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 😊

[@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 🙂

[@Jon888321]

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

[@tanjoseph8922]

Assume allowance of $500 and 3 kids = $1,500 each month. No mortgage and no car. That’s a budget of $50 to spend each day. It’s enough for a simple simple lifestyle.

[@borntorepent]

What about inflation.. what about medical cost..etc etc..

[@linekerkb]

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

[@joshconsultancy]

Agree! 🙂

[@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

[@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]

[@jasonlim4512]

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

[@joshconsultancy]

Yes 100%

[@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 👍

[@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

[@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 ⭐️

[@poolfans]

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

[@joshconsultancy]

Ok, they might be older actually

[@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

[@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 :)

[@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

[@davidloman1454]

their house no aircon

[@joshconsultancy]

lol erm ok…

[@ngricky3085]

It’s not how much you have. Generate cashflow is the right direction. Bank’s stocks will generate you free perpetual cashflow over the years. CPF life will guarantee Singaporean perpetual cashflow through eternity.

[@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?

[@joshconsultancy]

I’ve video tutorials on my current monthly expenses. Perhaps around current for retirement, id feel Financially free and happy alr 👌🏻🙂

[@Likeqiang20]

Singapore now is like tokyo in the 80s So god damn expensive Cost of living out of this world No wonder tourists, even rich chinese, are staying away Good luck to retirees on 100k Dont get sick!! Dont need help towards end of life

[@joshconsultancy]

It may not be so dire. Cost of living is high coz our economy is strong. As to low income elderly, there are gov support schemes like medifund 👌🏻

[@Likeqiang20]

@joshconsultancy Tokyo had strong economy, low interest rate and high real estate prices too.

[@Likeqiang20]

@@joshconsultancy one more thing, the elderly really need full time help. Govt assistance probably not enough to hire a full time carer. Please don't go to care homes, those places are depressingly unhealthy

[@davidchan9187]

You dont need million to retire but do need passive income monthly so you don't dig into your savings and to be debt free

[@joshconsultancy]

Yes agree

[@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,

[@davidchan9187]

You need to be debt free and have a passive monthly income stream

[@jironghuang4895]

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

[@joshconsultancy]

Children are the best :)

[@ChrisTang787]

These are simple people…

[@joshconsultancy]

Simple can be happy :)

[@Vincent-pl3ck]

Hai. DBS.

[@mugenpower78]

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

[@joshconsultancy]

8? Not realistic for the masses

[@HHlee-bp4vc]

These elderlies may be staying with children who may be taking care of their housing and food. Hence $100k is only needed for medical and perhaps pocket money. Not all retirees are only taking care of themselves. Many still need to continue to pay monthly utilities, telecommunications, property tax, conservancy charges and other household expenses and food cost. Especially those who still have unmarried adult children living with them and this will add to their monthly living expenses. An elderly couple living with unmarried adult children will not qualify for any financial aid from government based on household income. However, while parent's income is for the household's use, children's income is definitely not.

[@joshconsultancy]

Valid point