$2M SUFFICIENT FOR RETIREMENT? Five Retirement Planning Scenarios With Cash, Investments, Home & CPF

[@annieloh712]

Live simple, eat simple, spend more time with nature. Just be yourself, feel free and do what you enjoy. And most important pray for good health.

[@joshconsultancy]

Fully agree Annie. More doesnt equal happy =)

[@travelingbearbie8099]

Did not account for inflation, that could drastically increase the amount needed for retirement. In the 4% rule, it is assumed the returns from the investment portfolio is 7% and the excess 3% above the 4% beats inflation. How does your scenarios account for that? Especially if the payouts are fixed quantum. Today $4K/month seems reasonable, but 10yrs from now it will not be enough.

[@joshconsultancy]

4% rule has a concept of excess returns? Really? if you feel $4k is not enough in 10y, what is an amount to propose?

[@travelingbearbie8099]

@@joshconsultancy 4% rule assumes your portfolio is growing 4%+ inflation rate, correct me if I am wrong. If you feel $4k is enough in today living cost, then at 3% inflation, in 10yrs you will need $5.4k. So every year you are taking out more and more money to maintain the same standard of living. CPI life has fixed quantum but also has inflation adjusted.

[@josephedisonjunior5542]

We always seem to excite ourselves with possible investment returns and CPFlife payouts etc. We need to work on the root matters. That is expenses. By practicing early to keep them low and making a habit of it, we may not need that much more to retire. We keep stressing ourselves with big numbers. a fully paid up HDB by 55, Enhanced CPFlife set aside, kids working, and you are able to keep to $2k or less per month of expenses, semi-retirement is possible from 55 to 65, then fully retire from 65. We have not made good habits of keeping low costs and a simpler lifestyle and always keeping up with the Joneses mentality would not bode well for any retirement amount planned. Expenses management and practice doing so and building that habit is the main key.

[@joshconsultancy]

Good sharing JEJ

[@DonYang73]

In my case, i do not want to lower my expenses to the point that my lifestyle is compromised. I want to be able to maintain a $10k monthly expense into retirement. But i believe that as we age in our golden years, our normal expenses will naturally drop. However our medical expenses may increase, in the end neutralizing the lower expenses elsewhere 😁 .

[@ariefraiser140]

@@DonYang73 So you spend $120,000 a year now which I'massumingis post tax. To generate that amount you would need a $170,000 job which would give you about $120,000 a year after taxes (this is based on US taxes but I'm sure you will face the same dilemma in most other countries). To produce $120,000 a year in spending without depleting your money you would need about $3 million tax free. If your investments will be taxed in retirement you will need more. If you receive a pension you can subtract the amount from $120,000 and multiply the result by 25 to get your new number. Regardless though you're likely looking at needing at least $2-2.5 million.

[@DonYang73]

@@ariefraiser140 Nope, i am looking at multiples of $2.5mil to be honest. 🙂 i am not a young man, unfortunately, but i am not exactly old either. But i have already made my first million (residence excluded) more than a decade ago. Cheers

[@nvgvictim4291]

He should just liquidate the investment property (500K) and put into the investment portfolio which yields 4%pa(which is already conservative). That will give you $1666 cash flow per mth instead of $500. Not forgetting, to get the $500 rental cash flow, he needs to bear the risk of no rental and property depreciation. No rental also means outflows within inflows....

[@joshconsultancy]

Hi Chan Yew, I understand you pov. $500 is NET cashflow. But if we add in the rent is paying off some loan, you'd get a different yield. Important point

[@loongkwanghan6654]

@@joshconsultancy Hi Mr Tan, would you recommend Josh to sell his investment property if he is 55 yo and invest into CPF/Reits/Stocks at 4% return. At the moment, property is on the uptrend. However, some friends would advice to take profit especially the chances of losing a job is high at 55. Notwithstanding, the upcoming inflation period, property can be a good hedge against inflation, especially in this current low interest rate environment.

[@fondue80]

U gave me the inspiration to coast FI at 50. At 55 for full retirement using income from portfolio dividend payout plus interest from sa balance (after FRS set aside at the least). No debt except for housing where OA balance can fund for remaining loan by mid 2024

[@fondue80]

I also hope cpf sa shield is still an option nearer to 54 before 55

[@joshconsultancy]

Happy to hear that LJP =) Id continue to conceptualize more scenarios for discussion to evoke food for thought on this channel. Wishing you the best in your FI journey

[@jhuan85]

How about doing a video on "How much you need to be financially independent based on an average lifestyle of Singaporean? " Passive income > expense. In other words, you can quit your job tmr and do something you like without any financial consideration while maintaining an average quality lifestyle.

[@joshconsultancy]

Hi j sure stay tuned!

[@limrosemary8536]

changing to a quiet executive apartment with natural treetop walks or nature parks 3 to 7 min away fr apt is absolutely comfortable wit much less conservancy pm ... Mobility physical & mental is more impt than anything else

[@yewkaisiang7213]

It does not matter how much you have. Most important is understanding your life style, living expenses and liabilities. Saving, insurance and passive income must be able to last base on number of years of retirement plus emergency cash.

[@joshconsultancy]

Fully agree. This discussion was really to explain how to approach the planning amounts

[@kelvinyeo3218]

Great video and good advice! What would you recommend I invest if I have $1M at retirement? Something that provides a steady income flow.

[@joshconsultancy]

Hi Kelvin thanks. For personalised advice on a fee, check theastuteparent.com/josh-tan. Key points to consider is what investments do you have currently. Do they work and if they do it could be added there. If not, other avenues need to be evaluated like CPF, annuity, proper portfolio, property investment.

[@MrNamesNoMore]

I will say for the average Singaporean looking to retire early, stay in HDB. Having so much money tied in an asset that doesn't generate any growth is simply a big waste. I will even downsize and move to a more ulu area of Singapore when retired to further reduce my money tied in real estate since Singapore property is a depreciating asset.

[@hbu8012]

Retire to Thailand by 50. They have retirement visa

[@joshconsultancy]

noted on Pov. Do explore the retirement village properties for elderly

[@anthonytan164]

Agree with you, my plan is to move to a 3rm flat in future so that my funds are not tied up and can be invested for returns. Staying in a 1.2 million condo vs a 300K 3rm flat means a difference of 900K which can be invested for additional 3K a month for spending. And you get more subsidies and goodies from the government 😄

[@limrosemary8536]

Truth is one must keep trusting God who works miracles and brings funds fr nowhere to provide for one’s needs & to do good works for the disenfranchised ... Peace of mind & heart , absence of bitterness over past mistakes ( sometimes not onés own fault ) are impt too for psychological well being which will contribute to gd physical well being.

[@MatildaPang]

Rent out the entire house in Singapore for $4-5k and rent a bigger house in JB for $1.5k. Can still commute to SG easily when there's no covid. Wait for the house in Singapore to appreciate even more before selling and moving back to SG.

[@EF-rj5gp]

John has just passed away due to covid

[@joshconsultancy]

That is a good point actually Matilda. Any more details of someone doing that. Whats the biggest sacrifice besides sleep?

[@MatildaPang]

@@joshconsultancy Since the person is retired, there shouldn't be a need to sacrifice sleep at all. I know of people who bought houses in JB as a weekend house/future retirement house, but I think it's better to own a property in SG instead so renting out the one in SG and renting another one in JB will be better for capital protection and appreciation.

[@ChrisTang787]

@@joshconsultancy JB health care is sub standard, I don’t recommend people to retire in JB.

[@joshconsultancy]

@@ChrisTang787 if non emergency bring back to Singapore to treat? There are of coz shortcomings to the idea I acknowledge. It’s to save overall retirement cost

[@onglielie]

I have been thinking to sub divide my condo into 2 studio so to generate passive income by renting out one studio, but worried one day should i intend to sell difficult to find buyer cos it look small in 2 studio, what is yr opinion ?

[@joshconsultancy]

I dont have data on that to answer. All the best, ensure its within rules of sub-leasing

[@pinetreetmh]

The issue is more than 80% of the population will never ever be able to get 2 million. So the question of is 2 million enough is redundant...

[@joshconsultancy]

Agree that its possibly a number that is way above bare min. Just that I see it being tossed around in forums quite abit and wanted to share approaches with it

[@imSYCHEE]

Please talk about the 150k in ur next episode. Curious.

[@joshconsultancy]

I'm crowd sourcing for creative ideas... not easy haha

[@imSYCHEE]

@@joshconsultancy I would usually use an Excel to list down what is my acceptable upper and lower limits for each expense category.... E.g. Food, entertainment, shopping, insurance, transport, etc. This let me know what are my acceptable living. Then I use this to project how much I need to cover me for x no. of years. Factoring in the inflation of course. I will then check how far am I from meeting the target and let me set plan on building how much monthly passive income I need to offset the monthly expense. For remaining amount that cannot be covered, I probably need to get a job that can cover that - if amount is not a lot then the job could be one that is less stress. Not sure if this works.

[@peterc6083]

if i have 150k and urgently need to retire, will definitely need to see what are my liabilities and assets. If house full paid, will consider taking a term mortgage loan and putting in Reits(4-5% - 1.5%) + renting out + either staying with parents or renting a smaller unit. Really will have to marie kondo the shit out of this. but if only 150k, still possible with reits + barista FIRE (working a relaxed job to offset net diff in expenditure)

[@joshconsultancy]

Well said Peter. Probably the case is closer to LEAN FIRE

[@bigno1900]

my plan is to retire at 65 overseas, taking advantage of currency exchange rate then, at some retirement haven, with CPF Life funding the day to day expenese. As for my properties, i will it to my kid.

[@joshconsultancy]

Love the sharing. Who would you pick? Penang, Phuket, Bangkok, Cambodia?

[@bigno1900]

@@joshconsultancy if Asia, Thailand but i am leaning towards Chiangmai. If central America, Panama. If Europe, Portugal. Africa, no plans yet.

[@christinaaugustine27]

Interesting topic, my mom is a housewife all her life and she’s 60yo this year. She has very “little” money in her retirement fund. Recently, she sold her house and is downsizing since all of us ( her kids) has moved out. With $500K extra in saving from the sale of the house. Would it be better to keep the money in the bank or “ park” some of it with CPF retirement fund? She does not like the idea of putting $ back into CPF … LOLs 😂 she still received at least $3K pocket money every month from us. Thank you in advance 🙏

[@joshconsultancy]

What if its parked into an annuity with an insurer she is comfortable with. I provide advisory work on a fee and it could work if one of the kids come into the discussions fully www.theastuteparent.com/josh-tan/ . CPF is indeed a worth while option but it has caps in how much she can pump in. Need to uncover her concerns of it first. But all are certainly better than keeping cash in bank in her situation. Hope it answers

[@strangiatorush1624]

Hi Josh, very interesting simulations and thanks for sharing. To your point about retirement articles being vague I have to agree, one thing though with yours - is this figure only good for one person? Can the outcome from your simulations look after John and his partner or should we plan 2x for couples? Lastly, a fun fact: John dresses like Fred from Scooby Doo.

[@joshconsultancy]

Retirement amount individually but mainly depends on how much expenses are incurred

[@jalanjalan7099]

Why are you using cpf SA interest in the calculation for the monthly retirement? are you assuming FRS is already met?

[@joshconsultancy]

Yes JJ. In the scenarios it is at ERS

[@cloverbits4064]

It depends on your way of living if for necessities/food ti think you’ll live

[@joshconsultancy]

That’s true. Everybody’s expectation leads to a different number

[@rayang2059]

There was an article from Straits Times that reported more than 50% of people who used their CPF OA to invest would be better off leaving their money in CPF instead. When nearing to retirement, I think it is capital protection for me. Leaving $750k in investment looks risky.

[@joshconsultancy]

Hi Ray, Ive this to share with you regarding investors not investing well kzbin.info/www/bejne/n2m4ZJqcp76beZo . CHECK IT. Understand the risky part, go with a style that fits and accept the pros and cons

[@chonju2]

It really depends on their standard of living! If one lives like a rock star, 2 million would be used up in months.

[@joshconsultancy]

Of course. I wanted to run through simulations. To help facilitate discussion on how to own assets in retirement

[@jerryyap1516]

Cash minimum 2 years of living expenses. It is very risky to invest too much considering 99% of people lose money in stocks. House property increase in value, it does not matter so much. Can always downgrade and sell off a small profit. Monthly expenses of $2000 is sufficient without a car. How many at ate 65 have $2mil? There are far too many.

[@joshconsultancy]

"Cash minimum 2 years of living expenses" - is really conservative. If its $4,000/m, that will be almost $100k undeployable

[@Potatowarrior89]

think my hair started dropping after watching this video

[@joshconsultancy]

wait wait I dont think $2m is needed by everybody. It's just a popular number by forumers. Chill kenny

[@Potatowarrior89]

I guess the 2m is to retire comfortably and securely ... maybe u can make one video for the common folks

[@jasonlim4512]

good idea about migrating. i like cambodia becos there is huge china migrants so those people might not find it too daunting to learn another language. maybe also do an episode on malaysia or indonesia for the malay folks.

[@joshconsultancy]

If you know of any details on Cambodia do share here k

[@jasonlim4512]

Josh, I did some calculations from what I know. To live comfortably in Cambodia (the major cities) easily each month cost U$500 and more, and this is without medical/insurance. Means S$150k will last less than 20 years of retirement. i don't have the cost of living for the outskirts or smaller cities. but that will defeat purpose because migrate is to get a better lifestyle, not maintain same lifestyle.

[@yensoontan229]

$150K/30years = $5K a year. Not easy especially if it is a literal consumption off that amount. Firstly, would assume for $150K, the person would prob not actively invest much though-out his life and may be more conservative when it comes to investment. To afford the expenses in SG, and given his risk profile, best shot is to meet the CPF full retirement sum and with that, you get about $1,400/mth instead of the original $500/mth if he were to deplete the sum at face value without investment. With $1,400, one has to live frugally. But I think the key concern is also medical expense which may rise over time. At that age, hospitalisation insurance may increase drastically and if one is sick, chance is medical bills would be diff to afford. My two cents. Perhaps also liquidating/downsizing the house, get a rental flat if possible to further expense, so that the $1400 amount could possibly go up to $2K plus which is comfortable.

[@joshconsultancy]

Thank you Yen Soon for sharing your thoughts

[@jasonlim4512]

how about invest in cambodia or the frontier markets. $150k, maybe 20 people each take out $20k - 50k crowdfund to buy a property in cambodia this kind of investments.

[@joshconsultancy]

Are there any restrictions in buying property and land in cambodia? I only know so far they have retirment visa. Property laws anyone out there know?

[@jasonlim4512]

I think it is possible for foreigners to buy residential property. but maybe other viewers have more insights. Let's leverage on each others knowledge.

[@fondue80]

It would be good if you can put the chart label on the pie, rather than legend at the bottom for ease of viewing and reference

[@joshconsultancy]

Ah, good point LJP. Thanks. OK noted.

[@ken19778]

I want see video about people in singapore who have a car and house, installment payments, and salary how much needed For me what I think. If got family. And have car and house. Probably need 8k salary

[@joshconsultancy]

$8k/m in retirement you mean? Thats a significant number that can be reduced before mortgage should be cleared

[@ken19778]

Not retirement, but working for 8k salary per month

[@soy1349]

Just wondering, are the scenarios based on real figures and real life? Curious to know what is the average networth of a Singaporean of that demographic

[@joshconsultancy]

Hypothetical scenarios. Hope it has useful points for you

[@chowpoknga6805]

Average net worth for Singapore adult is $400K in 2020. However the median is only $117K. So a lot of disparity. Singapore do not have stats based on age group.

[@raymondlau560]

I won’t use the word ‘downgrade’ for it hinders many psychologically from retiring comfortably. The correct term should be ‘right-grade’. I personally think right-grading to a resale 4 room HDB with at least 65 years balance costing about $350k to $400k would be prudent. That will free up much more cash for dividends investment like REITs and blue chips. A fully paid-up HDB flat, dividend income from investments, CPF life and if one is lucky, a small allowance from kids should make for a decent retirement. After all, what are you gonna spend on when your appetite is small, legs tire easily and the aircon is too cold? I think $1500 per month may even be too much 😂

[@joshconsultancy]

Love the term "right-grade" raymond. Future episodes I'd borrow it from you 😂

[@ahmengng4396]

$ 2M..how many people can have that much???? Not practical in yr clip. Unless u are saying Rmb or baht.

[@joshconsultancy]

Follow through the full tutorial before judging. It is scenario planning. Find learning points. Each and every persons number can be different

[@thereallyrichone]

Hi Josh, can you do a video on QYLD? I own some and after withholding tax, it is generating roughly 8% per year.

[@joshconsultancy]

Hi Yi Nen, not familiar with QYLD. My gut feeling is its not a straightforward product and may contain hidden risk in extreme circumstances

[@lvishal]

2 million SGD or USD?

[@joshconsultancy]

Hi Vishal, Im in SG and most of my case studies assumed as SGD

[@peterc6083]

easiest retirement plan in sg, have 4 children.. each child gives you 1k per month, 4k expenditure settled haha

[@joshconsultancy]

lolx. It could be -$1k/mth too =P

[@YourMoneyGame]

Nice share Josh! Appreciate the scenarios. What's running through my head is inflation, specifically on medical. Is there a way to estimate the premium increase of medical insurance as we age?

[@joshconsultancy]

Hi soon min, long time no see. The insurance premium increment is hardest felt in the private hospital tier. That figure over the last 5years cannot be extrapolated to future coz MOH and insurers have been making changes to adapt. On the other hand, The subsidized gov hospital level will always be affordable. So medical and insurance cost can also be seen as a choice

[@YourMoneyGame]

@@joshconsultancy great context! :) stay safe man!

[@pkay150]

Hi Josh, should someone(age 55) withdraw the max after leaving bare minimum for CPF life(S$96k +-) and invest this withdrawn fund with estimated yield of 4%?

[@joshconsultancy]

Not likely a good idea. Keep in CPF may be better for most situations

[@pkay150]

@@joshconsultancy By doing what i have suggested early i will be able to start 'enjoying' or live with yield from my fund instead of waiting till 65. Furthermore if i invest into bond(good grade) i am also protecting(🤞) and conserving capital for my dependents.

[@Phonedumb]

​@@pkay150 It's been a year since. Can you share what you decided and how did it work out? Thanks😊

[@cathhl2440]

When I have the money I’ll contact you. 😆

[@joshconsultancy]

Sure. My links in the summary Cath!

[@gabrielng05]

Mr X has $300K investment in dividend stock paying 4% dividend, $400K mainly in FDs , $370K in CPF , fully paid up 5 room executive HDB flat, $10K in SGS bonds & $20K in SSB & low living expenses around $1.5K per month. Is Mr X ready to retire?

[@joshconsultancy]

Living expenses are low which makes the equation easy. It is likely ok. The FD and cash needs work as they are not inflation proof

[@wonglienfeng]

None of the scenarios cater for the silent killer of retirees: inflation. Also, I would cash out of annuities and put them into dividend stocks/REITs to collect much better returns.

[@joshconsultancy]

We're young now, we keep lifestyle and hence inflation is full force. Inflation amounts are offsetted by decrease in spending. At older age, its not always returns. Simplicity becomes paramount

[@wonglienfeng]

@@joshconsultancy I'm not referring to lifestyle creep, which is a huge blindspot no doubt. I'm referring to the diminishing utility of a $3k monthly payout to sustain retirement. You alluded to this when you made the statement about how depletion of account balance could leave people stressed. In the same way, utilising the full yield from your portfolio without catering for inflation will lead to the same result since the value of overall net worth is steadily eroded by inflation.

[@DonYang73]

It all depends on how you want to retire. Also depends on family situation. I draw a good 5 digit passive income monthly and i am not retired yet. 😳

[@joshconsultancy]

Why do you choose to work then DY? Or what expenses cant be cut away yet?

[@DonYang73]

@@joshconsultancy many people ask me that question. Answer is becos we always want more. We are kiasu kiasee. Expenses are well within my income. But everyone wants a bigger buffer. the key reason is becos I am not even 50 yet. My target retirement age is 55. That for now would be ideal. One irony in life is that it is more difficult psychologically to quit when your income is much higher.

[@joshconsultancy]

@@DonYang73 to that last point. Is it more of fear of becoming less important (because your position is of authority and you enjoy it) or fear of not being ahead of your closest peers anymore (whom you’ve measured against most of your career)?

[@DonYang73]

@@joshconsultancy it's neither nor. It's just that most people would continue to extract high financial value if they can. Take for example, if your value is in excess of half a million annually, it would be more difficult (psychologically) to give it up, conpared to someone whose value is only $150k pa. becos you will be giving up a lot more income. Imagine if you continue working from 55-65 at $500kpa. Thats another $5mil, simply put. 😅. I dont care much about power or competition amongst peers, the Race is just against yourself, at the end of the day.

[@andrewkwek6160]

Hi Josh, thanks for your content. What are your thoughts about this person, is he ready for retirement? 2 million invested in equities generating 10% yield per year, no property ownership, Expenses (including rental) under 200k per year.

[@joshconsultancy]

Hi Andrew, from the math he is ready. Answer pivots on the 10% yield

[@DonYang73]

The question is , can this person take the volatility of the equity market? Can he stomach the swings of the equity market. For most people it is easier said than done. 10% on paper and historical stats does not mean future performance. 🙂

[@georgetan4451]

Hi..what investment should I go for which is safe and generate returns of 4% in your example?

[@joshconsultancy]

A portfolio of equities and bonds can get you there. Fit your risk appetite and fit a long enough investment time frame to increase the odds of it meeting expectation

[@badonkadonc6963]

💩Two Million is enough right NOW!!!!.🤭

[@joshconsultancy]

Depends on expectation. For most of I believe it’s more than enough

[@ChrisTang787]

Investment property may not work if John is more than 50 years… rental may unable to cover monthly mortgage.

[@joshconsultancy]

Oh Chris, the example was $1m but with only $500k loan.

[@bkoh1771]

I think if u bought a private property there is some rate of return in terms of capital appreciation like the first $1.5m scenario. To totally discount the amount over the person when he is 40+ till 85 seems incorrect. Enbloc opportunities etc. 40 yrs ago this $1.5m property can be worth $5m now for that matters.

[@joshconsultancy]

Home is home, it is a liability and cannot be consumed. In any case, it is market neutral become sell high need to buy high. Unless downgrade takes place?

[@bkoh1771]

It's not a liability in Singapore context unless you are referring to those lease terms with 50 yrs or less when you are in your 40s.

[@ChrisTang787]

$15000 all in Tesla… our friend says Tesla annual return is 40%. Sell 2 Tesla shares every month can already. LOL. .

[@joshconsultancy]

LOL! Chamath has sold out on Tesla btw do note

[@thsim88]

150k provided u oversea with your own land n grow your food n debt free. like the little farm land

[@joshconsultancy]

That i also know haha. Hoping for sg based solutions

[@thsim88]

my friend stay in Canada n own a farm grow his own food. half the size of ang mo kid. live off grip with solar panel n mini wind turbine n have his own water supply. inflation not a problem to him.

[@joshconsultancy]

@@thsim88 nice story. Ive a contact but in vancouver so pretty much city like singapore

[@thsim88]

@Eddie VVP u grow ur own food n cook n eat. very healthy. u know what ur ingredients is treated n growth

[@thsim88]

@Eddie VVP aiyo my frd got farm of course got employed helper to do all these work. I here in Singapore where got big land. of course I can't do all these things like my frd oversea who live outskirt where land is cheap n air is fresh. he willing to give up urban life n lived off grip n eat healthy n live healthy. why u want to compare me n him. 人比人气死人

[@junfu9452]

You need 10 million because inflation.

[@joshconsultancy]

What are your plans to get to $10m? Because if its a need then it must be attained.

[@hbu8012]

Get Thailand retirement Visa by age 50

[@joshconsultancy]

Hey hotzz u got personal stories or more details on it?

[@hbu8012]

@@joshconsultancy Thailand & Philippines (age 50), Cambodia (age 55, apply at Cambodia Airport). Josh for Cambodia, showing the airport officials our bank statements is an uncomfortable idea. All info for Thai & Phil is on embassy website or call them for appointment.

[@TheRedDotInvestor]

To be honest, only 5 mil is enough for 1 person. Why aim low when you can aim high 😄

[@joshconsultancy]

Serious $2m is low? You're on track to $2m or u're towards the $5m you're looking at already?

[@TheRedDotInvestor]

@@joshconsultancy if you look at the kind of inflation/hyperinflation happening these years especially during this pandemic which will likely worsen when we come out of the pandemic, a sizeable private residential for homestay already costs in excess of 2 mil, so 2 mil wont be sufficient for comfortable retirement; It is sufficient only if one cuts back on spending in the graying years

[@joshconsultancy]

@@TheRedDotInvestor expenses will likely be cut back. Thats based on research on existing elderly. Key question is how many of us can attain $5m? At $3.84m you would be top 1% of networth in Singapore already. Want to reconsider the goal?

[@TheRedDotInvestor]

@@joshconsultancy it is an interesting discussion and I look forward to more of these :) Truth of life is healthcare expenses are (quietly) rising steeply, so are healthcare insurance premiums and many other expenses (housing, car, food, utilities, enrichment classes etc), so one may not have the option to scale back on expenses especially as one ages. My personal take is always use the worst case scenario and set the target higher when planning for the future and one may end up better off in the longer term. The key question should instead be how and what should we do to get into the top 1%? Since people have been there and done it, it is not an impossible goal, impossible only if we think from the start that it is not an attainable goal

[@joshconsultancy]

@@TheRedDotInvestor of course more the merrier but I guess many of us are happy and would still be with much less