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For discussion - Will most singaporeans be able to achieve FRS?

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Old 12-09-2019, 10:08 AM   #61
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Whenever the topic of CPF comes up, there will always be heated discussions.

I personally think CPF is a useful tool but, not the only tool to rely on for oneís retirement in Singapore. 4%+ p.a. risk free rate compounding. I canít find a similar bond (AAA rated) that pays that yield. Definitely good to have some of this in my portfolio.

Returning to the topic, I belong to the camp who believes that most can hit their FRS if:
(1) they stay actively employed and strive to build their career;
(2) they donít over-consume in buying their property;
(3) they actively plan to hit it and YOLO less.

Yes, there will always be exceptions. Some will have to stop working prematurely because of health reasons. And there will always be people who drop out of employment at their own volition like my wife. Uni grad, not interested to work and dropped out of the employment world in her 30s.

I am just an employee. Have been working more or less consistently since I graduated, focused on progressing as much as I can in my career. I have already exceeded the $181k in my SA for the FRS (I know it is a moving target, depending on oneís age group) but I get 4% compounded annually on my current SA balance. The increase in the last few years for FRS has been ~$5k per annum and if it stays around that level, by the time I hit 55, my FRS will be taken care of solely by the compound interest even if I stop working today, which I donít intend to. I would like my SA to hit the ERS when I retire.

As for my wife who has stopped working since her 30s, luckily for her she has a husband who plans for her and will ensure that she will at least hit her FRS through regular top-ups when she turns 55. So far, her SA is on track.

Thatís 2 persons who will hit their FRS. We are just 2 normal Singaporeans making our way in Singapore. Not looking to the government for any handouts, not intending to game the system for any freebies but merely exercising self responsibility and self reliance.

Well done. Mine is about 50k less than yours.
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Old 12-09-2019, 10:15 AM   #62
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Cannot......
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Old 12-09-2019, 10:16 AM   #63
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Well done. Mine is about 50k less than yours.
What's ur annual salary?
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Old 12-09-2019, 10:17 AM   #64
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Whenever the topic of CPF comes up, there will always be heated discussions.

I personally think CPF is a useful tool but, not the only tool to rely on for oneís retirement in Singapore. 4%+ p.a. risk free rate compounding. I canít find a similar bond (AAA rated) that pays that yield. Definitely good to have some of this in my portfolio.

Returning to the topic, I belong to the camp who believes that most can hit their FRS if:
(1) they stay actively employed and strive to build their career;
(2) they donít over-consume in buying their property;
(3) they actively plan to hit it and YOLO less.

Yes, there will always be exceptions. Some will have to stop working prematurely because of health reasons. And there will always be people who drop out of employment at their own volition like my wife. Uni grad, not interested to work and dropped out of the employment world in her 30s.

I am just an employee. Have been working more or less consistently since I graduated, focused on progressing as much as I can in my career. I have already exceeded the $181k in my SA for the FRS (I know it is a moving target, depending on oneís age group) but I get 4% compounded annually on my current SA balance. The increase in the last few years for FRS has been ~$5k per annum and if it stays around that level, by the time I hit 55, my FRS will be taken care of solely by the compound interest even if I stop working today, which I donít intend to. I would like my SA to hit the ERS when I retire.

As for my wife who has stopped working since her 30s, luckily for her she has a husband who plans for her and will ensure that she will at least hit her FRS through regular top-ups when she turns 55. So far, her SA is on track.

Thatís 2 persons who will hit their FRS. We are just 2 normal Singaporeans making our way in Singapore. Not looking to the government for any handouts, not intending to game the system for any freebies but merely exercising self responsibility and self reliance.

Time to donate some to charity.
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Old 12-09-2019, 10:30 AM   #65
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You thinking or not?

Fail to read the numbers and telling him to do dumb thing
what's your problem?
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Old 12-09-2019, 10:31 AM   #66
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The increase in the last few years for FRS has been ~$5k per annum and if it stays around that level, by the time I hit 55, my FRS will be taken care of solely by the compound interest even if I stop working today, which I donít intend to. I would like my SA to hit the ERS when I retire.
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Good for you. You have hit FRS early.

Even if you stopped work today, your current SA will likely to exceed ERS in less than 7 years
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Old 12-09-2019, 11:04 AM   #67
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Well done. Mine is about 50k less than yours.
Unlikely you can catch up even if your contributions hit the annual limit. The gap will only widen. That's the result of hitting FRS early. So head start for your kids
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Old 12-09-2019, 11:25 AM   #68
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Hit FRS Liao

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Old 12-09-2019, 11:26 AM   #69
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Like that must donate?
At least some relief for his later retirement.

Time to donate some to charity.
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Old 12-09-2019, 11:38 AM   #70
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Wow! Great job!
How old are you?
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Old 12-09-2019, 11:42 AM   #71
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Hit FRS Liao

That's the way to go. Good for you.
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Old 12-09-2019, 11:50 AM   #72
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Awesome achievement! U are in your late 40s?
More pertinent to ask how he did it
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Old 12-09-2019, 01:05 PM   #73
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For discussion - Will most singaporeans be able to achieve FRS?

Simple rule of thumb.

Look at your posting history.
If you post more in EDMW, your chances are lower maybe 25%?
If you post more in Money Mind, your chances are higher maybe 75%?

Stereotyping and profiling are useful in real world

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Old 12-09-2019, 01:11 PM   #74
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Edmw definitely has more potential opposition
candidates.
Hot edmw topics like ministers' pay, CPF, GST etc etc....
If elected, these MPs will turn Singapore Parliament into a circus with their 'arguments'.

Majulah Singapura !
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Old 12-09-2019, 01:28 PM   #75
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Edmw definitely has more potential opposition
candidates.
Hot edmw topics like ministers' pay, CPF, GST etc etc....
If elected, these MPs will turn Singapore Parliament into a circus with their 'arguments'.

Majulah Singapura !
if elected, will these MPs ask low salary?
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