$$$ for Old Age
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This is related to those threads which talks abt GSTs, CPFs etc etc.
But whats really important for an average singaporean arethe best/suitable ways to prepare for his/her rold age
Anyway has any tips and suggestion, pls share
As for me, I invest alot into insurance policies which will start giving decent yields when I hitting late 40s.
I take it as a form compulsory saving or else its hard for me to save on my own -
I saw one blog, the blogster is currently a final year student in NUS, it mention that if you put away $500 per month, chances are, you will have enough $$ for retirement (together with CPF).
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To BE ABLE to put aside $500:
>> you must NOT HAVE any Hire Purchase instalments to service
>> You must ensure you have a good paying job which you will NEVER lose till you are old
>> live a simple no frills and no (or little) holidays lifestyle
>> must not come down with some illness that requires medical every month
..then last but not least, don't die before retirement age. -
If I ever run out of $$$ for retirement age, I will seek out the nearest MRT.
Hehehe -
Dun smoke,drink, gamble 4D, dun buy car and dun have kid, just stay in HDB.
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make sure its one room one.. if ti still exists..Originally posted by T.Ryousuke:Dun smoke,drink, gamble 4D, dun buy car and dun have kid, just stay in HDB.
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No lah, can buy 4 room just to make use of the money in CPF.Originally posted by 4getmenot:make sure its one room one.. if ti still exists.. -
For putting aside $500 a month , is more suitable for the upper middle income,Originally posted by Hogzilla:I saw one blog, the blogster is currently a final year student in NUS, it mention that if you put away $500 per month, chances are, you will have enough $$ for retirement (together with CPF).
and also provided u dun have a heavy lifestyle. But for those lower middle income group and especialy lower income, to put aside $200 a mth is quite a lot----with regard of price increase. -
1. Inflation and rising cost of living would make that 500 today become only 100 in future. Basic food, shelter, healthcare, education, and etc might cost 10 -20 times more than we know today.
2. Laws change often - you might not see your CPF ever cause retirement age was raised to 80. Taxation laws can change anytime to collect more tax in more creative ways to penalize the middle income. More laws can be implemented to fine more people and etc.
3. More ways to collect more tax,monies,etc from people - GST might be raised to 30%. There might be a ERP installed at your door to collect toll even you use the corridor and etc. More donations can be setup to collect more 'donations' for the poor rich people who cannot afford their dialysis or heart-malfunction or etc. Poor, non-elites just jump onto incoming MRT.
4. Our salaries will never catch up with rising costs because of the artificial capping due to FTs, cheap FT labour and the controlled market. Starting a business to earn more money in singapore is next to impossible, who can compete with GLC/Gov owned companies who are dominating everything and making more money for the elites?
5. Insurance is not really enough. Besides it does not make much earnings even if it is tied to investments. Its pathetic to even rely on insurance. -
migrate is the best policy.
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Aiyo Mistyblue ...how how then?? So we all queue up and jump MRT track when we reach retirement age?Originally posted by mistyblue:1. Inflation and rising cost of living would make that 500 today become only 100 in future. Basic food, shelter, healthcare, education, and etc might cost 10 -20 times more than we know today.
2. Laws change often - you might not see your CPF ever cause retirement age was raised to 80. Taxation laws can change anytime to collect more tax in more creative ways to penalize the middle income. More laws can be implemented to fine more people and etc.
3. More ways to collect more tax,monies,etc from people - GST might be raised to 30%. There might be a ERP installed at your door to collect toll even you use the corridor and etc. More donations can be setup to collect more 'donations' for the poor rich people who cannot afford their dialysis or heart-malfunction or etc. Poor, non-elites just jump onto incoming MRT.
4. Our salaries will never catch up with rising costs because of the artificial capping due to FTs, cheap FT labour and the controlled market. Starting a business to earn more money in singapore is next to impossible, who can compete with GLC/Gov owned companies who are dominating everything and making more money for the elites?
5. Insurance is not really enough. Besides it does not make much earnings even if it is tied to investments. Its pathetic to even rely on insurance.
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Behind me please.Originally posted by Mid9Sun:Aiyo Mistyblue ...how how then?? So we all queue up and jump MRT track when we reach retirement age?
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The road to retirement is a straight steel track.
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I only agree on these points. the rest are utterly rubbish.Originally posted by mistyblue:1. Inflation and rising cost of living would make that 500 today become only 100 in future. Basic food, shelter, healthcare, education, and etc might cost 10 -20 times more than we know today.
4. Our salaries will never catch up with rising costs because of the artificial capping due to FTs, cheap FT labour and the controlled market. Starting a business to earn more money in singapore is next to impossible, who can compete with GLC/Gov owned companies who are dominating everything and making more money for the elites?
5. Insurance is not really enough. Besides it does not make much earnings even if it is tied to investments. Its pathetic to even rely on insurance.
So to all better start saving for old age. I had started this long ago.
Doing some investments too. -
Buy a property in Batam or JB lor...can even save chi ko peks the weekly ferry fare to Batam.Originally posted by Ito_^:migrate is the best policy. -
Quote of the month!Originally posted by maurizio13:The road to retirement is a straight steel track.
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Guess u r the first ever so gung ho to encourage Singaporean after the minor law news... u r surely one real cunning law breaker.Originally posted by oxford mushroom:Buy a property in Batam or JB lor...can even save chi ko peks the weekly ferry fare to Batam. -
hmmm...Invest in low frills stocks first or funds first...learn how to trade in these...then go buy property overseas and rent those out with your cash earned from investing...that way you get residual income per month through rental...then you can retire happily....
Thats what i want to do... -
Do not buy a car.
Buy a flat that you need not take a loan, or you can pay up the loan in 5 years.
Accumulate cash savings of at least 6k a year.
Use the cash savings to purchase shares 1 year after a major stock market crash. That comes about every 10 years...
Take profit 6 months before the next crash.
Reinvest your profits again after the crash.
Do this 3 times in your life time, I think you should be quite alright... -
Good ideas....Originally posted by orwell76:Do not buy a car.
Buy a flat that you need not take a loan, or you can pay up the loan in 5 years.
Accumulate cash savings of at least 6k a year.
Use the cash savings to purchase shares 1 year after a major stock market crash. That comes about every 10 years...
Take profit 6 months before the next crash.
Reinvest your profits again after the crash.
Do this 3 times in your life time, I think you should be quite alright...
But how does an average or below family its hard pressed to save any $$ let alone invest in stock market then come in 10 yrs?? -
Invest in superannuation in Australia ...Originally posted by Ito_^:migrate is the best policy. -
I don't know what's your financial situation.Originally posted by Mid9Sun:Good ideas....
But how does an average or below family its hard pressed to save any $$ let alone invest in stock market then come in 10 yrs??
Have paid up my 4 room flat in full, accumulate $6k of cash savings annually.
Refuse to buy a car.
Bought 50 lots of GLCs shares in June 2003, and recently sold off during the bullrun to "cash out". -
how old are you?Originally posted by orwell76:I don't know what's your financial situation.
Have paid up my 4 room flat in full, accumulate $6k of cash savings annually.
Refuse to buy a car.
Bought 50 lots of GLCs shares in June 2003, and recently sold off during the bullrun to "cash out".
6K is this retirement funds?
I always wonder how much is a OK sum to retire or at least not have to eat scraps left by kids or pick drink cans for the next meal... I might eventually sew a cover for my face the day I have to do that to live. I feel a uneasy dread that it will be my future. -
Born in the year 76.
$6k a year savings a year to save up for speculating shares... -
Good plan but keep a diversified portfolio instead of putting all your eggs in one basket, but I expect you know that well enuf.Originally posted by orwell76:Born in the year 76.
$6k a year savings a year to save up for speculating shares...