Retirement
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For me, I think when I retire, I'll still stay in Singapore....I calculated my expenditures to be decent per month so its still ok. I'll probably retire at age 60 or 65....must have some savings....otherwise difficult to retire in Singapore....
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Originally posted by Atake:
Hi Zul, I am trying out semi retirement by doing a part time job. I would like to retire in penang or jb. But I prefer the seaside. How do I start? I quite dislike staying in Singapore as a retiree.
Sorry for the late reply Atake. This is my advise to you Atake. If you want to go for a semi-retirement and later for full retirement, first of all you must make sure that you are debt free. Second, your children are fully independent financially and they are not depending from you or your wife for financial support and likewise, you and your wife must be financially independent too from your children. So you and your wife do not financially burden your children...well...unless they voluntarily wish to support you and your wife financially during your semi-retirement or later when you go for full retirement...by all means take it. Thirdly, if you have bought a property in Malaysia, in JB or Penang, and have fully paid on the property and have no financial debt, it will be good for you to try out the semi-retirement process and later for the full retirement. When you go for a semi-retirement process, your work will be on contract basis or on freelance basis....you can work on a flexible working hours. About your preference of going into semi-retirement or later full retirement by the seaside, well, in JB those seaside properties like in Danga Bay and Setulang Laut, they are located right on the beach front facing Singapore northern coast line. However, the beaches are not as great like those beaches on the eastern coastline of Malaysia. I think, if you want a nice seaside beach house, Desaru area will be a very nice place for you. Remember this Atake, if you are debt free, its easier for you to go for semi-retirement because you just need to work to past time and your financially commitment is only your daily expenses. And if you are single, debt free and financially your are strong, then by all means go for that semi-retirement....but then again....at what age you wish to go for semi-retirement and later full retirement, its your choice and planning. Good luck to you. -
Actually to retire in SG is also a good thing if you have enough savings...
You may also rent-out your HDB rooms and make some money....then you shall be ok with your SG retirement plans...
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Anybody calculated how much money is needed for complete retirement in Singapore?
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Originally posted by Demon Bane:
Actually to retire in SG is also a good thing if you have enough savings...
You may also rent-out your HDB rooms and make some money....then you shall be ok with your SG retirement plans...
You can rent out your rooms and you must also be willing to lose your privacy and maybe face some problems with the tenants. Many Singaporean HDB owners now rent out the whole flat and they live elsewhere. -
Originally posted by Demon Bane:
Anybody calculated how much money is needed for complete retirement in Singapore?
When I fully go for full retirement....I can stretch my S$3000....to last for one year in JB. -
Demon Bane wrote on 15 Aug `13, 1:02PM "Anybody calculated how much money is needed for complete retirement in Singapore?" Hi Demon Bane. I'm just wondering what is the figure you have come out with for Singaporeans to retire comfortably in Singapore? Thanks.
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I think just do it. No need to calculate how much you need. It will never be enough. The problem with semi retirement is loneliness. If you can find the right group of like minded friends, then it's smooth sailing.
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Thanks for the reply Zulkifli. I am not financial free from my children yet. I'm forced into early retirement. I can get a job as a $6 per hour great singaporean job but I refuse. It's ok to do nothing. You can try out a lot of meaningless $6 part time job but in the end you are just kidding yourself. $30 a day is not worth stepping out of bed.
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I hoep I can retire when I am 80 years old.
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Originally posted by Demon Bane:
Actually to retire in SG is also a good thing if you have enough savings...
You may also rent-out your HDB rooms and make some money....then you shall be ok with your SG retirement plans...
That's like saying you can live if you have enough oxygen to breathe.
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Originally posted by Atake:
I think just do it. No need to calculate how much you need. It will never be enough. The problem with semi retirement is loneliness. If you can find the right group of like minded friends, then it’s smooth sailing.
Hi Atake. Its the other way round actually. Semi-retirement you are still working and you still have many friends. Its when you go into full retirement then you probably feel lonely if you are not active. When you do part time or assignment basis work during your semi-retirement, you are no longer ambitious or career hunger to climb the corporate ladder anymore rather you just want to past time and earn some money. You can do jobs like relief taxi driver, security, part time office work etc. The other way you can do is to work for few months full time and then stop work and relax. Then work again if you feel like working not because you need the money but you want to pass time. When you go for full retirement then probably you will face the emotional phase problems like feeling unwanted and unimportant anymore because you are longer working and earning income. If you are not active you will feel lonely and depression will set in. I'm 50 now and I'm into my semi retirement now for 2 years now. I keep myself active by taking long walks and I exercise regularly. I mix around with my neighbours in JB regardless of their age and gender. I find hobbies to keep myself occupied....like cooking, gardening, reading etcs. The most important thing when you want to go for semi-retirement and full retirement later.......YOU MUST HAVE MONEY IN YOUR SAVING ACCOUNT. And keep yourself healthy and remain active as a human being with your family, friends and the community. -
Originally posted by Atake:
Thanks for the reply Zulkifli. I am not financial free from my children yet. I’m forced into early retirement. I can get a job as a $6 per hour great singaporean job but I refuse. It’s ok to do nothing. You can try out a lot of meaningless $6 part time job but in the end you are just kidding yourself. $30 a day is not worth stepping out of bed.
I'm sorry to hear about your force retirement ordeal Atake. Whatever it is, don't give up hope and keep yourself healthy. Good luck. -
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Originally posted by zulkifli mahmood:
Demon Bane wrote on 15 Aug `13, 1:02PM
“Anybody calculated how much money is needed for complete retirement in Singapore?”Hi Demon Bane. I’m just wondering what is the figure you have come out with for Singaporeans to retire comfortably in Singapore? Thanks.
Hmmm....I really don't know....it depends on the loans for housing/car etc. I never thought of it....anyway complete retirement can be boring....maybe work part-time after age 60 ?
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My friend is planning to retire really soon....any ideas how to pass time?
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Originally posted by Demon Bane:
Hmmm....I really don't know....it depends on the loans for housing/car etc. I never thought of it....anyway complete retirement can be boring....maybe work part-time after age 60 ?
Yes, that is correct. If you have afew years left to settle your HDB flat loan, you might as well settle it fully. You will save on the interest. About car loan in Singapore, well, just used the car to the max of 7 years instead of 10 years then sell it off. No point having a car for 10 years only. I don't recommend you to buy a new or second hand car if you retire in Singapore later. Why create new debts for yourself when you already retired. Just take the public transport will do. When you retired fully you must accept the fact that you are retired and you have plenty of time within your hand. You must be creative and active. Take your time to do things because if you do it too fast you will have nothing to do lols. I know many retired parents in Singapore are taking care of their grandchildren....maybe you can do that and keep yourself occupied and spend quality time with your grandchildren. -
Originally posted by Demon Bane:
My friend is planning to retire really soon....any ideas how to pass time?
Well, maybe you can list down all those things you want to do now before you go into semi-retirement or full retirement later. You must keep yourself active. Surfing the internet and chatting on your mobile phone or PC, talking/drinking coffee, tea or beer with your friends at the coffeeshop, watching tv, listening to radio or reading at home the whole day is not it. The real world is out there not the internet. Take your time to do things that you like to do. As for myself while I'm into semi-retirement now, I started to paint the fences, maingate and house, gardening, cook ( I don't always eat out), repair the things within and outside the house myself like a handyman, took a bus trip to other part of Malaysia or budget trip to other countries whereby Singapore or Malaysian currency is higher, reading, exercise, bbq with friends in the garden, started giving away my unused clothings to charity, visit my neighbours and help them with gardening or painting or repairs etc. There are many things you can do when you go into semi-retirement or full retirement next time. And you can also seek your spiritual path without thinking about your work....that is the way to do it. You must see what is life and how its going to end too for yourself...you will know what I mean when you are into semi-retirement or full retirement later. -
Originally posted by zulkifli mahmood:
Yes, that is correct. If you have afew years left to settle your HDB flat loan, you might as well settle it fully. You will save on the interest. About car loan in Singapore, well, just used the car to the max of 7 years instead of 10 years then sell it off. No point having a car for 10 years only. I don't recommend you to buy a new or second hand car if you retire in Singapore later. Why create new debts for yourself when you already retired. Just take the public transport will do. When you retired fully you must accept the fact that you are retired and you have plenty of time within your hand. You must be creative and active. Take your time to do things because if you do it too fast you will have nothing to do lols. I know many retired parents in Singapore are taking care of their grandchildren....maybe you can do that and keep yourself occupied and spend quality time with your grandchildren.I will keep that in mind and tell my friend too. Thks!
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Originally posted by zulkifli mahmood:
Well, maybe you can list down all those things you want to do now before you go into semi-retirement or full retirement later. You must keep yourself active. Surfing the internet and chatting on your mobile phone or PC, talking/drinking coffee, tea or beer with your friends at the coffeeshop, watching tv, listening to radio or reading at home the whole day is not it. The real world is out there not the internet. Take your time to do things that you like to do. As for myself while I'm into semi-retirement now, I started to paint the fences, maingate and house, gardening, cook ( I don't always eat out), repair the things within and outside the house myself like a handyman, took a bus trip to other part of Malaysia or budget trip to other countries whereby Singapore or Malaysian currency is higher, reading, exercise, bbq with friends in the garden, started giving away my unused clothings to charity, visit my neighbours and help them with gardening or painting or repairs etc. There are many things you can do when you go into semi-retirement or full retirement next time. And you can also seek your spiritual path without thinking about your work....that is the way to do it. You must see what is life and how its going to end too for yourself...you will know what I mean when you are into semi-retirement or full retirement later.Lets hope no more loans to pay before full retirement....
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Hope.
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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.
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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....
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So anybody else calculated the exact $ we need to completely retire ?