Retiring before 40?

[Sinkie]

You end up paying income taxes if you do that

But can we ownself credit a token $10 salary? Or maybe can volunteer to be those ghost local worker for those sme who needs local headcount for their ft worker?

 

[starlight318]

Do you do any other form of investment like equity etc

Yes have stocks and also some index funds

 

[hwmook]

I just double checked my planning.
My expenses per month is 3200.
This is excluding income tax (assuming no work so no tax)
$1k where got enough.

You are spending way too much. Do some breakdown and cut the unnecessary stuffs. No wonder you cannot save 1M.

 

[starfish.starfish]

You are spending way too much. Do some breakdown and cut the unnecessary stuffs. No wonder you cannot save 1M.

The only one I could cut will be personal expense.
Even then won’t help a lot.

1. Parents allowance - 22%
2. Insurance - 17%
3. Home maintenance and broadband for own and parents - 23%
4. Personal allowance - 38%

 

[starfish.starfish]

$3200 per month excluding tax!!

Woman 就是 woman

I don’t think my expense is gender specific. See my prev post.

 

[BBCWatcher]

2. Insurance - 17%

So let’s start with this one. At $3,200/month, that’s $544/month or $6,528/year. What on earth are those premiums?

 

[starfish.starfish]

So let’s start with this one. At $3,200/month, that’s $544/month or $6,528/year. What on earth are those premiums?

Yup this is currently a killer as there is one ILP bought when I noob. But can't do **** abt it as my health condition has changed. LLST or become insurance-less I guess.

 

[havetheveryfun]

So let’s start with this one. At $3,200/month, that’s $544/month or $6,528/year. What on earth are those premiums?

if buying for the whole family then is reasonable, since per person also at least ~$100/mth for a simple term life or 200k till 65 yrs , so maybe he buy for 3-4 persons the whole family

 

[OngHuatHuat]

NTUC memebership covers term without CI for both you and spouse, around 40 k payout for each person then plus Term insurance paid by CPF another 40 k, so total 80 k.

Luckily my limited pay life insurance still have 2 more installments only, bought when I was 25 years old.

Yup this is currently a killer as there is one ILP bought when I noob. But can't do **** abt it as my health condition has changed. LLST or become insurance-less I guess.

 

[Toni90]

The only one I could cut will be personal expense.
Even then won’t help a lot.

1. Parents allowance - 22%
2. Insurance - 17%
3. Home maintenance and broadband for own and parents - 23%
4. Personal allowance - 38%

What is the home maintenance thing? Broadband should be very cheap 30-40 SGD only.

 

[starfish.starfish]

What is the home maintenance thing? Broadband should be very cheap 30-40 SGD only.

Broadband for 2 places, mine and my parents place.
Cable for my parents.
Also town council maintenance, utilities bills....

All these add up.

 

[maple96]

NTUC memebership covers term without CI for both you and spouse, around 40 k payout for each person then plus Term insurance paid by CPF another 40 k, so total 80 k.

Luckily my limited pay life insurance still have 2 more installments only, bought when I was 25 years old.

If u have less than 10 years of membership, it is up to 20k, depends on cause of death or tpd, can be as low as 1k, go read the cover in detail

 

[cfkm1]

Can share how you manage the HDB rental while living overseas? Did you appoint someone to deal with the tenants and maintenance etc on your behalf?

Are you single or married? So did you live in the neighbouring countries with a visitor pass and come back to singapore to stamp your passport every month or u have some sort of retirement visa??

Sorry for asking so many questions, hard to come by someone who is actually retired in early 40's..

seems like u are single. retiring as a single is much more easier compared to someone with a family with kids.

I have sibling to help me on rental and I come back to Spore quite frequently since I am in neighboring countries.. Most of the time in Malaysia since I have MM2H.. Actually, I am married but no kid which make early retirement a easy decision.

Can share more esp what you do in those countries?

I mix with a group of retired Sporean uncles and aunties.. There are always plenty things to do when you have a group of people to hang around. Prior to retirement, I have been doing regional support to SEA countries for more than 10 years.. I know the region well enough to find place of interest to roam around . Even after 10 years of retirement ,I find there are still many places to explore.

 

[Toni90]

So basically u moved to some ulu town in Malaysia for early retirement. Wait until u are really in retirement age then see what you can do.

 

[Perisher]

Comparable to Malaysia as a retirement destination.
And cheaper to fly to anywhere in Asia.

 

[OngHuatHuat]

There are plenty of old people in Malaysia. My great grandmum live till 100 plus years old, both my grandmothers are still quite healthy.

I personally think older people with gardening hobby can live quite healthy in Malaysia. In general, people are more helpful in small towns.
Just that life is a bit too boring, but now decent speed internet are everywhere in Malaysia, as long as you have money, quality of living can be quite high.

Main concern maybe quality of medical care since you are non citizen, but if you are really unlucky and down with cancer, you can always seek treatment in Singapore.

So basically u moved to some ulu town in Malaysia for early retirement. Wait until u are really in retirement age then see what you can do.

 

[OngHuatHuat]

Thailand criminal rate is not that low too and language willl be a big issue.

Malaysia almost all Chinese speak mandarin/ Cantonese/ hokkien.

One advantage of Thailand is that you can get better quality escort compared to Singapore at a lower price, which I think it should be the main concern for most single males.
Just like Japan Osaka, that city also got several places with high quality xxxxxx. Hee hee....

Comparable to Malaysia as a retirement destination.
And cheaper to fly to anywhere in Asia.

 

[Perisher]

Thailand criminal rate is not that low too and language willl be a big issue.

Malaysia almost all Chinese speak mandarin/ Cantonese/ hokkien.

One advantage of Thailand is that you can get better quality escort compared to Singapore at a lower price, which I think it should be the main concern for most single males.
Just like Japan Osaka, that city also got several places with high quality xxxxxx. Hee hee....

I think Msia/Thailand both got pros and cons, depends on what your priority is.
If wanna live on the cheap but still be in a city environment and wanna travel around Asia, Thailand is not bad. Malaysia also good, since can return home without air ticket, assuming you live near JB.

 

[OngHuatHuat]

Sadly speaking, JB is one the lousiest place to stay in Malaysia in my opinion. Those rural areas have better food, scenery and lower crimes rate(in fact much lower). The only good thing about JB compare to other places is that it is near Singapore.

I think Msia/Thailand both got pros and cons, depends on what your priority is.
If wanna live on the cheap but still be in a city environment and wanna travel around Asia, Thailand is not bad. Malaysia also good, since can return home without air ticket, assuming you live near JB.

 

[Sinkie]

I think Msia/Thailand both got pros and cons, depends on what your priority is.
If wanna live on the cheap but still be in a city environment and wanna travel around Asia, Thailand is not bad. Malaysia also good, since can return home without air ticket, assuming you live near JB.

Maybe can consider to migrate to batam