Financial goals for retirement

[highsulphur]

Anyone plans how much you aim to have by 40,50 and finally when are you ready for retirement? Share whether you are single, married or with kids?

 

[mcylo]

Married w kids. Think i still need to slog for another 20 years.....haiz....

 

[spiritGate]

Quite hard to estimate but what i aim tgt with my wife is that, by the age of 40 we will have one condo for staying and one condo for renting out and by age of 45 if we have sufficient funds for thrid condo, we will go for it.

We aim to generate ard 7k passive income per month from property and 2k from dividends plus i will be working part time job to kill time for around 1k++ per month.

So in general,
3 condos: 2.5mil (800k each)
Shares: 500k (to generate 2k per month with 4% dividend yield)
Emergency fund:$150k

So as you can see, total will need to aim for 3.15mil at the age of 45. ( if no debt but quite hard hahaha, cause i only have 18 years to achieve that and only have less than 100k)

Sent from sent from gagt using GAGT

 

[mummy1234]

I don't really set goals and aim like that but I would like to be retired by 50 years old which is 10 years later, to be able to send my kids overseas for Uni if necessary and to have 5k today's equivalent passive income. Largely banking on my landed terrace to appreciate to help me achieve that...

 

[Shiny Things]

So my answer here is probably a bit biased, because I've had a couple of glasses of very good red wine and I'm listening to the KPOA livestream (see this post over here), but my aims aren't so much "how much do I have?" but "can I afford to do what I want?". And let's say that "what I want" is to be able to buy a house on a nice tropical island somewhere, and go full-time with my investment consultancy business.

And you all know I'm a DINK (double income no kids), which, to be fair, does make things a lot easier.

You can get a nice beach-side place in Maui and still get change from three-quarters of a million USD, so let's use that as our benchmark.

That's not the expensive part, unfortunately. Let's say you need $50k a year to cover your cost of living (you don't have a mortgage on the house, so that saves you a bit of money); that works out to somewhere between $1.2 million USD and $1.6 million USD depending on your withdrawal rate assumptions.

So if I had $2 million USD, I'd probably be able to pull the ejector seat and buy my place in Maui.

 

[K|muRa^84]

My parents are spending about 5 to 6k a month in retirement. Their lifestyle isn't extravagant by any means

 

[Perisher]

My parents are spending about 5 to 6k a month in retirement. Their lifestyle isn't extravagant by any means

5-6k a month... they have a car to pay, a house to pay and they eat at restaurants and travel twice a year to far away place?

 

[Genosis]

My parents are spending about 5 to 6k a month in retirement. Their lifestyle isn't extravagant by any means

5 to 6k per month expenses in retirement is not extravagant!?!?!

I m really a peasant....

 

[dowzkeh]

5 to 6k per month expenses in retirement is not extravagant!?!?!

I m really a peasant....

you're not alone.

5 to 6k per month is maybe a working class middle income family expenses?

 

[Perisher]

5 to 6k per month expenses in retirement is not extravagant!?!?!

I m really a peasant....

2 person spend 5-6k is not extravagant but not peasant too.
I would think it's quite ok to spend 2.5-3k per month per person to live comfortably.
Unless he meant each parent spend 5-6k...

 

[NewInvestor]

5 to 6k per month expenses in retirement is not extravagant!?!?!

I m really a peasant....

Frankly 5K to 6K is already quite little. I think it will be about double that....

 

[microtek]

2 person spend 5-6k is not extravagant but not peasant too.
I would think it's quite ok to spend 2.5-3k per month per person to live comfortably.
Unless he meant each parent spend 5-6k...

If each pax spends $5 - $6K a month that's a lot! Otherwise $2.5 - $3K is more realistic for generally comfortable living.

 

[highsulphur]

I think my wife and I can get by 6K a month for retirement now if our kids are financially independent!

That would need sgd2.4m for perpetual income basis 3% yield?

 

[Genosis]

Frankly 5K to 6K is already quite little. I think it will be about double that....

Well, I guess I can only say 'good luck' to the millennials...

 

[Genosis]

Married w kids. Think i still need to slog for another 20 years.....haiz....

Harsh reality.....

Scary thing is that the younger generations will probably have to slog as hard as us if not harder....

 

[spiritGate]

Frankly 5K to 6K is already quite little. I think it will be about double that....

Wa 6k already a lot liao leh, even for 2 ppl. Lets say every meal jiak 15 dollar, every day cost for food is 45, 30 days is around 1350. 2 person will be around 2700. The bills and etc, 1000. Then entertainment 800. Total 4500. And this is quite a lot liao leh cause every meal 15 dollars really atas sia

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[Genosis]

Wa 6k already a lot liao leh, even for 2 ppl. Lets say every meal jiak 15 dollar, every day cost for food is 45, 30 days is around 1350. 2 person will be around 2700. The bills and etc, 1000. Then entertainment 800. Total 4500. And this is quite a lot liao leh cause every meal 15 dollars really atas sia

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Must include a few overseas trips per year.

 

[spiritGate]

Must include a few overseas trips per year.

yea true also lol

 

[NewInvestor]

Wa 6k already a lot liao leh, even for 2 ppl. Lets say every meal jiak 15 dollar, every day cost for food is 45, 30 days is around 1350. 2 person will be around 2700. The bills and etc, 1000. Then entertainment 800. Total 4500. And this is quite a lot liao leh cause every meal 15 dollars really atas sia

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Well, right now my car instalments and car related expenses is like 2.2K per month and insurance is 1.5K per month. Really dont know how to fit all these in a 6K a month budget leh.

 

[dowzkeh]

Well, right now my car instalments and car related expenses is like 2.2K per month and insurance is 1.5K per month. Really dont know how to fit all these in a 6K a month budget leh.

ok la. still got 2.3k left to play around.

In any case, the insurance is quite high, no? Unless it is some savings plan etc. Which you might not need if you are retired