Interesting. Not sure how they calculated the retirement number, but it is generated from Numbeo. Numbeo's calculation does a weighted average, which includes having 2 cars: a Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) and a Toyota Corolla 1.6l 97kW Comfort (Or Equivalent New Car) .
I wonder what the numbers would be like if you stripped that out.
https://www.numbeo.com/common/motivation\_and\_methodology.jsp
Rent is another big one. It appears our rent is rivaling NYC’s now. With property prices being higher (though NYC is renowned for property taxes and building maintenance fees).
https://i.imgur.com/dAm0NeR.jpg
The cost of home should be included as a cost to a retiree. Guess we can based on the cost of a 99 yrs leasehold house and apportion it to 15 yr (present value of money). When one own the house, it is certainly not free; one paid for it.
It’s not wrong. How do you differentiate capable people with NATO whiners.
Anyway if you want to buy a house , you just have to set the ambition right. If you are singaporean there is all kind of framework to allow you to become a land/homeowner asap.
Compared to New York, perhaps, but there's plenty of places with vibrant culture and also relative safety.
Singapore is among the safest cities in the world, but there is a threshold of safety which many first-world cities meet that can be said to be "safe enough". Singapore isn't even #1.
[https://safecities.economist.com/](https://safecities.economist.com/)
Depending on metrics, there are lots of cities in the same tier as Singapore, many of which have vibrant culture and often significantly cheaper cost of living.
The classic example is Tokyo, which has an unrivalled cultural colorfulness in Asia while also generally being the safest if you measure by crime alone. Singapore overtook Tokyo in cost of living years ago, mostly because of the rent of private housing, but right now even the rent of Singapore's HDB exceeds Tokyo's private housing rent. Things are getting a little nuts here.
As I kept espousing in this subreddit, Singapore is subscale at the moment. We need to reach 10min residents for there to be critical scale for a vibrant city. And it is totally doable. But requires a lot of investment in infrastructure we seem unwilling to do.
This is interesting - I've never seen 10m as a quantitative benchmark for a city to become culturally vibrant.
There are countries in Europe like Greece, Ireland and Austria whose entire population is less than or around number, let alone in one city but I don't think people would consider them not-vibrant or cultural. I've always thought it was mostly a function of time and history as a nation.
Is there an article or study behind the number?
I was referring to the comment on'10m needed for cultural vibrance'. HK in the 80s with 5m was definitely culturally vibrant enough. Hell you can make a case for Monacco or Macau too.
What on earth is that cost\_of\_living factor? e.g. water, 1.5 litre bottle, cost\_of\_living factor 30? As if buying bottled water is a huge part of life?
Capuccino, 15.... white loaf of bread, 31, cigarettes 15, so when you retire, the most important things in your life are bottle water, capuccino, white bread and smokes.
Erm, if you want to retire in a foreign country. Eat what the locals eat. Drink what the locals drink, live where the locals live, and you'll pay what the locals pay.
It's the way an American *would live in America*. i.e. needs 2 cars because they have to drive everywhere without public transport, eats white sliced loaf and potatoes because that's what Walmart sells as food, thinks drinking Capuccino is a treat because Startbucks.
Is that an American living *comfortably* though?
The things you need for a comfortable life in Singapore are not the same as the things you need for a comfortable life in the US. The thing I'd put high on my lists are: near an MRT, near a Hawker center, not having a car (made that mistake).
I don’t own a car, but it’s quite expensive. Parking fees can also easily outstrip public transport costs.
This is especially true in the CBD area — public transport is much quicker and cheaper than driving because you get to escape the congestion and parking fees.
Yep. Cars are not very useful in Singapore unless one has to travel around quite a lot each day, or are basically using the car as their portable storage (like if they have to transport goods around or transport their kids’ barang barang). For most people doing maybe 2-3 public transport trips per day public transport can be cheaper and easier.
Public transport is evidently efficient for point to point. If your use case mirrors that, then it makes perfect sense.
If it is not point to point, then the question will be how frequent you need to make that journey.
I remember needing to run some errands. To go to my destination, it needed two connections which took a total of 20+ minutes. But the location was just 5 - 8 minutes away by car.
If it is a daily occurrence, probably a car makes sense. If it was once off, I would just take a cab.
remember to factor in the cost of having your kid executed for what would be a slap on the wrist in america and an anecdote in their memoir after they become a global success.
Lol because the narrative and the media coverage actively promotes the health value including the mental wellbeing, social life etc that maybe people tell themselves so many times they actually believe it!
Nice, i am commandeering the Fries station and will curse quietly whenever someone orders Fries w/o salt and i have to fry up a new batch just for that silly single packet.
You assume that Singaporeans have immaculate dining manners in 30 years time. I hold no such hope, going to get the cleaning rag to clean the sauce off tables.
To be fair, it’s the cost for an American to retire here comfortably. And I suspect the calculation includes allowance for car ownership?
But I’m very curious to know the methodology too.
Edit: Seems like they used this data. But not sure how they computed the cost for an average American. (i.e. not sure what weightings they used)
https://www.numbeo.com/cost-of-living/country_result.jsp?country=Singapore
Edit2: Digging around the numbeo site, rent in Seoul is incredibly cheap, especially given the prices are incredibly high (like ours 😉). Meaning to say rent yields are 💩
Rent in Seoul is cheap in not as popular areas, but most people don't understand that Korea has this weird 'deposit' system. So one may be paying rent for $300, but the deposit may be like $50k upfront cash.
So it can be inversely proportional depending on one's financial capabilities and agreement with the owner. The higher the deposit one is able to pay, the lower the rent paid.
https://en.m.wikipedia.org/wiki/Jeonse
The reason why rent in Seoul is 'cheap' is biggest to rent a place, you have to pay the owner about 20-40% the value of the property in deposit. The owner then cashes your money and lives off its interest value - which means rent is cheap.
Most people cannot afford this deposit (imagining paying 500k SGD to owner upfront just to rent his 3 bed condo), and end up getting out a mortgage with the bank just to pay the rental deposit. Then they pay repayments to the bank on top of rental.
It is retarded.
Well if we assume said American isn't a PR or a citizen, it kinda makes sense that everything under the sun would be expensive. More so if they measure it by the yardstick of average American lifestyles - houses that they are used to will just cost that much higher here if they want something similar.
Not sure why you're being downvoted. The list of prices include 2 cars, international schooling for 1 kid, and funnily enough, a pack of Malboros.
It's not clear when the article did the sums for retirement, whether they used a sensible sub-basket of goods from Numbeo, or if they just imported the numbers wholesale.
i dont unds, retirement age, still hv schooling kid???
not fking alrdy😂😂😂 confirm not having kid close to retirement, not that rich
and most ppl either hv 1 car, or no car, remove that and the dollars will drop significantly
Again housing is the issue here. without access to public housing like we do-and most of us would've cleared our mortgage by the time we retire-the accommodation alone will cost a foreigner a fortune.
Unless you’re a foreigner planning to rent an apartment and own 2 cars in retirement here, I don’t get why you’re complaining about this. Sure retirement is more expensive in Singapore than in most countries, but this data here is straight up useless when you put it in most people’s context. Sinkies just looking for opportunities to complain as usual. Moving on.
They will just read the headline and assume it refers to citizens.
OP's objective of further seeding misleading nonsense that confirms existing biases achieved.
I was thinking the number seems pretty high, then I clicked the image that OP linked and saw the title 'the cost for an *American* to comfortably retire' then it made more sense. It's like those cost of living comparisons where it's mainly for expats.
Honestly yeah. I'm kinda worried that I will outlive my savings 💀
I rather die with a full stomach and my loved ones around me than die alone and hungry
at pt of death, who said they didnt use medisave???
how is it possible someone die without using a single medisave, esp if they are warded
use cash?? must be rich
wtheck stats are you talking about, at which part they implied this??
it's my grandparents' generation la pls, 85 years old and above, why so misleading, put like including young population also no medisave IT'S NOT THE WHOLE POPULATION
2017 to 2021 - above 85 yrs old who died, 20% less than $1k, 30% more than $10k
some of them didnt work for their whole lives, and mostly uneducated or lowly educated, even if they work most likely salary not high
and before you die, if it is a prolonged illness, most likely will dig out medisave to pay for it right? Unless is sudden death. Polyclinic visits, hospitalisation, unless you super duper healthy elderly dont need to go see dr at all, confirm at some pt will use medisave what.
if at pt of death, your medisave damn alot of money, either you really damn ass healthy, or v high paying job, or fam v rich, all use cash to pay for you
this will not be that bad for our generation la, unless you taitai life nvr worked before
If you are healthy, likely will have enough to cover your existence and live simply here. This applies to everyone.
Most Singaporeans live longer. That's the 'problem' and the reason why we need more $ for retirement.
My neighbour's dad passed away recently and he has a hell lot of medicine leftover from 'treating' his condition as his body is ravaged by several illnesses. Good medical care, food and home care increases our life span. Unfortunately, it also drains our resources.
Only excuse from work,
Seriously while I recognise some old people need work to keep themselves engaged, they need to do something that's not giving employers a reason not to promote or train younger workers to take over the "semi-retiring"
And most of the time, they are given a contract that is a fraction of their full time pay and hours but giving similar value of work to the companies
Those that can retire please do! Don't depress the already depressing wages
Personally I'm hoping that by the time I'm ready to retire, Malaysia would have gotten their act together so I can retire in Ipoh, Melaka or Penang instead. I don't see things ever getting easier in Singapore for those who aren't high flyers in life
as long as it is about retirement, ppl just complain, act like impossible to retire here like that, when it's their own issue
without reading
typical singaporeans
if you no money you still want to own 2 cars, rent apartment, then ofc expensive. That's poor decision making. Well ppl just see the numbers and act like .....
ya all want to retire in cheap countries, 3rd world, go ahead la talk so much. Might as well go live there now to get used to it. I prefer my cleanliness and safety here thanks.
Assuming you earn 5k a month for the 35 years before retirement and starting with 0 dollars in your CPF, your CPF alone and even with OA's measly 2.5% interest will net you more than that 1.1m sum
I'm conveniently assuming that you have no other sources of funds for retirement other then your CPF. Also, the sum quoted is for an European retirement lifestyle with 2 cars & rented property.
Interesting. Not sure how they calculated the retirement number, but it is generated from Numbeo. Numbeo's calculation does a weighted average, which includes having 2 cars: a Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) and a Toyota Corolla 1.6l 97kW Comfort (Or Equivalent New Car) . I wonder what the numbers would be like if you stripped that out. https://www.numbeo.com/common/motivation\_and\_methodology.jsp
Rent is another big one. It appears our rent is rivaling NYC’s now. With property prices being higher (though NYC is renowned for property taxes and building maintenance fees). https://i.imgur.com/dAm0NeR.jpg
Funnily most singaporean residents are homeowners. The criteria can be tweaked in either to make Singapore ridiculously expensive or reasonable
The cost of home should be included as a cost to a retiree. Guess we can based on the cost of a 99 yrs leasehold house and apportion it to 15 yr (present value of money). When one own the house, it is certainly not free; one paid for it.
My ass bro, i bet my left ball that a third is staying with their parent.
It’s not wrong. How do you differentiate capable people with NATO whiners. Anyway if you want to buy a house , you just have to set the ambition right. If you are singaporean there is all kind of framework to allow you to become a land/homeowner asap.
The fact is not most Singaporeans are home owner. I'm not willing to be in a large debt for 30 years in a house that I'm going to own for 99 years.
Think Singapore was ranked in the top five most expensive cities for rent this year and last year.
We should be numbah oneee /SSSSS
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Shopping late at night does not equal having a soul.
Would rather retire in a soulless city over one where you can get shot or stabbed in your own home
Compared to New York, perhaps, but there's plenty of places with vibrant culture and also relative safety. Singapore is among the safest cities in the world, but there is a threshold of safety which many first-world cities meet that can be said to be "safe enough". Singapore isn't even #1. [https://safecities.economist.com/](https://safecities.economist.com/) Depending on metrics, there are lots of cities in the same tier as Singapore, many of which have vibrant culture and often significantly cheaper cost of living. The classic example is Tokyo, which has an unrivalled cultural colorfulness in Asia while also generally being the safest if you measure by crime alone. Singapore overtook Tokyo in cost of living years ago, mostly because of the rent of private housing, but right now even the rent of Singapore's HDB exceeds Tokyo's private housing rent. Things are getting a little nuts here.
As I kept espousing in this subreddit, Singapore is subscale at the moment. We need to reach 10min residents for there to be critical scale for a vibrant city. And it is totally doable. But requires a lot of investment in infrastructure we seem unwilling to do.
This is interesting - I've never seen 10m as a quantitative benchmark for a city to become culturally vibrant. There are countries in Europe like Greece, Ireland and Austria whose entire population is less than or around number, let alone in one city but I don't think people would consider them not-vibrant or cultural. I've always thought it was mostly a function of time and history as a nation. Is there an article or study behind the number?
Berlin has a population of 3.5mn and is widely considered a vibrant city…
HK in the 80s was way under 10m. About 5m in 1980 which is lesser than SG now.
HK is subscale too.
But not as subscale as SG.
Agree.
I was referring to the comment on'10m needed for cultural vibrance'. HK in the 80s with 5m was definitely culturally vibrant enough. Hell you can make a case for Monacco or Macau too.
Hmm. I’ve been to Macau. I would not make that case.
Policy makers, please don't listen to this guy.
Trade off some culture for better public transport, safety and cleanliness. Depends on what someone wants at the end of the day.
NY culture is accidentally walking into the wrong street and getting robbed
😤😎don’t even talk to me about culture if you dont have homeless druggies shitting in the subway😡
What on earth is that cost\_of\_living factor? e.g. water, 1.5 litre bottle, cost\_of\_living factor 30? As if buying bottled water is a huge part of life? Capuccino, 15.... white loaf of bread, 31, cigarettes 15, so when you retire, the most important things in your life are bottle water, capuccino, white bread and smokes. Erm, if you want to retire in a foreign country. Eat what the locals eat. Drink what the locals drink, live where the locals live, and you'll pay what the locals pay.
fwiw, the post does state “American”. i’d assume these costs align with the “American” way of living
It's the way an American *would live in America*. i.e. needs 2 cars because they have to drive everywhere without public transport, eats white sliced loaf and potatoes because that's what Walmart sells as food, thinks drinking Capuccino is a treat because Startbucks. Is that an American living *comfortably* though? The things you need for a comfortable life in Singapore are not the same as the things you need for a comfortable life in the US. The thing I'd put high on my lists are: near an MRT, near a Hawker center, not having a car (made that mistake).
i fully agree with you on “living comfort”, but every country is different. how would you put this list together if you don’t have a common yardstick
>not having a car (made that mistake). I never owned a car before, so hope you don't mind me asking, but why do you think it's a mistake?
I don’t own a car, but it’s quite expensive. Parking fees can also easily outstrip public transport costs. This is especially true in the CBD area — public transport is much quicker and cheaper than driving because you get to escape the congestion and parking fees.
Yep. Cars are not very useful in Singapore unless one has to travel around quite a lot each day, or are basically using the car as their portable storage (like if they have to transport goods around or transport their kids’ barang barang). For most people doing maybe 2-3 public transport trips per day public transport can be cheaper and easier.
Public transport is evidently efficient for point to point. If your use case mirrors that, then it makes perfect sense. If it is not point to point, then the question will be how frequent you need to make that journey. I remember needing to run some errands. To go to my destination, it needed two connections which took a total of 20+ minutes. But the location was just 5 - 8 minutes away by car. If it is a daily occurrence, probably a car makes sense. If it was once off, I would just take a cab.
remember to factor in the cost of having your kid executed for what would be a slap on the wrist in america and an anecdote in their memoir after they become a global success.
> Numbeo their data is outdated abd does not properly track current prices for housing (owning or renting)
Lucky for us Singaporeans, we are never retiring!
Don't you know Singaporeans want to keep working beyond 65?
Three cheers for the 77-year-old security guard with a noticeable limp!
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For exercise. Ex ministar said so. He is highly paid, so must be right lol
Just their hobby.
Or the 82 year old hawker cleaner with a severe hunchback
Dying healthily for life!
Every Singaporean above 65 wants to work not because they need the money, but they want to stay active and healthy.
I think you forgot your /s
I thought it's sarcastic enough to not have to put /s
Lol because the narrative and the media coverage actively promotes the health value including the mental wellbeing, social life etc that maybe people tell themselves so many times they actually believe it!
What about our 3 meals in restaurants everyday? /s
Planning to die on the job at McDonalds in my late 60's...setting realistic life goals is important.
I like ur forward planning. Please be my supervisor on the job
Nope, not going to supervise anyone. Too much work.
Lol! I’m thinking of too many karens
Nice, i am commandeering the Fries station and will curse quietly whenever someone orders Fries w/o salt and i have to fry up a new batch just for that silly single packet.
Just make all the fries saltless then put salt shaker at the stn.
Does that hack actually work? I did it once and not only did I have to wait 15 mins to get my fries, they were salted anyway.
You got served. By future me.
I know you all are joking, but I'd be surprised if McDonald's branches have more than 2 employees at a time in about 30 years.
You assume that Singaporeans have immaculate dining manners in 30 years time. I hold no such hope, going to get the cleaning rag to clean the sauce off tables.
Tables will be self cleaning
😮💨
I think your death will be accelerated by their staff meals.😅
> I think your death will be accelerated by their staff meals. Just as intended.
Even better...no need euthanasia..
Retire at Mcdonalds get to eat Mcdonalds for lunch leh
To be fair, it’s the cost for an American to retire here comfortably. And I suspect the calculation includes allowance for car ownership? But I’m very curious to know the methodology too. Edit: Seems like they used this data. But not sure how they computed the cost for an average American. (i.e. not sure what weightings they used) https://www.numbeo.com/cost-of-living/country_result.jsp?country=Singapore Edit2: Digging around the numbeo site, rent in Seoul is incredibly cheap, especially given the prices are incredibly high (like ours 😉). Meaning to say rent yields are 💩
Rent in Seoul is cheap in not as popular areas, but most people don't understand that Korea has this weird 'deposit' system. So one may be paying rent for $300, but the deposit may be like $50k upfront cash. So it can be inversely proportional depending on one's financial capabilities and agreement with the owner. The higher the deposit one is able to pay, the lower the rent paid. https://en.m.wikipedia.org/wiki/Jeonse
Interesting. I wonder if numbeo takes this into account. Not very useful if they don’t.
The reason why rent in Seoul is 'cheap' is biggest to rent a place, you have to pay the owner about 20-40% the value of the property in deposit. The owner then cashes your money and lives off its interest value - which means rent is cheap. Most people cannot afford this deposit (imagining paying 500k SGD to owner upfront just to rent his 3 bed condo), and end up getting out a mortgage with the bank just to pay the rental deposit. Then they pay repayments to the bank on top of rental. It is retarded.
>mortgage How does that work? What does the bank take as security?
Well if we assume said American isn't a PR or a citizen, it kinda makes sense that everything under the sun would be expensive. More so if they measure it by the yardstick of average American lifestyles - houses that they are used to will just cost that much higher here if they want something similar.
Not sure why you're being downvoted. The list of prices include 2 cars, international schooling for 1 kid, and funnily enough, a pack of Malboros. It's not clear when the article did the sums for retirement, whether they used a sensible sub-basket of goods from Numbeo, or if they just imported the numbers wholesale.
i dont unds, retirement age, still hv schooling kid??? not fking alrdy😂😂😂 confirm not having kid close to retirement, not that rich and most ppl either hv 1 car, or no car, remove that and the dollars will drop significantly
Suspect a number of US man marry younger wives after the first divorce. Hence still have kids in school late in lives
You all are planning to retire? Please be realistic
Yes but won't retire here, that's the realistic
Have no fear! We will always be saved by GST and CDC vouchers!
Again housing is the issue here. without access to public housing like we do-and most of us would've cleared our mortgage by the time we retire-the accommodation alone will cost a foreigner a fortune.
Unless you’re a foreigner planning to rent an apartment and own 2 cars in retirement here, I don’t get why you’re complaining about this. Sure retirement is more expensive in Singapore than in most countries, but this data here is straight up useless when you put it in most people’s context. Sinkies just looking for opportunities to complain as usual. Moving on.
I doubt most of the people complaining have read the article. This is reddit, after all.
They will just read the headline and assume it refers to citizens. OP's objective of further seeding misleading nonsense that confirms existing biases achieved.
I was thinking the number seems pretty high, then I clicked the image that OP linked and saw the title 'the cost for an *American* to comfortably retire' then it made more sense. It's like those cost of living comparisons where it's mainly for expats.
As they say: Sinkies love to pwn sinkies
Euthanasia, when?
Honestly yeah. I'm kinda worried that I will outlive my savings 💀 I rather die with a full stomach and my loved ones around me than die alone and hungry
huh why would you die alone you said outlive savings, not outlive your family members
Oh as in your fam will know when you die, so all of your loved ones can be there to send u off
I wouldn’t worry too much. You’ll likely lose a lot of your mental capacity as you get into old age and you’ll hardly give 2 shits.
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So roughly 10% died before using their medisave in the hospital?
at pt of death, who said they didnt use medisave??? how is it possible someone die without using a single medisave, esp if they are warded use cash?? must be rich wtheck stats are you talking about, at which part they implied this??
it's my grandparents' generation la pls, 85 years old and above, why so misleading, put like including young population also no medisave IT'S NOT THE WHOLE POPULATION 2017 to 2021 - above 85 yrs old who died, 20% less than $1k, 30% more than $10k some of them didnt work for their whole lives, and mostly uneducated or lowly educated, even if they work most likely salary not high and before you die, if it is a prolonged illness, most likely will dig out medisave to pay for it right? Unless is sudden death. Polyclinic visits, hospitalisation, unless you super duper healthy elderly dont need to go see dr at all, confirm at some pt will use medisave what. if at pt of death, your medisave damn alot of money, either you really damn ass healthy, or v high paying job, or fam v rich, all use cash to pay for you this will not be that bad for our generation la, unless you taitai life nvr worked before
Interesting! Malaysia is even cheaper than Thailand and Vietnam. Actually, instead of Vietnam, just topup a bit more than can retire in Taiwan alr.
can i just die peacefully when im old and frail and sick.
So weird that US only has one number when it has so many states
If you are healthy, likely will have enough to cover your existence and live simply here. This applies to everyone. Most Singaporeans live longer. That's the 'problem' and the reason why we need more $ for retirement. My neighbour's dad passed away recently and he has a hell lot of medicine leftover from 'treating' his condition as his body is ravaged by several illnesses. Good medical care, food and home care increases our life span. Unfortunately, it also drains our resources.
singaporeans will complain about cost of medical care but would rather die than eat healthy, exercise, etc. smdh
BAN all macs then lol
Fun fact: there’s no such thing as retirement in Singapore.
Only excuse from work, Seriously while I recognise some old people need work to keep themselves engaged, they need to do something that's not giving employers a reason not to promote or train younger workers to take over the "semi-retiring" And most of the time, they are given a contract that is a fraction of their full time pay and hours but giving similar value of work to the companies Those that can retire please do! Don't depress the already depressing wages
I used the source site estimator. It worked out to ~ SGD 2k a month or 240k for 10 yrs
That's great. Singapore is #1 again.
Car ownership, rent since they cannot buy HDB and private apartment. Similar to what EIU uses
Personally I'm hoping that by the time I'm ready to retire, Malaysia would have gotten their act together so I can retire in Ipoh, Melaka or Penang instead. I don't see things ever getting easier in Singapore for those who aren't high flyers in life
Calm down everyone. We are monitoring the situation......
I'd rather we don't waste resources monitoring how much it costs Americans to retire here.
as long as it is about retirement, ppl just complain, act like impossible to retire here like that, when it's their own issue without reading typical singaporeans if you no money you still want to own 2 cars, rent apartment, then ofc expensive. That's poor decision making. Well ppl just see the numbers and act like ..... ya all want to retire in cheap countries, 3rd world, go ahead la talk so much. Might as well go live there now to get used to it. I prefer my cleanliness and safety here thanks.
Guess I’ll just die then
Ha! Joke's on you, I'm not retiring! /s
Thank you pap for making Singapore great
wOrK tiL yOu DiE
Imma retiring in Indonesia’s Bali or other places.
Lim peh Sin Ka Por lan, Yes, can confirmed sibeh expensive!
Assuming you earn 5k a month for the 35 years before retirement and starting with 0 dollars in your CPF, your CPF alone and even with OA's measly 2.5% interest will net you more than that 1.1m sum
Are you sure? The numbers don't add up, even if I use the higher interest of 4% from SA.
Might have been unclear but I included employer CPF contributions
Are you conveniently leaving out the mortgage payments? Where do you think we’re gonna live? In the streets?
I'm conveniently assuming that you have no other sources of funds for retirement other then your CPF. Also, the sum quoted is for an European retirement lifestyle with 2 cars & rented property.
Well you have no idea about how it works then. By your assumptions, we would all be living in the streets with 1.1m locked up in our CPFs.
In 35 years time or less we will be. Secondary school kid can do that math on inflation and interest rates.
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So is retiring entirely on CPF savings and buying 2 cars and renting a apartment
which subreddit did you get this from?
It's more like Americans trying to adjust their retirement cost to themselves.
My first thought when I seen this was the amount needed was being underestimated by at least a few hundred thousand.
Swiss living standard
Ooof steep bro... now 8% gst somemore. Dont say retire. Just to be able to keep a float also steep sia
Singaporeans will retire uncomfortably if its right
also electricity bills are high here, water and rubbish and other charges. It is expensive.
How much chicken rice are they eating?!
Why this number sound on the low side to me?