure On $1,000-$2,000 A Month In Singapore Looks Like.
The Malay family type of retirement is my ideal
with all the government printing around the world (accelerated due to covid 19) fiat currencies are being devalued like no tomorrow. retirement savings are likely being eroded in the coming years unless they're invested wisely
Probably the rich couple own properties and have rental income.
Hi Brian, well said. I feel so lonely because no one around me (whom I can confide to) seems to understand this. When I am being honest and truthful about my thoughts, a friend said that I am showing signs of depression. It made me feel lonelier. That's why I am crawling through online forums and discussion pages to find like-minded ppl. I have zero idea where I can meet people who actually read enough books today.
I went from stressing over divorce to becoming a successful investor in the marketplace. I have been a passive trader since 5 years ago till now, owning 3 homes and receiving about $60k monthly dividends. I would say that the greatest determinant of your destiny lies in how you react to things and not in the things themselves... great video!
Wow 60k a mth???
@@fatcat3094 dont anyhow believe other over the internet, I can also said that too. It could likely follow by a scam later asking you to invest with him.
Couple retiree seem more happy ❤️
This is how seniors who worked hard to build and develop the country should retire....not something ridiculous like collecting cardboard for "exercise". The people high up there please sit up and take note. Pfft.
They saved or have children to support them in retirement. Singapore cannot afford to be a welfare state to those who did not save for their retirement
@@bsolutions525 As long as income-tax are low there won't be welfare. Singapore Tax rates capped highest at 22%. Other country with welfare example USA capped highest at 37%. Taxes pay for welfare. Singapore has many charity organizations anyway to help others. Those who feels they're left behind don't we as matured adults create our own lifestyle?!.
How is it possible to climb 40 stories without rest.