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jtcp82

How Much Do You Save For Retirement?

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do agree with Matrix0405 on the financial planner part...but not so sure about 1.2k /mth is enough especially with raising healthcare cost (those chronic illnesses or major servicing/overhauls)... and if spouse is around, dun forget to x2.. :)

btw, would like to share this...

http://sg.finance.yahoo.com/news/How-to-Se...018048.html?x=0

Don't forget utility bills, HDB conservancy fees every mth plus internet subscription or cable TV bills - if your eyesight hasn't failed you and you haven't gone deaf :D All this will easily set you back another $300+.

This is also based on the assumption that you can still clean your own house when you are 70 or 80+ (provided we live that long). If by then we have bad back / arthritis / weak legs & arms and can't clean our house, have to employ part time cleaner (or hope that our kids remember to send a part time cleaner to our home to help clean it)

The car can only be used for 10 yrs. I hope to live longer than 10 yrs after I retire....

To renew the COE by another 10 yrs will cost additional $30k (by today's cost). How to survive....

If I don't have a car next time, old me will have to use tongkat and climb bus or take MRT and fight with daily commuters.

If it rains, pray that I don't slip and fall and end up in hospital :P

 

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Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

Before any agent approach you for recommendations, he should document your current net worth.

In another words, there should be a FORMAL REPORT, and customers have to pay for it. These report will show you where you are right NOW, and how you compare with the industry average. This acts like a BASELINE crystal ball.

After the report analysis, then discuss what your objective / goals in your life before buying something like insurance / investments.

Nowadays, i can only hear / see insurance agent wrote the client needs on a piece of paper and then attempt to sell !

For other comments, i usually don't buy house/condo with a slope up, because i know i cannot afford a car when i m in the 60s. Similar for landed, i won't need those 3 story thing, etc.

actually if you have plan your financial properly, about 1k per month is enough, subjected that insurance can cover till u 100 years old.

 

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Valid & logical.

Before any agent approach you for recommendations, he should document your current net worth.

In another words, there should be a FORMAL REPORT, and customers have to pay for it. These report will show you where you are right NOW, and how you compare with the industry average. This acts like a BASELINE crystal ball.

After the report analysis, then discuss what your objective / goals in your life before buying something like insurance / investments.

Nowadays, i can only hear / see insurance agent wrote the client needs on a piece of paper and then attempt to sell !

For other comments, i usually don't buy house/condo with a slope up, because i know i cannot afford a car when i m in the 60s. Similar for landed, i won't need those 3 story thing, etc.

actually if you have plan your financial properly, about 1k per month is enough, subjected that insurance can cover till u 100 years old.

Edited by bepgof
 

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Has anyone factored in children's education costs when doing financial planning for their retirement? Or would you expect your child to take a loan to pay their fees while they are in school?

This is one of my biggest concerns although my kids are not even in primary school yet :D

NUS school fees for Singaporean citizens are S$7200 per academic year. For a 4 yr course that would be about S$28,800 (current rates). Can't imagine what it would cost when it's time for my kids to go to uni (at least that's the path I hope they take).

Not to mention the price of an overseas education - if you intend to give your kid that option in the future, then better start thinking about it now....

Edited by blue_skies
 

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Has anyone factored in children's education costs when doing financial planning for their retirement? Or would you expect your child to take a loan to pay their fees while they are in school?

This is one of my biggest concerns although my kids are not even in primary school yet :D

NUS school fees for Singaporean citizens are S$7200 per academic year. For a 4 yr course that would be about S$28,800 (current rates). Can't imagine what it would cost when it's time for my kids to go to uni (at least that's the path I hope they take).

Not to mention the price of an overseas education - if you intend to give your kid that option in the future, then better start thinking about it now....

that was the big eye opener for me when a planner was calculating my net worth and retirement needs (and, no i didn't pay for this report, tho i met with many planners before i finally found one that i felt did comprehensive analysis for me, and i didn't buy any products from him either in the end). my kids (both boys) are going to be 6 and 7 this year, and based on their current and projected lifestyle and a local undergraduate education (i allocated 6 year course), the figure for each came up to a 6 figure sum somewhat beyond my initial estimation (ie. their cost up until graduation) which gave me quite some pause.

The calculations will also have to take into account the inflation rate you choose to use (i chose a higher rate to create more buffer), length of course, local or overseas (and in which country), etc etc.

my retirement plans cater for their education, and also cater for living and providing for myself independently from my kids, cos i do not expect any help from them in the future.

Edited by random_username
 

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i would try to save for my future kid's university education. in fact, i would rather save up more for his education than use that money for my retirement fund.

My dad's best present to me was to provide me with an education to allow me to live independently, and i would likewise want to do the same for my child. But the difference was, he told me straight in my face that he can only afford local U for me. But that was already good enough, knowing that he isn't loaded and had to scrimp for years.

Even if we are unable to save 100% of the uni fees, every bit counts. Even 50% or 60% would go a long way.

 

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That goes without saying for parents to save $ for children's edu up to U.

After U, children have earning power can "swim on their own" liao at same time kick parents to old folk home if parents were to financially completely depend on them. So .....

i would try to save for my future kid's university education. in fact, i would rather save up more for his education than use that money for my retirement fund.

My dad's best present to me was to provide me with an education to allow me to live independently, and i would likewise want to do the same for my child. But the difference was, he told me straight in my face that he can only afford local U for me. But that was already good enough, knowing that he isn't loaded and had to scrimp for years.

Even if we are unable to save 100% of the uni fees, every bit counts. Even 50% or 60% would go a long way.

 

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That goes without saying for parents to save $ for children's edu up to U.

After U, children have earning power can "swim on their own" liao at same time kick parents to old folk home if parents were to financially completely depend on them. So .....

I think old folk's home / nursing home doesn't come cheap. "Kicking" parents to old folks home also means someone's got to pay for them, and ultimately it would be the kids who pay for it if the parents have no money. We don't have social welfare here unlike other countries, plus our govt is actively encouraging the young ones to look after the parents :)

 

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I can't agree more with you on that!

Some ppl save alot, only for their children to squander/cheat their money away..

guys, in planning for retirement, please do not forget good medical insurance.

and teach one's kids right...a child can make or break one's retirement plans... <img src="http://www.renotalk.com/forum/public/style_emoticons/<#EMO_DIR#>/laugh.gif" style="vertical-align:middle" emoid=":lol:" border="0" alt="laugh.gif" />

 

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I'm 32 and I took study loan for my university education. While I do envy some peers that their uni tuition fees are fully borne by their parents.. I'm grateful for my parents to provide for my education till tertiary as they are not financially well-off.

In the future, I would ask my kids to take study-loan too. LOL.. In a way, it also trains them NOT to cultivate a sense of financial dependency on parents, and not take their tertiary education as granted. Anyway juz my 2c worth :sport-smiley-018:

i would try to save for my future kid's university education. in fact, i would rather save up more for his education than use that money for my retirement fund.

My dad's best present to me was to provide me with an education to allow me to live independently, and i would likewise want to do the same for my child. But the difference was, he told me straight in my face that he can only afford local U for me. But that was already good enough, knowing that he isn't loaded and had to scrimp for years.

Even if we are unable to save 100% of the uni fees, every bit counts. Even 50% or 60% would go a long way.

Edited by stardust205
 

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<!--quoteo(post=532021:date=May 17 2010, 09:15 AM:name=jtcp82)--><div class='quotetop'>QUOTE (jtcp82 @ May 17 2010, 09:15 AM) <a href="index.php?act=findpost&pid=532021"><{POST_SNAPBACK}></a></div><div class='quotemain'><!--quotec-->Hi All,

Care to share how much do you think is enough if you are retiring at the age of 62? <img src="http://www.renotalk.com/forum/public/style_emoticons/<#EMO_DIR#>/smile.gif" style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" /><!--QuoteEnd--></div><!--QuoteEEnd-->

Must breakdown into many items first (eg, medical, tpt, angbao(give away), .....) & sum up these, reflect mre accurately. Those mentioned in newspaper can "read", can't believe. When I "more free", will do a sum up, ok?

I'm back: aportion to monthly base

1. Transport (car, fully paid)- $200(petrol), maint($100), insurance +roadtax($150)+ parking($120) = $570

2. Daily expense (food + misc) - 30 x 15 = $450

3*. Angbao = 0 (out=in)

4. Special occassions(see movie, entertaiment) (say 2 in a month) - 2 x 50 = $100

5. Normal sick, GP (1 in 2 month) - 50/2 = $25

6*. Personal Insurance premium = 0

7*. Hospitalisation = 0

8. House loan (fully paid)=0

9. Clothing(inc underwear, shoe, sock, etc) - $50

Any more? 570+450+100+25+50 = $1195, round up to $1,200/per month (present money valve)

Even if house loan = 0, there are many other expenses not listed above.

SCC and property tax

Utilities

Tel and internet and newspapers

Presents, donations etc

Toiletries, no need hair cut?

Equipment that need replacement after 3 yrs, 5 yrs, 10 yrs. Your bed, mattress, tv, computer, fridge and washing machine etc will not last forever.

 

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