Retiring before 40?

[SibehHL]

So guess u visit quite often?

No need for me. Married n wifu is still very much willing.

Do you have that choice?

Anyway, no need to get personal. I made a remark without referring to anyone in particular. You may disagree and we can agree on that. So don't go starting a slinging match, this is not edmw.

 

[starfish.starfish]

Interesting fact on your point.

Personally, I feel that retirement plannings can never be too early but are always too late when one realized it. I cant really recall when i started to think and plan for my own, but I am already planning for it just in case i am asked to go from my current job.

Honestly, whatever you have cited so far are basically my consideration for retirement:

- I am single and no real plan to get settle down.
Retirement out of SG
- My plan is to reside in JB for my retirement. (This is subjective and the location is depending on individual preference)
Simple lifestyle for me
- My retirement unit is already in placed, currently as weekend home, HDB almost fully paid and will be rental out if necessary (I would say that my place is at a reasonably centralized location, so I have no worry about the rental part, any its just an optional alternative when time comes)
Contingency plan for major illness
-Already gone thru that stage so currently is all about maintaining my own personal health.

Will need about 500-600k (non cpf funds) to generate 12-15k per year.
- Very subjective for me as it depends on individual. I live humbly and dont really spend much as a single. Appreciating red wine and loves to cook so whether i really need that sort of reserve for retirement, I am not that certain. Anyway, its not really the priority when i am thinking of retirement honestly.

I think retirement is about spending time to do things that we like. (Different people like different things and live different lifestyle) IF you are able to find something you like as your retirement past time, I think that will be the perfect scenario.

There's no really right thing or right time when it comes to retirement. I believe when the time comes, we will know.

Things I like to do are all expensive.

 

[hwarzoner]

Currently got about 554k cash after working for 16+ years as a single, so it is possible for low income earner like myself.

 

[OngHuatHuat]

Wahh, you have a lot of cash.

Currently got about 554k cash after working for 16+ years as a single, so it is possible for low income earner like myself.

 

[Sai777]

If retirement is to restrict to $10 meal per day, lowering the standard of living, that is not retirement, it is compromising.

Anyway, I really cannot figure out if anyone can survive on $10 healthy food, be it cooked at home or buy from outsides.

I am also certain that eating cai png everyday will definitely up lorry earlier.

Earlier post about $3m to retire is about right. The amount shall out-live the rest of the life from 40 yo

 

[OngHuatHuat]

Huh? You eat bread in the morning, then cook some food bought from NTUC for lunch then dinner home cooked, can save a lot le

If retirement is to restrict to $10 meal per day, lowering the standard of living, that is not retirement, it is compromising.

Anyway, I really cannot figure out if anyone can survive on $10 healthy food, be it cooked at home or buy from outsides.

I am also certain that eating cai png everyday will definitely up lorry earlier.

Earlier post about $3m to retire is about right. The amount shall out-live the rest of the life from 40 yo

 

[Oldnerd79]

As a single person, 2k per month is enough for me to maintain current lifestyle, excluding holidays. So lets make it 3k if I want to set aside extra funds for 2-3 vacations a year and some other nice stuff. Like what someone has mentioned before, 500k investments plus a fully paid HDB is enough for a single person to retire or semi retire at least. Don't even need to move to another country if I don't want to. However, i will need to make some sacrifice and rent out 2 common rooms for extra income. I still get to stay in my master room which gives me enough privacy.

Once I hit 55, can start drawing down from CPF (excess funds after setting aside FRS) to make up for increased cost of living.
Based on current estimation, I can only accumulate 500k when I'm 45,46 yo.
Praying hard that I can keep my job until then.

Not forgetting CPF life payout kicks in at 65, so it's definitely not that difficult to retire early.

 

[Sai777]

Huh? You eat bread in the morning, then cook some food bought from NTUC for lunch then dinner home cooked, can save a lot le

Perhaps you can manage with $10 healthy food and with various varieties. I can’t. I cannot see myself eating the same thing everyday.

My expectation is a lot higher. Able to eat right, eat healthy, eat what I like. Able to go oversea, enjoy the food and breath different air.

It is the lifestyle that I choose and I dun wish to compromise when I retired.

BTW, a good loaf of bread cost around $6; it is not really a healthy choice of food.

 

[hwarzoner]

Wahh, you have a lot of cash.

Because I never buy house and car and single so is possible, if I use this money to buy house and a car, I don't think I have much cash left.

 

[mummy1234]

Yes, with house, car and kids, indeed difficult to retire early unless u r a superhigh earner or struck lottery somehow.

For me, half of my networth came from property gains, about S$500k.
Same for my hubby. Guess we struck the property lottery.

But I think at the most we can only retire in JB now in our 40s. In Sg, with only about S$3k passive income, difficult to survive for a family of 4. But I guess, basic food and necessities can still be covered.

Looking to buy another place for own stay now while we rent.

 

[highsulphur]

Yes, with house, car and kids, indeed difficult to retire early unless u r a superhigh earner or struck lottery somehow.

For me, half of my networth came from property gains, about S$500k.
Same for my hubby. Guess we struck the property lottery.

But I think at the most we can only retire in JB now in our 40s. In Sg, with only about S$3k passive income, difficult to survive for a family of 4. But I guess, basic food and necessities can still be covered.

Looking to buy another place for own stay now while we rent.

The longer you wait, your profit will be less

 

[mummy1234]

The longer you wait, your profit will be less

Going viewing tomorrow but if we don't want loan, can only buy resale leasehold condo. Not sure if that is wise.

 

[hwmook]

Perhaps you can manage with $10 healthy food and with various varieties. I can’t. I cannot see myself eating the same thing everyday.

My expectation is a lot higher. Able to eat right, eat healthy, eat what I like. Able to go oversea, enjoy the food and breath different air.

It is the lifestyle that I choose and I dun wish to compromise when I retired.

BTW, a good loaf of bread cost around $6; it is not really a healthy choice of food.

You are not eating healthy, you are eating expensive, that's it. Healthy food do not have to be expensive. An "expensive" loaf of bread cost $6, nothing about being good.

I also like to travel around and see/feel different things. I will probably stop working someday, travel around the world for awhile before settling down and do something I like.

 

[havetheveryfun]

You are not eating healthy, you are eating expensive, that's it. Healthy food do not have to be expensive. An "expensive" loaf of bread cost $6, nothing about being good.

yeah always wonder why people always say $10 can't eat healthy food.

$4.50 for lunch and dinner more than enough to eat whatever you want at food court/hawker centre.. so they mean all the 2 meat 1 veg cai png, fish soup, etc all not healthy. means we should cook ourselves, isn't that supposed to be even cheaper?

Then remaining $1 everyday from the $10 saved up for 7 days to buy 1 loaf of wholemeal bread + decent spread for breakfast can last 1 week or so.

i guess their idea of eating healthily is buying kopi/tea/starbucks coffee every morning when going to work, drinking canned/sweetened drinks after lunch and dinner and so on.

 

[rrr2015]

so what did you actually eat daily that costs above $10?

sure everyone likes varieties, travel but we don't do that daily right?

good loaf of bread may costs $6 but over 3days it's just $2 daily. not sure why you say not healthy, but bread one of easiest way to load up on your carbs

Perhaps you can manage with $10 healthy food and with various varieties. I can’t. I cannot see myself eating the same thing everyday.

My expectation is a lot higher. Able to eat right, eat healthy, eat what I like. Able to go oversea, enjoy the food and breath different air.

It is the lifestyle that I choose and I dun wish to compromise when I retired.

BTW, a good loaf of bread cost around $6; it is not really a healthy choice of food.

 

[Sai777]

so what did you actually eat daily that costs above $10?

sure everyone likes varieties, travel but we don't do that daily right?

good loaf of bread may costs $6 but over 3days it's just $2 daily. not sure why you say not healthy, but bread one of easiest way to load up on your carbs

Glad that you asked. I shall keep this simple as we are in retirement topic.

I try not to eat carbs and my meal are mainly steam or boiled. I am very selective on bread, even it is wholemeal. I have fruits every meal. 90% of my meal is home cooked and I have varieties.

I have no comment for those who advocate cai png or hawker or food court. If I dun eat those now, I won’t put myself in compromising lifestyle when I retired.

 

[Toni90]

Glad that you asked. I shall keep this simple as we are in retirement topic.

I try not to eat carbs and my meal are mainly steam or boiled. I am very selective on bread, even it is wholemeal. I have fruits every meal. 90% of my meal is home cooked and I have varieties.

I have no comment for those who advocate cai png or hawker or food court. If I dun eat those now, I won’t put myself in compromising lifestyle when I retired.

Tell us what u eat yesterday. Sure we can find something as healthy with 10 sgd per day

 

[hwmook]

Currently got about 554k cash after working for 16+ years as a single, so it is possible for low income earner like myself.

How much are you earning? I keep seeing you mentioned that you are low income earner but got a lot of money in bank. I doubt your income is below Singapore median income level. It's impossible for someone with below median income to have so much money.

 

[Sai777]

Tell us what u eat yesterday. Sure we can find something as healthy with 10 sgd per day

Breakfast : 2 half boiled eggs. A bowl of muesli with rice milk. Strawberry and blueberry

Lunch: Shashimi salmon belly. Boiled Xiao bai cai. Apple.

Break: banana

Dinner: grilled grouper fish. Boiled vegetable. Kiwi and grapes

 

[Perisher]

How much are you earning? I keep seeing you mentioned that you are low income earner but got a lot of money in bank. I doubt your income is below Singapore median income level. It's impossible for someone with below median income to have so much money.

Agreed.
Low income can't have $550k within 16 years.
That's $34,375 per year of savings or $2864 and that's just take home.
Not to mention, that's if live without food/water/electricity etc...

Anyway, $3k++ ain't low income.