Singaporeans have UNREALISTIC RETIREMENT EXPECTATIONS...

[@joshconsultancy]

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[@mymemorieslane]

I think beside worrying so much about finance for the future, we should still focus on living your life in the present. Tomorrow might not come for some unfortunate people daily, the worry of the future and planning so hard will become pointless in the end.

[@DonYang73]

To retire with lifestyle C, one needs to start early and keep at it without faltering. That means not making dumb decisions along the way, all the way. Certainly not easy at all but also doable. Discipline, determination and perseverance is key.

[@joshconsultancy]

Fully agree 👌🏻

[@jlin995]

I feel social media with all the rich people showing their glitzy and glamourous lifestyles has negatively-influenced the minds of the younger generation. The hard truth is that most people are not destined to live a luxurious life, and we have to be able to accept this. There is nothing wrong with a simple life if you are not making a lot of money, we are not exactly starving right here in Singapore.

[@joshconsultancy]

Fully agree!

[@AJohnson0325]

A lot of what people see on social media is fake anyway. As long as you are happy and feel fulfilled, there is no problem with working for a long time. I don’t see myself retiring any time soon but I’d like to go part-time once I have enough dividend stocks and real estate. If I ever make so much money that my time becomes so valuable that working isn’t worth it then I’ll quit.

[@CalvinK-the_old_fogey]

Replying to original poster: I disagree with your statement “most people are not destined to live a luxurious life…” because our destiny is determined by ourselves. There are too many examples to cite but in order to change your destiny, the first thing you have to change is your own mindset.

[@chowyangneo9630]

@@CalvinK-the_old_fogey to be more exact - MUCH of our destiny is determined by ourselves. Not all of it - trust the words of a cancer survivor. I suppose the disagreement you have with the original poster could be one of definition - what is luxurious?

[@CalvinK-the_old_fogey]

@@chowyangneo9630 if you read my statement carefully, it was about “… destined to live a luxurious life”, meaning material wealth, not health issues whether congenital or acquired.

[@YangGQ]

What a strange world we live in. Came to Singapore with no assets but a job offer 35 years ago. 32 years ago had even less money but a newly minted MBA. Singapore wife and kids followed. Paid my taxes. Bought old property. Bought old cars (lots of them). Retired 7 years ago. Life is good - Materially, socially and spiritually. Physical is good too!. Only strict rule is no longer to have a "normal" car. Just have two (or maybe three) "Classic" 10% COE cars and an old motorbike to potter around on. Singaporeans: You WILL have ENOUGH. You may not have what you want. Adjust your consumption to your actual asset base and all your financial problems vanish! Then you can focus on Family and relationships (and the gym!).

[@hippo2020]

There is another better option, move to Penang or other states in Malaysia, you can have a relaxing retirement lifestyle at much much lower cost than in SG.

[@Phonedumb]

Bro... not so simple. Even with the latest revised MM2H criteria, at the lowest silver tier, you'll still need to lock up RM500K as a deposit for a residency pass for 5 years. And after 5 years, who knows what the new government will implement.

[@520chris]

I am 50yo. I semi retire at 45yo. Chose to work less coz i scared cannot finish spending as I already have 200k cash n a 1mil fully paid ppty. Total cpf hv abt $300k. I dont owe a car n live simply.

[@lastlightsnet]

A bit late to comment, but food for thought (might be a good topic to discuss, @joshconsultancy). Which one do you prefer? 1: Work until 55 and retire with lifestyle A 2: Work until 60 and retire with lifestyle B 3: Work until 65 and retire with lifestyle C For me, my biggest happiness is not having to work, so I'm happy to choose 1. Of course, people can say 'Work until 55 and retire with lifestyle C', but I'm referring to ordinary folks, not high-flyers. 😅

[@joshconsultancy]

I like the suggestion =) ^ Stay tuned

[@jgoh4105]

If one has aspiration of Lifestyle C, it's important to have financial discipline and not inflate your lifestyle as income grows over career lifecycle. This will allow more monies to save and invest to take advantage of compounding. Lucky for us in Singapore, income tax is relatively low and there is no capital gains tax (and tax on dividend income). Hence, it's much easier to accumulate wealth if you can control your consumption (lifestyle) and expenditure.

[@joshconsultancy]

Agree with your points made

[@DonYang73]

Well said jgoh….. if you are not already retired in lifestyle C, you are on your way. 💪

[@meihongtan3044]

Dividends investing will not help as its risky

[@lastlightsnet]

As long as I can retire early, lifestyle A is totally fine. I've been a minimalist even before the term became mainstream. It doesn't cost me/us a lot to live. Can't wait to retire and spend more time on my passion projects.

[@joshconsultancy]

Good to have a clear vision of what you want 👍

[@Aruby868]

@joshconsultancy is consistent 6% returns on investment realistic over the years? for people in their 40s that may mean higher risk investment which may not be umsuitable

[@marvelcomiks8078]

I am currently 55 (and still working) and can retire with S$10k every month with a fully paid private house. I actually feel very poor. Seriously. Because I don't know wtf is going to happen next year. The economy may crash and then everything is kaput. Inflation may shoot up and cause $10k to become the equivalent of S$1k. I may suddenly get terminal illness and spend all my money on medical expenses. I may get scammed and lose all my savings. I may not die by 83 but 100 and run out of cash. I may...actually, it is NEVER enough. My advice to everyone is learn to smell the roses even today, don't wait till retirement, some people save feverishly and deprive themselves of many luxuries only to die before they can even retire. Some people spend as though food will come again tomorrow when it won't. Work, earn, save, spend....for we know not when our end will come. Do everything moderately. We may die tomorrow. So, remember....Don't die as though you had never lived, nor live as though you'd never die.

[@joshconsultancy]

The part on feeling poor may be a mindset shift needed or some insecurities to address. But congrats on your journey 👌🏻🙂

[@yusufbest4475]

Do you believe in afterlife? So many people saving up for retirement but truth is that most of retirement may be spent in hospital. It is better to invest in afterlife. A person who invest in afterlife also enjoys the tranquility and peace in this life. So, best of both worlds.

[@DonYang73]

Good job. Well said. Enough is never enough.

[@lcldan]

​@@yusufbest4475wait what? Afterlife?

[@leanne2330]

Yes, we never need so much....

[@icemanso]

I would choose lifestyle C but with a mix of lifestyle B/A. E.g. Doing away with car and include regional holidays.

[@joshconsultancy]

Upvote if you like this suggestion

[@mattseto-q1i]

Hi JL, I retired at 40. It’s possible but not for everyone. Basically it requires some form of frugality/thrift, having to save and invest wisely, also need to take on more side jobs in early days, maxing out SA to get that compounding going early on. When u are jobless, no point doing CPF/SRS transfers for tax relief right? 😂 cos no income, no income tax. Those who wish to retire early need to make sacrifices or walk the road less travelled, certainly if u follow the common-held beliefs on Singapore lifestyles, sure near impossible. Need to think outside of the box and colour outside the lines…and look at countries with high quality of life and low cost of living. Sure can retire early 😂 it’s whether one can envision and work hard towards this reality. For some perspective minimum wage for most of the western world is less than half of what is considered average income in SG. And if u look at SEA countries like Vietnam, u can live very well under 1K sgd and eat quality short grain Viet-rice from local fields and organic produce very cheaply. Very delish! Weather can be better too.

[@joshconsultancy]

Yes this is a key point "possible but not for everyone". Sacrifices is alot of what I raised for discussion. A simple retirement is actually achievable for most of us. Congrats on your journey

[@mattseto-q1i]

@@joshconsultancyWah u reply so fast! I still writing more sia 😂 anyway good job on the videos!!

[@chiaweinam]

I can easily afford lifestyle C but now that I am in my 50s, I find that money has a lesser and lesser effect on my happiness. If you are not happy with a passive income of 5K, you won't be happy with 10K for too long even when you achieve it.

[@joshconsultancy]

I agree with you =)

[@Missy_Ai]

Actually I prefer A because living simply is a luxury as there is no financial stress.

[@lindalucky9214]

Poor has Stresses of their own....😂😂😂😂😂😂😂😂😂😂😂

[@Missy_Ai]

@@lindalucky9214 Living simply doesn’t mean poor

[@ryanlim8013]

@@lindalucky9214One can be wealthy and still prefer lifestyle A ^^

[@lindalucky9214]

@@Missy_Ai go be Poor then.....haha

[@lindalucky9214]

@@ryanlim8013 thats nit what this is about

[@Phonedumb]

Aiyah... just do as best as possible. At the end of the day, you have what you have... and just have to make the best out of it. Thats the reality. 😅

[@RevoOnRev1337]

as someone in the mid 20's, i am staying frugal to save up for something big that can grow wealth while contributing back with time for now; hopefully everyone will get there regardless of starting point 😊

[@joshconsultancy]

I made this sharing to encourage on right expectations. Congrats on starting early =)

[@DonYang73]

Good mindset Revo. You’ll get there if you go through the paces over time. Good luck

[@zohanrock]

Don't sacrifice living your life as much as possible for the sake of frugality, you can't buy back youth and vigor.

[@DonYang73]

Theres no need to sacrifice living life, its about pacing it. Most people just dont know how to pace it.

[@jtl2268]

OCBC wellness survey is a piece of crab. I live on Retirement Lifestyle A for the last 10 years and I spent less than 20k a year. On some years, when I don’t change my iPhone Pro or iPad Pro, I can even do it below 15k. I’m living my teenage dream since……..😊

[@joshconsultancy]

They have their basis also. It’s ok. Congrats on ur journey

[@byebyefiat]

are you single? thats a very interesting number… only 20k/yr

[@violinbite]

I always find that those inflated figure on 'inflation' extrapolation is quite silly. Our own parents in the middle class don't even consider the need to have a million dollar to retire still retire. One aspect that many of us worry too much and forgot that when we gets older, we dont eat so much; needing luxury stuff to enjoy; not much energy for expensive hobby or travel. Works around the current BASIC expense and have some insurance in place is quite ok

[@soulawaken24]

Lifestyle C is just too difficult for an average Singaporean with average middle-class income to achieve. It's not impossible, but I feel that to achieve it, we would be sacrificing too much along the way (i.e. the 30 years leading up to retirement) and I'm not sure if it's worth it that way. For me, definitely a mix and match between the 3 lifestyles is my current retirement goal. I'm okay with living in a HDB property without domestic helper and commuting via public transport. Owning a vehicle in Singapore is just too costly I feel. It's not a worthwhile investment even with today's COE prices. Not sure about 30-40 years down the road. But I'd rather take public transport now and save more money to travel more in the future when I retire. As for medical expenses, I think a hospitalization plan that covers up to Class A ward is plenty sufficient for most.

[@joshconsultancy]

good sharing

[@nokap2695]

why only travel when you retire? a lot of things will change when you get older...

[@marktn9851]

I know too many who passed betw 40-55. Maybe a 7/3 of work/life initially, and later to a 5/5 ratio a decade before retirement… seek yr own balance

[@marktn9851]

@@nokap2695 Precisely. Traveling costs inflate with time, experiences and possibilities also fade as one ages.

[@exploringapis4495]

Jus put all ur money in bitcoin, then you’ll have no cash for lifestyle creep 👍

[@jytan740]

I feel retirement lifestyle A ok, more realistic to achieve

[@johnnyexplorestheworld4729]

I would choose Lifestyle C but my travels will be to regional countries and maybe international once every two years...:)

[@joshconsultancy]

No probs, it really needs high income. No probs if you're on track for it 👍

[@joycegoh8628]

B is a good middle ground and v achievable by most middle class. It can also be hybrid of A and B eg do away with PT help since no work clothes to iron, spread out housework over the week to clean, treat it as exercise…. Drive Grab PT to cover expense of car, whilst maintaining flexibility of your own time. Also definition of retirement - it can also mean that you choose to work PT or less stressful job just to keep mind active, have social life, but you are no longer at mercy of employers or care about rat race. It doesn’t have to mean unemployed.

[@joshconsultancy]

Good sharing

[@debbieong3566]

Retirement don't mean totally dont work mah, you can drive phv on your spare time ,or do grab food which also makes you walks. Another way to exercise. And you are happier in your golden years because you meet different people everyday , walk a bit everyday , meet with friends everyday. A better lifestyle in many ways

[@DonYang73]

To retire and drive phv ? Or grab food? Nah…..not for me….😅😅😅😊

[@joshconsultancy]

As long as active and happy :)

[@MrBluehorizonsugar]

check the dictionary. retirement = the action or fact of leaving one's job and ceasing to work.

[@jacklim5973]

Happy New Year 2024 Josh. I am 48 and don't have 200K portfolio. Only 20K+, no easy to save up as much as I want. (To support family of 4) I will try to aim to reach 40K portfolio this year.

[@joshconsultancy]

Raising a family is not easy 🙏 Wishing you happy new year too jack

[@kimmyng8862]

I always remind my younger married colleagues .. you may have to still look after your parents & parents-in-law (4 pax) in your 50s or 60s ! So you may have to share your retirement funds

[@joshconsultancy]

Valid point 👌🏻

[@简道]

why must live in private property especially if you are retired?

[@joshconsultancy]

Yup. If that is removed from the wish list, total expenses can be reduced

[@DonYang73]

Becos we can? 😅

[@DYeong]

As stated in your fantastic video, much depends on one aspired lifestyle. For me, only a normal salaryman on an average pay., Lifestyle A has very much been my life all this years. I am comfortable remaining on lifestyle A on retirement. Very accustomed to and comfortable with it. In fact, Lifestyle C has never cross my mind or my cup of tea. I believe for Lifestyle A , early retirement or semi retirement at an earlier age is very much achievable. Just my own opinion, some may aim high for lifestyle C (not wrong to do so) or even better, but one never knows, sometimes fate can throw an unexpected curveball in life( especially Health issue as we ages) all plans and aspiration, could go down the drain. The difference between Normal life expectancy and Healthy life expectancy needs to be considered into ones lifestyle choice as well.

[@joshconsultancy]

Thank you for the sharing too 👍

[@Phonedumb]

Yes. Very true. Plans do get thrown out due to changes in circumstances. There's also no short cut to accumulating wealth, especially so in later years when close to retirement. The risk is not worth from experience. Aspirations are good but reality is another. 😅

[@R6ex]

Great breakdown and projections. IMO, CPF Life ERS at 65 today is only just enough for Retirement Lifestyle A (san travelling) if chosen the Escalating payout plan. For extra cash, can consider surrendering Life Insurance policy post-retirement and pre-CPF Life payout. SRS funds are only available for use after 62 or 63 years old.

[@joshconsultancy]

Thank you. 🙏 cpf life frs is meant for basic standard. I think ERS amounts out is barely enough for lifestyle A

[@MS-ub9hb]

In my 20s and 30s, I changed car every 3 years. In my 40s, I drive till COE expired. Now in my 50s, I renewed the COE. Mostly probably in my 60s and beyond, I will take public transportation. Priority changes over time.

[@joshconsultancy]

Ya I get u. Now at 40, I’m also on course to use a car for 10y for the first time.

[@meihongtan3044]

In my 20s to 40s i dont drive. In my 50s i buy first hand conti without installment

[@Phonedumb]

Renewing COE nowadays is even a challenge given its present price 😒

[@ashleighwong2594]

I’m 53 and have a networth that give $10k++- still not feeling ready to fully retire as financial free.

[@jackywong4806]

Hi Josh, Yes, we must also remember and understand, money will never be enough. This is so true.

[@joshconsultancy]

yes definitely. I realised it as I aged

[@money3ss]

OCBC understated the amount needed for each level of retirement

[@NinJa-qr1sp]

I choose lifestyle A except for the holidays part I probably lean between B and occasionally C. Singaporeans reliance on a maid is pure laziness and yes I know I offend a lot of people but unless you're physically challenged there is really no need for one. And car ownership is a borderline financially (and environmentally) irresponsible decision these days.

[@joshconsultancy]

Point of view noted

[@money3ss]

Using life expectancy is faulty as 50% will outlive life expectancy

[@kennethchia7290]

Hi Josh. Just a personal thought, condo may not be an upgrade, likewise HDB may not be a downgrade. Throwing in an idea for discussion purpose, can you do a video on why do people “upgrade” to a condo? For investment? Is it really an upgrade to lifestyle? Or leveraging on the “healthy debts” to obtain more gains elsewhere? What considerations do people have when they want to upgrade to a condo? Is it that if we don’t upgrade to a condo, we are losing out on something? Given dollar to dollar value, I would rather have a HDB at a better location. But that’s just my take. For your consideration of a future video content.

[@joshconsultancy]

Hi Kenneth, thank you for the suggestion

[@lpfong2538]

Retire lavishly in Malaysia. Cost 4 to 5 times lower than Singapore. In 10 to 20 years from now, the cost of living in Singapore will be 40 to 50% from now, retire in Malaysia, the best option. You can have a car second toyota for few thousand SGD dollars and it's freehold. There are visas and others ways, you can come in Malaysia, is quite flexible and retire here. Own few toyota cars and in a majestic huge landed property, all freehold and hire your maids here, Indonesian or Filipino. Live a happy life in Malaysia. The roads here are not bad compared to other Southeast Asia nations..❤

[@donhuang9855]

All considered, “Retirement Lifestyle A” ought to be the practical option for most working class people in Singapore, whereas Option B for tertiary educated individuals who are deemed "qualified professional" in their own rights shouldn't have any major issues attaining option B; assuming that these class of people do not engage in extravagant activities like spending beyond their means. Option C is specifically reserved for individuals who have a 30 years head start in life, courtesy of being born into a well to do family, have done very well during their formative years of education, and continues to achieve relative success throughout his/her gainful employment.

[@joshconsultancy]

You’ve valid points

[@Rabbit-x8f]

50yr old is absolutely possible if you are single and do not have high expenses. Let say Single monthly expenses are 800, making it approx 10k per year. Ignoring time value and medical expense aside first, is very feasible. You can also make video enjoy life backpack and retire as early as 40 yr old

[@joshconsultancy]

Agree 👍

[@alanlim7068]

2:00 My Lifestyle is Minus A, because i do not like to travel old already where got so much energy

[@jironghuang4895]

Most cant attain 6% rate of returns from my observations. And probably cant just quote snp historical returns as an assumption.

[@lsfoo3588]

Firstly , ask what’s retirement to you ? I was in lifestyle C when I was in my 30s but there was a price to pay- work very hard and worry for long ! If I had chosen lifestyle A I think I’ll have millions . But then there may not be any impetuses to drive myself on. Currently my lifestyle is more B . I believe there has to be a balance , one driven by meaningful purposeful work where passion is the main driving force . By giving up the car and a domestic helper , savings is at least $2K a month which goes into travelling overseas .

[@joshconsultancy]

Good sharing =)

[@Goinghome2024]

worrying about not enough money to spend until 90 when tomorrow might be the last day on earth. life is very unpredictable.

[@eugeneteo9664]

budget conscious ,proper planning, preparation prevents piss poor performance.

[@kennychia7277]

Many people asked me how I fight inflation. I told them that during an inflation we are paying more, which means that someone else is receiving more. Who is this someone who is receiving more? Oil companies, companies with pricing power (eg apple) or even banks who are charging a higher interest. I told him that he can be a shareholder of these companies or simply just invest in fixed deposits which are having a higher interest to beat inflation. As a side track I think we can consider investments to fund our retirement. Aim for passive income.

[@DonYang73]

Absolutely, my current lifestyle which is already C++ is fully funded by passive income. My salary is 100% redirected into savings and more investments 😎😎

[@boliaohill6595]

many people trying to do nothing productive while still young and yet get paid. With such mentality, there will be no motivation to upgrade your skills, make yourself valuable, and then result in lower employment income, which then derails this early retirement fantasy. You either get very lucky, or you work your ass off while young in order to accelerate your earned income compared to others, build the $$ muscle and then make those dreams come true.

[@janicetan4626]

Mine is lifestyle D - mix and match of A, B & C😄

[@joshconsultancy]

😄 ok if you've to drop something from C to match in A, what would that be?

[@miaosichen2607]

Same for me, mix but want to travel more but ok with public housing, public transport, no maid,​government health care@@joshconsultancy

[@theyixman]

Why use 4.5% long term inflation rate. Is the nearness bias biting into your analysis, when the targeted inflation rate for both MAS and Fed is 2.0%.

[@joshconsultancy]

It’s Ocbc wellness survey’s inflation rate assumption On other hand 2% I think most would feel it’s too low

[@hann659]

Because if too many people feel the inflation rate is close enough to what is acceptable to them, they will not seek the services of these "financial advisors". So these advisors like big figures. If they are not big enough, try convince people they must "live better", which requires higher expenses.

[@DonYang73]

2% real inflation? I think you have been brainwashed….

[@marktn9851]

Age & failure forces ppl to be realistic. Ofc, it’s always wise to live within yr means OR BEST to spend way under yr ability from the start until a reasonable timeframe when yr accumulated result starts compounding as a whole. However, most failed to adjust mentally at this stage and become seriously ill or even die before enjoying their fruits… retired under 50

[@joshconsultancy]

Maybe not most... hopefully a handful

[@peterlo7491]

Why is the analysis on Lifestyle C based on a 30 year inflation timeline at 4.5% whilst the Lifestyle B is based on 15 years at 3.5%? Should there be an analysis on Lifestyle C based on 15 years and 3.5% as well for an apple to apples comparison?

[@joshconsultancy]

In OCBC's survey all are inflating at 4.5%. I disagree and I'd like to show for B if inflate at 3.5% what to aim for that is realistic for many hope it answers

[@livinforlessinsingapore3601]

Several suggestions about how to reach lifestyle C in retirement is being frugal/thrifty from a young age. And continue like that for decades. Such people do not live lifestyle C for their working life. Probably a lifestyle A. In retirement, probably will not need to live lifestyle C to be happy. The opposite is also true. If u live lifestyle C for decades, not easy to maintain this same lifestyle in retirement, unless you are the 10% top earners or investors in Singapore. Or your family is already the rich type.

[@DYeong]

I am in total agreement....especially the first part of your comment. I being one of them. To me, living a simple life minus the stress and expectation that comes with work is in itself rewarding. Use the time for other pursuit one is interested in. Even simple thing like regular exercise in the park without time constraint is a joy to have.

[@DonYang73]

its not about being 100% frugal all the way till you die. Its about never overspending. Something which young people do a lot of nowadays. When young and building up finances, we must be able to take hardship, likewise as we get older we must be able to appreciate a better life after understanding and living it for 5 decades.

[@koh-xj3qr]

i dont understand why all the people do the calculations on inflation by multiply by amounts only, i think most people will adjust expense base on the inflations. if 30 years later the amount is $21000 that is unrealistic at all.

[@joshconsultancy]

Yes indeed. When the budget shrinks the opinion of whats comfortable choice will adapy

[@CSB-pu9mc]

Retirement is defined by individual as 1 differs from another. Be happy may be better than retirement and relentless pursue of money.

[@joshconsultancy]

Well said

[@DonYang73]

The price tag seems very low, even for Lifestyle C. I have personally budgetted a minimum of $20kpm to a max of $30kpm spending from age55 (2028) upwards for Lifestyle C with my wife.

[@patoises]

This suggest you have grossly miscalculated? If OCBC calculated Lifestyle C as needing $12K for a couple and yours is double this amount this suggest your budget is not Lifestyle C but another category altogether. It means you would need to spend $1k per day. You should do more research on the type of lifestyle that spend such amount per day to have a better grasp of the reality.

[@joshconsultancy]

There is a huge range at C. Maybe we see it that number as a minimum?

[@DonYang73]

@@joshconsultancy yes definitely a range but that small amount as a minimum for a true lifestyle C over a span of 25yrs starting today is really stretching it. Perhaps $10k per person for a true Lifestyle C, i would think. A one month holiday in Europe already cost me $30-40k today. I wonder what it would cost in 2030, 2035, 2040. Anyway, i always set higher targets to hit so that i hv a buffer. Kiasuism ! 😂

[@DonYang73]

@@patoisesOCBC? Haha, i dont believe in a bank nor let it define my thoughts and opinions. I love grossly “miscalculating” and acheiving my “miscalculations” 😂 . This doesnt mean that i must spend $1000 a day. But if i choose to, i easily can. 😎😎. Perhaps you prefer to follow OCBC’s findings and standards. 😃😄 Thats fine. My reality isnt your reality nor OCBC’s😃

[@patoises]

@@DonYang73 then your claim "the price tag seems very low" is redundant because you are questioning the bank's calculation which you yourself argued has no bearing to yours

[@J-Young_photography]

don't retire in Singapore, but you will be forced out of job when you turn 45. so you need to prepare for it. unless you don't mind odd jobs.

[@tcs-1-e3l]

Hi jos, some calculations error on video time, 5:14; 21,573.03 x 12 x 25 = 6,471,909

[@hc5431]

Hi Josh. Is $1.5M enough to retire at 55YO ? No loans, no car, no dependents.

[@joshconsultancy]

There isn’t a fixed answer. Depends on how well you adapt the expenses and remaining loan

[@hc5431]

@@joshconsultancy already mentioned no loans.

[@DonYang73]

Enough to retire in a very decent normal basic way, yes. But certainly not much “luxury” to speak of.

[@byebyefiat]

more than enough if you know how to trade derivatives

[@river550]

Josh nice breakdown and realistic planning too. Just thinking of working class folks who would struggle to invest $1000 per month if they are still bearing housing loans and children still in school. What’s a realistic plan for them ?

[@joshconsultancy]

Thanks for the high praise Retirement isn’t on horizon for such a situation I’m afraid. The expectation needs to be right and possibly be open to downgrade

[@DonYang73]

@@joshconsultancyi like how you are much firmer and honest in your replies in this video. 👍 many a time your replies were too mr. Nice guy. 😂😂

[@MrNamesNoMore]

Alternatively, move to Malaysia and retire there, everything is cheaper. Can even afford to own a decent car without breaking the bank due to COE. And rent out Singapore's housing for extra cashflow, a single 4 room HDB today can already be rented out for 3k. This move can potentially help lower the retirement age of most Singaporeans by a decade at least, or provide a better retirement lifestyle. (This is assuming everything remains the same for the next few decades, where Singapore remains an economic powerhouse in SEA and Malaysia is still not pulling themselves together.)

[@joshconsultancy]

Fully agree. Sharing this popular discussion on JOSH TAN LIVE “I found a couple retired in Penang” kzbin.info/www/bejne/qISZlKV5ntJonposi=xacaYnmr3MlH13s7

[@Phonedumb]

This was one of the options I considered several years ago. Unless one doesn't need to still provide lodging to grown children, it is an option. Would you kick out your kid who wanted and chose to stay with you??? 😅

[@chggg567]

I think the downside is Singapore public medical system far superior to Malaysia's, minus the lack of beds.

[@wahkwanggan8088]

I'm 63yo and has retired since 57yo. Now if I want to achieve plan B. How much passive income should I need now till 85yo?

[@joshconsultancy]

It’s that price tag over that $3355

[@jamesmadison3108]

Ntuc 5kg rice where got 5.80? Now 5kg already 7 plus.

[@joshconsultancy]

Oops 😅

[@tea-and-biscuits]

@josh tan Is the $3M for retirement inclusive of or on top of CPF? Do please answer this question as it’s important for me 🙏🏻

[@joshconsultancy]

Usually early retirement means before age55 which means not including CPF?

[@tea-and-biscuits]

@@joshconsultancy Thank you so much for replying. I guess if I'm prepared to retire only at 65 then the $3M includes CPF? What if I use a blended approach like the one you've illustrated in this video?

[@Yahowah7]

I actually chose Lifestyle A, then Josh mentioned no right thinking person would choose A haha!! Even at 45 currently with net worth over $1m, I would still choose A lah. Maybe something wrong with me.

[@joshconsultancy]

Simple is good 👍

[@chlee4256]

Erm calculator broke at 5:16 ... 21573 x 12 x 25 = 6.47M.

[@joshconsultancy]

Oops you are right. Thanks Edit : to achieve lifestyle C, one would need to save and invest not $3150per month for 30y but $6793/m That certainly makes the equation even harder

[@thrivingthegrind6830]

Retirement is threatened by continuous rising prices. It’s not a choice, its a consequence.

[@joshconsultancy]

Aim towards building asset based income such as rent income and dividend income from equities that can grow with inflation

[@johnnytate69]

Pretty sure Ms Cleo can retire early eith sugar daddies help

[@joshconsultancy]

Be nice be nice 🙏

[@mimilee4890]

2:24 funny, cos I actually chose A at this point (commenting as I watch this vid). I used to fantasize about living in a condo, but realized it's no diff from living in HDB if you're a couch potato like I am. I can't drive to save my life, get carsick easily, hate visiting doctors with a passion, don't like planes and long-distance travel either. The only difference is that i might employ part-time help every now and then cos I'm a lazy fuck. I get why many people will choose C though. It's basically the "Singapore Dream" that little kids were sold to by the world around them. Too bad no one told them most dreams remain as dreams for a reason.

[@joshconsultancy]

True true :)

[@MrBluehorizonsugar]

5+k per month for a retired couple in today's dollar? i doubt how many retirees today living at this level of lifestyle (A only, if C, means more than 11k as a couple)

[@DonYang73]

You are right , the majority arent.

[@allisonbrady1364]

This is infinitely depressing

[@temasekb]

Retirement is not just relaxing at the beach everyday but more of freedom to pursue one's interest. Either suffer now or later. Can't have cake and want to eat it unless you have rich parents...

[@joshconsultancy]

Lol yup agree!

[@MKiurinuRigold]

❤ the video and advice - even wealthy worry about money

[@Hldhl2]

I believe Ers doesnt pay 1.5 x FRS. Its a slightly smaller quantum.

[@joshconsultancy]

Its a projected range as an annuity pool and concept is 1.5x

[@joee2743]

I've yet to know of a video that talks about Uniformed Service that have earlier retirement and their form of retirement planning. (Some have a form of golden hand shake) Each scheme has their own differences. Can consider making some videos or research to advise such clients. Army uniform people might retire the earliest. I do not worry about my retirement. So nope, it won't be for me but it could be shared with people in such circles. If you think the research material is sufficient can consider raising to mindef or MHA to teach retirement planning to their personnel if you can come up with a training package. More $$$ and potential clients?

[@joshconsultancy]

POV noted. Actually I’ve family members in uniform service 👍

[@joee2743]

You're a busy man likely going to be busier. Wish you a Blessed 2024. I think there is a reason why financial literacy is not taught in compulsory education or made into a examinable subject say in tertiary education. I think it makes it difficult to rule the country or as bosses manage people who are already financially free and know their sums.

[@leonardyong]

Lifestyle C : 21573 x 12 x 25 = $6.5m ? Or did I miss something?

[@joshconsultancy]

You didn’t miss, you’re right. Edit : to achieve lifestyle C, one would need to save and invest not $3150per month for 30y but $6793/m That certainly makes the equation even harder

[@DonYang73]

Well said JT. There are however many people who simply just dont want to come to terms that it is that high. Becos that would mean that they cant do it. Just like how some people deny that $5k per mth slary is really really mediocre today.

[@lindalucky9214]

Plus sin all in on esg khrap. Its like a 15% additional tax they pay for nothing.

[@leanne2330]

It is more realistic to apply average 2to4% net investment gain. 6% p.a. for next 3yrs is not easy, for 30yrs calculations is not possible.

[@joshconsultancy]

Very achievable in equity investment

[@leanne2330]

@@joshconsultancy that's assume we ignor the losses over the whole period. Structure investments like FCN are doable >15%pa but it only avail to HNW, who usually won't stay Condos.

[@nicholaschua7269]

Very good video

[@joshconsultancy]

Thank you for the high praise

[@MrKevinliow88]

Sigh, please take good care of your health first than you can enjoy your wealth when you retire.

[@JustJamesDean]

Hi Josh, can you please clarify, is the 3m per person or per couple? For couple, its easily done, without batting an eyelid. For single, still doable, have to sacrifice a lot early on. I use the 20x rules A comment I wish to make, 4 and 6% returns are insanely low. Gotta find something better, SP500 ETF or Berkshire shares? Last comment, dont understand the "need" to travel. I rather sit in front of 100 inch OLED TV, ha ha.

[@joshconsultancy]

Hi, it’s per pax There’s another comment that mentioned 6% is not achieved by many. Check it out

[@Salty_Biscuitz88]

Recency bias.

[@JustJamesDean]

@@Salty_Biscuitz88 much higher returns back in the days

[@betserv.1187]

When you said $, you meant USD? or SGD?

[@joshconsultancy]

SGD

[@alfc6247]

Saving more for retirement has sadly led to more self-centred thinking and erosion of core values. Saving more by not giving parent a single cent (easy excuse is they dun need it, it is about values and what to pass on as an example to children, not just finance justification), not having kids (spare spending on upbriniging and indulge in own time) and yolo lifestyle living (end of day just fall back on parent bailout and inheritance). Look around and see the live examples. It is what it is.

[@Unanimousy48]

To be fair, the cost of living also plays a part in fostering that mentality. Some people see how hard their parents had to work (and still have to work even after they've entered the workforce) in order to survive. They neither want to suffer like their parents nor want their children to also struggle and provide for their survival when they get old. Sure it might be selfish and not looking at the bigger picture of society or the filial responsibility to continue the family line, but I'd also see it as society reaping what it sows.

[@joycegoh8628]

And people do look at their friends around them - those with kids have no choice but to retire later due to liabilities vs those without dependents. It’s just maths. Such is reality but not everything is about money and comfortable lifestyle…. Kids could be deemed as happy responsibilities by parents.

[@MS113MS]

Retirement in Thailand, or Bali, Indonesia...? Can...?

[@joshconsultancy]

Yes, I think you might like this newest video on JOSH TAN LIVE REVEALED! BEST places to RETIRE in Southeast Asia right now 🔥... kzbin.info/www/bejne/fae0oWuVjphrbNUsi=fkketq6t-MhK3Ywi

[@dfxpowerball_sg4750]

I choose B

[@magtube90]

They have mixed financial freedom with retirement.

[@tiffanygoh5029]

My educated guess is most youngsters don’t like to hear what you’re saying. Fortunately I’m not young so I’m clicking the subscribe button 😂

[@joshconsultancy]

Thank you for subscribing ya they may not like. But hey uncle josh's wise words here... If I was age25, I wouldnt believe too 😂

[@petiachoo1615]

Lifestyle A in Singapore, geoarbitrage Lifestyle C elsewhere in the world.

[@joshconsultancy]

Lol agree

[@yinglinlee8027]

This is an excellent topic. I have never earned superlative salaries (even at present) but i am able to achieve lifestyle c because i didn't spend too much in my younger days. I went for my first holiday at age 26 to UK but paused for a few years after that. At present, I choose not to travel far every year. If I had more access to proper investment advice in my 30s, I would be 3X my current net worth because I would be willing to travel less. Even now, I try not to eat beyond $5 for lunch at work. Definitely no bubble tea. So it is conciousness of budgeting and spending that takes me through the years.

[@joshconsultancy]

Congrats on achieving a good retirement. It is likely you have enough to buy in some more unique experiences. 👌🏻👍

[@DonYang73]

How old are you now, bro? Are you living the true lifestyle C today?

[@yinglinlee8027]

@DonYang73 I'm 53. I am still employed by choice, and I don't hire any domestic helper. I didn't pay rent as I stayed with parents, settled down late at 36 years old, and didn't have children by choice. I was blessed to have bought private properties (not even high-end at non premium locations) at economic downturns. I live and maintain a simple lifestyle. Staying 'healthy" without hefty medical expenses also helps. Side hustles and investment returns contribute to current comfort. It is not easy for younger generation as social media is often a distraction and if they did not grow up uncomfortable. What is a norm to them was a luxury to me in my younger days. Google about an unusually frugal Japanese lady who lives in New York and another Japanese lady who retired early in Japan by saving super hard to buy 3 apartments and retired in her 30s. Life is really about choices.

[@DonYang73]

⁠@@yinglinlee8027 without kids i would expect you to hv much much much much more financial freedom. A simple healthy life is fantastic, but no need to be frugal at your stage, can and should spend a bit more😅. Btw We are from the same era. Difference is that i hv 2 teenage children and wife and i am sole breadwinner. Looking to stop work 100% in a couple of years when children are of age. Life is about choices you are right. And mine is the ability to have $25-30k per mth lifestyle starting 2028. In the meantime, keep healthy like you. 👍👍 got money, need health to speand it well 😊

[@marktn9851]

From yr description, I don’t think u are in lifestyle C as Josh categorised.

[@edwardlumsianming3430]

Wait long long by then have to take care of elderly parents😢

[@edwardlumsianming3430]

Live within once means, save, invest for 30 years than got chance

[@samanthafernandaz1918]

Singapore how to retire

[@joshconsultancy]

Can, start planning early and start saving well 👌🏻👍

[@JS-ev4xc]

Everything comes at a price. Not to mention the stress to get there, unless one is borned with silver spoon or strikes lottery. ☺

[@joshconsultancy]

Yes the stress to get there is real. The ability to develop w a higher stress tolerance is needed for a top performer

[@JustJamesDean]

anyone who cannot attain 6% really need to educate themselves 6% is super low rate of return take some risk, live on the edge SP500 or BRK.A

[@joshconsultancy]

6% may not be super low. On paper even STI provides more than 6% in the long term. It's how we survive poor performing periods and not leave for the next shiny thing. Cya around

[@edwardlumsianming3430]

Like that no meaning in life😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢

[@zoickn]

They also think Spiderman is real. Singapore ma....

[@ongdesmond7649]

I prefer A

[@joshconsultancy]

Vote noted 👍

[@edwardlumsianming3430]

Work, save, invest and live CONTENTLY than maybe got CHANCE😂

[@gondrongeko6476]

Maybe buying gold to fight inflation ,1993 gold around $500 ,now $2000

[@shumyinghon]

retire in malaysia

[@edwardlumsianming3430]

The system need people to continue to work beyond 55. Alternatively keep going to toto😂

[@DonYang73]

Beat the system then

[@khaichern]

Easiest retirement lifestyle is to get out of Singapore 😊

[@joshconsultancy]

no la, aim for an amount to retire here