Retirement
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Don't want to retire.
Want to help as many students as I can before my brain gets fried :x.
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Originally posted by Atake:
Hi Zulkifli, do you come down to Singapore for your long walks? Maybe we can meet up and discuss? I am trying to form a early retirement club. Pm me if you are interested. If not, never mind.
Hi Atake, sorry for the late reply. Not for leisure but to go to work, walk from Woodlands checkpoint to Marsiling mrt station or from Marsiling mrt station to Woodlands checkpoint if Kranji mrt station is crowded or when there is a road jam from Kranji mrt station to Woodlands checkpoint lols. Ok. -
Originally posted by Demon Bane:
Its such a rat race in the corporate world....many times we busy ourselves with work and ignore the other factors of living a meaningful life....upon retiring then we can do the things we don't have time to do ? Lets hope we all can retire at age 60 to 65 and have enough $ to get by....
By the age of 40 plus you should try to be financially free from any loans...that is the ideal time to built up your CPF and saving again as you work till your retirement age. -
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Free falling.
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Originally posted by zulkifli mahmood:
By the age of 40 plus you should try to be financially free from any loans...that is the ideal time to built up your CPF and saving again as you work till your retirement age.So much money spent on housing....may not have $ in CPF to retire leh....children's education and future leh? Car leh? So many things need $....if retire and children still not working, how? Cannot retire early one!
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For a typical Singaporean, most will not have savings enough for retirement, according to a recent survey...
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Originally posted by Demon Bane:
So much money spent on housing....may not have $ in CPF to retire leh....children's education and future leh? Car leh? So many things need $....if retire and children still not working, how? Cannot retire early one!
I understand what you mean there. If by the age of 40 if you see yourself that you cannot afford to retire at the age of 50, 55, 60 or 65, then you better hope you strike a big prize lottery lols...just joking. I have a friend who had told that his father spoke to him like this, "I can't afford to support your University fees. You must find a way to support your own University fees."And so he did by working part-time and study very hard. At the end, he got a scholarship and was sent to Australia. My own niece had to work part-time and look for corporate sponsorships to continue her studies in the University. I guess this generation of young SIngaporeans are different from the past generation of Singaporeans. After secondary or college education, if our family cannot afford it, we had to work, support family and our own education. I think to own a car in Singapore is not the priority now. Teach your children to be financially independent by the age of 18 or 20 would help the parents to have a better future and their own future. Paper chasers could end up nothing for most young Singaporeans. -
Originally posted by Demon Bane:
For a typical Singaporean, most will not have savings enough for retirement, according to a recent survey...
I guess for most Singaporeans they have to weigh the pros and cons of retiring in Singapore and then decide what is best for themselves. Do not depend too much help from the Singapore government because you will only get disappointed and unhappy when you have not enough money to retire later. -
Originally posted by zulkifli mahmood:
I understand what you mean there. If by the age of 40 if you see yourself that you cannot afford to retire at the age of 50, 55, 60 or 65, then you better hope you strike a big prize lottery lols...just joking. I have a friend who had told that his father spoke to him like this, "I can't afford to support your University fees. You must find a way to support your own University fees."And so he did by working part-time and study very hard. At the end, he got a scholarship and was sent to Australia. My own niece had to work part-time and look for corporate sponsorships to continue her studies in the University. I guess this generation of young SIngaporeans are different from the past generation of Singaporeans. After secondary or college education, if our family cannot afford it, we had to work, support family and our own education. I think to own a car in Singapore is not the priority now. Teach your children to be financially independent by the age of 18 or 20 would help the parents to have a better future and their own future. Paper chasers could end up nothing for most young Singaporeans.Yeap.....but still its tough to save $ when almost all $ is going into housing...have to sell the house upon retirement...and find a cheaper place to live...
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Are there any strategies to use other than selling house and downgrade to get some cash for retirement? How about insurance? Is that effective ? Any other ideas?
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Originally posted by Demon Bane:
Yeap.....but still its tough to save $ when almost all $ is going into housing...have to sell the house upon retirement...and find a cheaper place to live...
Downgrade to small unit flat and pay the full amount. No more loans and then start saving and buildup your CPF again. Through my own observation, people living in 2 or 3 rooms HDB flat are much better off that those staying in bigger units. Its like this, you see those hawkers selling food, you think they have no money but they are driving mercedez bens. In other words, living in the small unit the chances are you have more money in the bank than those living in the bigger unit. -
Originally posted by Demon Bane:
Are there any strategies to use other than selling house and downgrade to get some cash for retirement? How about insurance? Is that effective ? Any other ideas?
Insurance is a long term planning and off course it would help you some financial support in your retirement later. But you must get it done when you start working but you can never know what is going to happen future along the way. What happens if you can't afford to pay the premium and lapse your insurance policy after you got married and supporting your family? Other alternative is to look overseas for opportunities in properties or business. -
Originally posted by zulkifli mahmood:
Downgrade to small unit flat and pay the full amount. No more loans and then start saving and buildup your CPF again. Through my own observation, people living in 2 or 3 rooms HDB flat are much better off that those staying in bigger units. Its like this, you see those hawkers selling food, you think they have no money but they are driving mercedez bens. In other words, living in the small unit the chances are you have more money in the bank than those living in the bigger unit.I'll try to adopt this strategy...I think its feasible. Yeap you may be right, but the bigger unit can lease out rooms and make some money, then sell away at very good price! In the end, if they are willing to downgrade, of coz will be rich! But if they choose to buy condo, then will not have cash anymore...
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Originally posted by Demon Bane:
I'll try to adopt this strategy...I think its feasible. Yeap you may be right, but the bigger unit can lease out rooms and make some money, then sell away at very good price! In the end, if they are willing to downgrade, of coz will be rich! But if they choose to buy condo, then will not have cash anymore...
Think like this Mr Bane, whatever wealth we have accumulated in our life, you will not bring it with you in the grave. Live a simple life and be contented with what you have. To live a life with no more loans to pay is better than living in the life of a millionaires with many loans to pay until you cannot sleep well at night and have a peaceful life. -
Originally posted by zulkifli mahmood:
Insurance is a long term planning and off course it would help you some financial support in your retirement later. But you must get it done when your start working but you can never know what is going to happen future along the way. What happens if you can't afford to pay the premium and lapse your insurance policy after you got married and supporting your family? Other alternative is to look overseas for opportunities in properties or business.What do you think about immigrating to Australia or Malaysia to live ? If you made quite a lot of $ after selling your property in SG...which country in your opinion, will be suitable for retiremtent ? Say you are already 60 years old....and your kids are working already...
I know SG is a good choice for retirement too but do we have other alternatives?
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Originally posted by zulkifli mahmood:
Think like this Mr Bane, whatever wealth we have accumulated in our life, you will not bring it with you in the grave. Live a simple life and be contented with what you have. To live a life with no more loans to pay is better than living in the life of a millionaires with many loans to pay until you cannot sleep well at night and have a peaceful life.You are right!
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Originally posted by Demon Bane:
What do you think about immigrating to Australia or Malaysia to live ? If you made quite a lot of $ after selling your property in SG...which country in your opinion, will be suitable for retiremtent ? Say you are already 60 years old....and your kids are working already...
I know SG is a good choice for retirement too but do we have other alternatives?
I think you know where I live now....hope you have read my past postings within this topic or in other topics. To migrate to other countries for better future or retirement when your age reach 50 and above is already too late. It takes time for you to adjust to the country you have migrated to even if it is in JB. You should do this early around the age of 40 or early 40, the younger you are will be better. I know because I have shifted to JB fully at the age of 41 to adjust my new life there. -
Originally posted by zulkifli mahmood:
I think you know where I live now....hope you have read my past postings within this topic or in other topics. To migrate to other countries for better future or retirement when your age reach 50 and above is already too late. It takes time for you to adjust to the country you migrate to even if it is in JB. You should do this early around the age of 40 to 50. I know because I have shifted to JB fully at the age of 41 to adjust my new life there.Wow! How's that working out for you? I haven't read your previous posts....you must be very happy ! I am also thinking about going to live in Malaysia...possibly JB...but I haven't save enough $ yet...I'll consult you if ever I want to go there! How about your children and wife? They went there altogether?
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You should read this topic appended below. http://sgforums.com/forums/2092/topics/462630 I'm happy and contented. My wife is still working. I'm into semi-retirement now and working part time in Singapore. The house in JB, was purchased in 1992 during PM Mahadir reign. It is an international lot for foreigners to purchase under their own name. To invest in oversea property you must not wait because you can never know that one day you will ended up living and retiring outside Singapore.
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I have met and seen many Singaporean families shifted to JB and live there. Though they have children still studying, I have seen many of them sending their children to schools in SIngapore and some of the young children go to their schools in Singapore by themselves or their parents have chartered the school bus from JB to Singapore. The immigration at Woodlands or Tuas give special priorities for these students studying in Singapore and school buses are given the priority to pass the immigration too. Not only SIngaporean students but also Malaysian students from JB wake up early in morning to go to their schools in SIngapore, regardless whether they are in Primary, Secondary, College, Poltechnic or University in Singapore. They wakeup early and go to their schools early like past generation of Singaporeans going their schools, we either walked or took buses. Its all about adjustment and adapt to the condition...after that it will become a routine habit...wakingup early and going to school or work.
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Originally posted by zulkifli mahmood:
You should read this topic appended below.
http://sgforums.com/forums/2092/topics/462630
I’m happy and contented. My wife is still working. I’m into semi-retirement now and working part time in Singapore. The house in JB, was purchased in 1992 during PM Mahadir reign. It is an international lot for foreigners to purchase under their own name. To invest in oversea property you must not wait because you can never know that one day you will ended up living and retiring outside Singapore.
I also dream of having a landed home...maybe in a few years time after I have enough $ I will try to live in JB....have to sell my SG home first...then wait for kids to start working etc. I know can get a landed home for RM200K ~ RM300K....I'm aiming for a full retirement...how much is the basic expenditures per month ? How much cash do I need for both me and my wife if both fully retired in Malaysia?
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Yes, you need to calculate all that costs...many Singaporeans living in JB are driving weekend cars. For Singaporeans now to purchase a landed property or condominiums in JB, the purchasing price is RM500 and above. I think it will go up again soon...so you think about it...don't wait. During my time there wasn't any quota...back in 1992. I have a Singaporean neighbour who has recently bought a landed property, corner house with big compound for about RM260,000 but he bought it under his Malaysian niece name.
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Originally posted by zulkifli mahmood:
I have met and seen many Singaporean families shifted to JB and live there. Though they have children still studying, I have seen many of them sending their children to schools in SIngapore and some of the young children go to their schools in Singapore by themselves or their parents have chartered the school bus from JB to Singapore. The immigration at Woodlands or Tuas give special priorities for these students studying in Singapore and school buses are given the priority to pass the immigration too. Not only SIngaporean students but also Malaysian students from JB wake up early in morning to go to their schools in SIngapore, regardless whether they are in Primary, Secondary, College, Poltechnic or University in Singapore. They wakeup early and go to their schools early like past generation of Singaporeans going their schools, we either walked or took buses. Its all about adjustment and adapt to the condition…after that it will become a routine habit…wakingup early and going to school or work.
I'll wait a few years for my kids to start working first...is it difficult to find jobs in JB ? How's the employment situation there?
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Originally posted by zulkifli mahmood:
Yes, you need to calculate all that costs…many Singaporeans living in JB are driving weekend cars. For Singaporeans now to purchase a landed property or condominiums in JB, the purchasing price is RM500 and above. I think it will go up again soon…so you think about it…don’t wait. During my time there wasn’t any quota…back in 1992. I have a Singaporean neighbour who has recently bought a landed property, corner house with big compound for about RM260,000 but he bought it under his Malaysian niece name.
Wah...still quite expensive....I think i need to save more money or sell my SG house at a higher price! I have to work extra hard then! Thks for the info!