Lets talk about retirement

[fallen11]

Let me define retirement first:

Retirement is the time when you do not need to stay in a job for money. Its not about stopping everything and doing nothing.
Many people are stuck in their jobs & wanting to leave, but cant, because they need that income & cant accept a lower income.
Retirement is about - i can leave this shit already. i dont need the income anymore or that level of income. Dont need to suffer this daily for that income. Can take a easier or happier job at lower income. Or even stopping work altogether with zero income.

"Income" mentioned above refers to active income only. excludes passive income.

What are your plans for retirement, as defined above?
Where would you retire in? (please take into account about the realistic possibility of getting a long term stay visa in that place. Dont tell me a place like Japan)

[dobebe]

Originally Posted by fallen11

Let me define retirement first:

Retirement is the time when you do not need to stay in a job for money. Its not about stopping everything and doing nothing.
Many people are stuck in their jobs & wanting to leave, but cant, because they need that income & cant accept a lower income.
Retirement is about - i can leave this shit already. i dont need the income anymore or that level of income. Dont need to suffer this daily for that income. Can take a easier or happier job at lower income. Or even stopping work altogether with zero income.

"Income" mentioned above refers to active income only. excludes passive income.

What are your plans for retirement, as defined above?
Where would you retire in? (please take into account about the realistic possibility of getting a long term stay visa in that place. Dont tell me a place like Japan)

no definite plan at the moment, location wise i would like to go Thailand!

[kayakracer]

Havnt actually experienced life in the european countries yet, but did have the thought of finland / switzerland. outskirt life. not sure if i can get used to it though.

[Banaber]

Vietnam hopefully vi toi hoc tieng viet roi

[fallen11]

Originally Posted by Banaber

Vietnam hopefully vi toi hoc tieng viet roi

how? unless you marry a viet wife

[fallen11]

Originally Posted by kayakracer

Havnt actually experienced life in the european countries yet, but did have the thought of finland / switzerland. outskirt life. not sure if i can get used to it though.

switzerland is perhaps the most difficult country to get a long term stay visa in the world. even if you marry a swiss.

[Banaber]

Originally Posted by fallen11

how? unless you marry a viet wife

the end goal

[sladang]

A friend whatsapp me this & coincidently it's oso abt retirement and i find the contexts do make sense in a way so i reproduce its contents here:

Do u know?

Retirement age is 67,

Life expectancy is 70~80's

Work for 50 years to maybe enjoy 10++ years of retirement life?

Start enjoying life now,

No one is guaranteed of tomorrow.

Very true indeed right? ..

[mahendragon]

i actually never thought about this. this thread is a wake up call wow. now i reflect i understand why i have friends living overseas. maybe australia. already have relatives there so... not so lonely

[fallen11]

Originally Posted by sladang

A friend whatsapp me this & coincidently it's oso abt retirement and i find the contexts do make sense in a way so i reproduce its contents here:

Do u know?

Retirement age is 67,

Life expectancy is 70~80's

Work for 50 years to maybe enjoy 10++ years of retirement life?

Start enjoying life now,

No one is guaranteed of tomorrow.

Very true indeed right? ..

yup
while working, just save up more. invest and create passive income. dont anyhow spend on depreciating things like expensive clothing or car. Then can reach the goal faster.
most people just spend more as they earn more, or even buy a more expensive house then end up having longer debt to service. Think they rich, but only end up working longer to service the debts.

[fastshot]

interesting thread again. I have been thinking about this for some time too. I am coming to 50 in a few years and actually hope to be able to retire in your sense of the word, early 50s or 55 [CPF SA contribution % goes down].

Main thing now is because I have kids and want to at least have some idea that I can dong the uni fees if they get there. At the least, for kids doing uni in Singapore, can use CPF OA to pay first, probably need 50k (?) per kid? In my early 50s, they would be only finishing sec sch though.

For other expenses, I would like to renew COE so there goes another big sum of money (currently close to 140k) but that COE can take me till mid-50s. Other than that, not planning to take any other big loans with HDB paid up. Too late to play the property game and not interested in taking loans till 60s, 70. CPF sufficient for FRS now so I guess basic level of living is OK but after 65 which is the draw down age. For money outside of CPF, I hope to be able to get passive income of 5-6k by early 50s, say 51 or 52 (including a retirement annuity that I got conned into buying by DBS/Manulife of about 1.8k). I don't believe that a couple cannot get by with 5-6k monthly excluding CPF (maybe another 2.5k or so for a couple after 65).

As for place for retirement, to be honest, Singapore is probably the best place. It is very safe, compare to other countries where you cannot show wealth, cannot go out late at night, weapons etc. It has great healthcare. Of course, it is very expensive. If possible, I would like to retire in Singapore but have to watch daily expenses. integrated shield plans not getting cheaper as we age, so something to consider to drop once turn 80 maybe. Not particularly interested in taking too many holidays, so I guess kopitiam living is OK with me

all the above only a plan, not fruition, unfrotunately.

[TMNT99]

If any of you is thinking of retirement in Asia, please dont give up your SG citizenship! with the enhanced medishield that covers all pre-existing illnesses, etc. Go live the life you like somewhere else but come back to SG when kenna terminal illness and when mobility is affected. You cant really get around much on a wheelchair in other Asean countries.

[sammyboyfor]

Originally Posted by fallen11

Let me define retirement first:

Retirement is the time when you do not need to stay in a job for money. Its not about stopping everything and doing nothing.
Many people are stuck in their jobs & wanting to leave, but cant, because they need that income & cant accept a lower income.
Retirement is about - i can leave this shit already. i dont need the income anymore or that level of income. Dont need to suffer this daily for that income. Can take a easier or happier job at lower income. Or even stopping work altogether with zero income.

"Income" mentioned above refers to active income only. excludes passive income.

What are your plans for retirement, as defined above?
Where would you retire in? (please take into account about the realistic possibility of getting a long term stay visa in that place. Dont tell me a place like Japan)

I started a similar thread a decade ago at https://www.sammyboy.com/threads/the...thread.151153/

My definition of retirement is pretty much identical. Too many people misunderstand what "retirement" actually means.

[fallen11]

Originally Posted by TMNT99

If any of you is thinking of retirement in Asia, please dont give up your SG citizenship! with the enhanced medishield that covers all pre-existing illnesses, etc. Go live the life you like somewhere else but come back to SG when kenna terminal illness and when mobility is affected. You cant really get around much on a wheelchair in other Asean countries.

yes.
on giving up sg citizenship: best do it young. before 40 (more flexible for females).
Else, dont! Especially for males due to national liabilities.
After you have finished your national liabilities, it is the time for you to reap the benefits.
What benefits?

1. medical service. Our medical standard is considered best in the region (SEA). please dont come compare to countries beyond that unless you can migrate there and become their citizen.

2. HDB flats or other real estate asset. Its appreciating till they decided not to increase the population here as land here is fucking scarce. rental yields for hdb flats are high, easily 7-12% pa. Rent it out and live elsewhere and you can live a decent life even with the rental income alone (for 1 person).

3. CPF. It is extremely hard to find anything that pays you 5% pa interest guaranteed by the govt, risk free (for special acc). You should not be relying on it as the only means of retirement, but its also too good to give up.

4. Passport. Just common sense. Visa free to travel to most countries in the world. Saves fucking lots of hassle.

[fallen11]

Originally Posted by sammyboyfor

I started a similar thread a decade ago at https://www.sammyboy.com/threads/the...thread.151153/

My definition of retirement is pretty much identical. Too many people misunderstand what "retirement" actually means.

Probably its just different definition for different people.
The general thing people agree about "retirement" = freedom of choice. wanna work? dont wanna work? what job do you wanna do? etc etc.... all available for you to choose.

Please share some good tips and advice from the previous thread?