How Much Is Needed For Retirement? You Won't BELIEVE Their Numbers! | Retirement Planning Singapore

[@joshconsultancy]

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[@joeyl9435]

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.

[@hanscheong2676]

$100k can last me for 5 years if my estimated monthly expenses are $2000 per month.

[@joshconsultancy]

Maybe those who are older have less expectations on expenses 👌🏻

[@simcn73]

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 😊

[@Jon888321]

$100k may be sufficient if the elderly is at least 70 years old and his kids are also giving him a monthly allowance.

[@jasonlim4512]

Absolutely agree on cash flow better than cash. Prevents scams and distant relatives asking for handouts😰

[@joshconsultancy]

Yes 100%

[@whis5448]

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😁.

[@joshconsultancy]

Valid point 🙂

[@danysl2008]

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.

[@joshconsultancy]

Total 😅

[@Jun_Hui175]

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.

[@joshconsultancy]

Good points raised 👍

[@linekerkb]

I love a simple live. No loan. $1500 a month enough.

[@joshconsultancy]

Agree! 🙂

[@edwardlumsianming3430]

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

[@ivantan6841]

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.

[@joshconsultancy]

Good sharing

[@ocswoodlands]

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" 😂

[@joshconsultancy]

lol! That song is IF Haha but all time song

[@thepetpotrait3823]

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 ❤

[@joshconsultancy]

Hi, if a fee based retirement planning consult works, let us know at [e-mail]

[@poolfans]

How you recognise the age of the 1st uncle and 2nd aunty

[@joshconsultancy]

Ok, they might be older actually

[@yeeeeeaw]

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.​​​​​​​​​​​​​​​​

[@joshconsultancy]

POV noted ⭐️

[@davidloman1454]

their house no aircon

[@joshconsultancy]

lol erm ok…

[@缘投囝仔]

This show that a lot of ppl dont have 100k in bank.

[@joshconsultancy]

It is true. Hence I thought showing more walks of life is important

[@R6ex]

I fear everything will be 10 times more expensive in 40 years' time! SG's 2% inflation CPI figures are BS!

[@joshconsultancy]

There will also be solutions to simplify, dun worry :)

[@yenleetan6143]

I guess it depends on your age and lifestyle.😊

[@joshconsultancy]

Yes exactly

[@nicholasyeow619]

Would be curious to know what is your expection for retirement?

[@Vincent-pl3ck]

Hai. DBS.

[@AjoraJade]

My financial goal is retire before I reach 45 years old with 12k of DBS shares in CDP.

[@joshconsultancy]

Space some love to Ocbc and UoB k 😁

[@tantuanphin]

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,

[@jironghuang4895]

All getting dividends from children. Thats why only 100k.

[@joshconsultancy]

Children are the best :)

[@mugenpower78]

minimum 8 figs. cos in the future your kopi will cost 10 dollars per cup

[@joshconsultancy]

8? Not realistic for the masses