How much do I really need to retire by 40?
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Context
The age old question, how much money do I need to retire by 40years old? I understand everyone is different and have different needs and wants. But assuming the following conditions:
- HDB fully paid for
- Have a family (1 wife and 1 kid)
- Wife is earning her own money (but doesn’t contribute to household expenses and I do not need to give her money)
- Simple lifestyle (Only dine in restaurants during special occasions)
How much do I realistically need to retire in Singapore?
Here are what netizens think
- Use a retirement calculator online. Punch in your current expenses (yes including spending on kid), and add inflation numbers. Put in the years you expect to be retired for using SG male life expectancy as a guide (this you can play around test out some best and worse case scenarios).
Now run the same thing but subtract out what you will get monthly from cpf. Will get the amount you need for cash. - If you live modestly, $1,000,000 per person will do. You keep the money in a portfolio of well chosen dividend paying stocks that will average you $2,500-$5,000 monthly till you die.
- how much does your simple lifestyle cost monthly? then include inflation. and then u calculate, assuming u might live till 90 or so.
- Go Malaysia or Thailand and retire better la, life is chiller there and things are generally cheaper because you have Singapore Dollars.
- Actually you can choose to be semi-retired, get a car go drive a bit of Grab to pass time still got some money. . If stress just cancel the ride don’t need bother so much.