Reflection time - retirement financial goals

[highsulphur]

Cause maid + levy. Then they no insurance and no cpf (they draw out when they hit 55) so budget 5k each for medical a year. Already on the low side liao. The operation and hospital bill for stroke last yr was 120k without subsidies, and 25k with subsidies. Then a lot of follow up treatments and physio etc. Then u add hp bills, meals, utilities, transport, s&cc... 3.5k is for both la not one. Already on the low end

He no siblings. I'm in early 30s.

wow that's tough

and he still wants to start his own business with your money?

 

[Buzy_bee]

Cause maid + levy. Then they no insurance and no cpf (they draw out when they hit 55) so budget 5k each for medical a year. Already on the low side liao. The operation and hospital bill for stroke last yr was 120k without subsidies, and 25k with subsidies. Then a lot of follow up treatments and physio etc. Then u add hp bills, meals, utilities, transport, s&cc... 3.5k is for both la not one. Already on the low end

He no siblings. I'm in early 30s.

Parents Non local? Maid+levy for local monthly is $610. You must be high earner if your husband expect you to cover all (fund his business + support family expenses and his parents).

Why your husband can't do his business part time? Should only quit his full time job once his business stabilizes and earning enough to cover his expenses.

I hope you too can resolve this together. Did you know about his financial status and expectation of you before you buy house with him?

 

[Mecisteus]

Got flat liao so within 6 mths of getting keys need to ROM. Trying to delay lor.

If no kids i wont bother getting married - so mafan. Nxt time want to leave also mafan.

He's the one - quite confirmed. Wish I can delete parents from the equation lor. They very high expenses now cause very old liao. Like 3.5k each mth (calculate liao). Then u add my expenses, his expenses, house, kids, my parents allowance... Damn cham.

1) I think your problem deserves a separate thread to discuss. Not on another person's thread.
2) I can see you are 50-50 about getting married. Finance related stuff can be a source of conflict in your future marriage. I suggest you think through carefully.

 

[existential_reality]

Thanks BBC, I would say it will be either Aust or NZ for 2nd home due to proximity and being English speaking (plus they drive on the same side of the road lol). I was leaning more toward NZ as we enjoy mountain hikes.

I don't think this'll be a significant barrier as long as you're reasonably flexible in terms of country selection and if you nail down a steady, predictable, demonstrable retirement income stream (CPF LIFE counts). There are a fairly large number of countries open to Singaporean retirees. Some of them require property purchases, but quite a few of them (examples: Italy, Malta) don't.

 

[limster]

NZ 11 hour flight, might as well retire to UK if you like the countryside with the bonus that you can visit Europe easily. Property prices outside London are actually cheaper than Australia.

After retirement, I plan to rent first and see how it works out. If I end up staying for only 3 months a year and the other 9 months back in Singapore, maybe rental is better. I can rent a storage room to store my personal possessions in between rentals.

 

[revhappy]

NZ 11 hour flight, might as well retire to UK if you like the countryside with the bonus that you can visit Europe easily. Property prices outside London are actually cheaper than Australia.

After retirement, I plan to rent first and see how it works out. If I end up staying for only 3 months a year and the other 9 months back in Singapore, maybe rental is better. I can rent a storage room to store my personal possessions in between rentals.

What kind of visa are you considering?

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[limster]

What kind of visa are you considering?

So far, I'm leaning towards just going the standard visitor/tourist route. Being a tax resident in Singapore is currently very advantageous.

if UK, I want to avoid any tax hassles and being classified as a UK tax resident, particularly since I am holding LSE listed shares. I also don't want the hassle of managing a property instead of enjoying retirement,

 

[henrylbh]

Got flat liao so within 6 mths of getting keys need to ROM. Trying to delay lor.

If no kids i wont bother getting married - so mafan. Nxt time want to leave also mafan.

He's the one - quite confirmed. Wish I can delete parents from the equation lor. They very high expenses now cause very old liao. Like 3.5k each mth (calculate liao). Then u add my expenses, his expenses, house, kids, my parents allowance... Damn cham.

You need to believe that when financial trouble steps in the door, love flies out of the window.

 

[limster]

On retirement, plan to do 1 trip a year for 1 mth + 1wk to UK/Europe, then a number of shorter regional holidays.

2 bedroom serviced apartment outside London, approx GBP3,000 for 1 mth
3-series station wagon rental, GBP2,800 for 1 mth
Various food etc expenses at GBP100 a day - GBP3,000 for 1 mth
Business class return airticket x 2 (incl spouse) - S$10k?
Rental of storage locker to store personal items in between trips (eg: all my large computer monitors for stock trading, surfing HWZ )- ???

Touchdown in London/Frankfurt/Zurich, spend 1 wk London/Frankfurt/Zurich before collecting car and driving to apartment for 1 month stay.

 

[revhappy]

So far, I'm leaning towards just going the standard visitor/tourist route. Being a tax resident in Singapore is currently very advantageous.

if UK, I want to avoid any tax hassles and being classified as a UK tax resident, particularly since I am holding LSE listed shares. I also don't want the hassle of managing a property instead of enjoying retirement,

I am sceptical about using the tourist visa route for staying there 3 months a year. You will probably be able to do it may be once or twice but beyond that I think the immigration officers will pick it up.

You will not have tax issues even if you acquire a resident visa, as taxation is based on duration of stay and not visa/citizenship.

Also renting on a tourist visa is probably not allowed. You will have to stay in a hotel.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[limster]

I am sceptical about using the tourist visa route for staying there 3 months a year. You will probably be able to do it may be once or twice but beyond that I think the immigration officers will pick it up.

You will not have tax issues even if you acquire a resident visa, as taxation is based on duration of stay and not visa/citizenship.

Also renting on a tourist visa is probably not allowed. You will have to stay in a hotel.

Sent from Xiaomi REDMI NOTE 4 using GAGT

power of Singapore passport. no problems with UK. I am actually quite familiar with the UK. we are talking about 1 month rental which is serviced apartment, not a lease. UK leases when I was there are standard minimum 12mth though sometimes landlords have an early termination clause at month 9 or 10.

3mth stay, there could be tax residency complications, better to stay just 1 mth, then maybe another month in Germany or Switzerland.

 

[chopra]

Cause maid + levy. Then they no insurance and no cpf (they draw out when they hit 55) so budget 5k each for medical a year. Already on the low side liao. The operation and hospital bill for stroke last yr was 120k without subsidies, and 25k with subsidies. Then a lot of follow up treatments and physio etc. Then u add hp bills, meals, utilities, transport, s&cc... 3.5k is for both la not one. Already on the low end

He no siblings. I'm in early 30s.

imho, u should top 60k to their medisave. optimise the first 60k additional percentage.


anyway we r off topic

 

[BBCWatcher]

power of Singapore passport.

If we're talking about ordinary tourist says, and if there's a requirement to drive on the same side of the road as in Singapore, Japan ought to be on your short list. Singaporeans are routinely granted 90 day stay permission upon entry, and there are lots of nonstop flights. Jetstar now has a nonstop to Naha (Okinawa), and it's under 5 hours 30 minutes. Tokyo, Osaka, and Nagoya are only about one hour farther away, and with a variety of airlines.

Medical care is great, safety is superb, public transport is excellent, the food is awesome, you've got practically any choice of weather you like (from skiing to subtropical), springtime is incredible (cherry blossoms), and everything just works. Living costs are very reasonable especially once you figure out Japan is not only Tokyo.

Foreigners are allowed to buy homes in Japan, and (to my knowledge) on an equal financial basis as any resident of Japan, with the exception of bank financing of course. (You'd have to pay cash.) I'm not necessarily recommending that, but it's possible.

There is no retirement visa or other easy way to settle there, but if you have tax-related motivations then you wouldn't want to do that anyway.

Ireland is another drive-on-the-left country, and they do have a foreign residence program, at least if you have some above average financial means. Unfortunately there are no nonstops from Singapore at present.

And how about Sri Lanka? Singaporean passport holders are among the very few who don't even need to apply for electronic travel authorization (ETA). Singaporeans are granted 30 day entry but can extend up to 150 days, also a rare privilege. Sri Lanka is only about 3 1/2 hours away nonstop, and it's affordable. If you want to settle there, they've got their "My Dream Home" retirement visa program with quite modest requirements (some minimum remittances, and that's about it).

 

[highsulphur]

very impressive to be buying biz class tickets after retired

 

[limster]

very impressive to be buying biz class tickets after retired

At retirement, if I don't have money for 1 business class trip a YEAR, then I must have really messed up my stock market investments. Then I might not even be able to afford a 1 mth overseas holiday.. no need to talk what class of ticket...


If you are older, maybe harder to get over jetlag and could affect health. SIN-LHR by business class, you can take the 1am flight, sleep on the flight, arrive 7am with no jet lag.

Regional flights (even to Japan 8 hrs) economy should still be fine.

 

[Mr.Canberra]

Singapore to London (Gatwick) on Norwegian Air very cheap. You guys' one to two night's hotel stay is equivalent to my return flight ticket cost.

Now poor uncle like me can travel Europe and pretend to be atas.

 

[cubana]

Off for the year already

Time to ponder on Long term financial goals.

I did a financial briefing for my Wife on Tuesday to tell her our family financial position and etc.

I am hoping to retire around 60/62 with my Wife. I am in my mid 40s. I estimate that (without exhorbitant and childish returns projections) that my HH will hit 6m net worth at retirement.

I am hoping that OUR net worth (in today's dollars) will be distributed in the following manner:

1 HDB
1 intermediate terrace
(Collectively 3m).

0.5m sg equities
0.5m SSB bond ladder
0.5m US equities/bonds
1m cpf (RA, SA, OA)
0.5m in cash/FD

If I can retire at 60 and leave till 80, I still have 20 years of leisure to enjoy. Coupled with the first 20-25 years of my life, more than half of my life won't entail me working. I will be satisfied..

What are your fantasies aka retirement financial goals?

my goal in current terms to retire comfortably = $5m cash & $5m property.

 

[blushing_guy]

Bookmarked for further reading and future reference.