8 Years of Hardship After Retirement
-
Posted from Redwire Times
Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement. A majority estimate their savings to cover only nine out of the 17 years they expect to live in retirement. This was the conclusion of a study done by Hong Kong Shanghai Banking Corp (HSBC). Close to half of those polled indicate they expect to continue working past retirement.
More than 1000 people in Singapore took part in the study.
People in Singapore also say that they will require more than 60% of their current annual household income to live comfortably. That works out to be around $5000 per month.
“There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise.”
- Paul Arrowsmith, Head of Retail Banking and Wealth Management, HSBC Singapore
-
Atleast $5000/month to survive?Something's wrong here.
-
Cai png very expensive.
-
It's better to die young in Singapore seriously. Singapore is not a place to grow old and retire.
And by the time I retire, the min sum will already rise to some astronomical figure and I've already resigned to fate that I'll never get back my money in CPF unless I die. No wonder so many singaporeans migrating so that they can fully withdraw CPF.
-
You can live with $1000 a month or $5000 or more depending on how you wish to spend your money.
But if you are talking of simple life style with little entertainment and no oversea holiday trips other than occasional JB trips, $3000 seem about there. That is you don't have sudden expenditures or medical bills.
Yes Singapore is a difficult place without $. Without $, who would welcome you even if you decide to go oversea?
-
Originally posted by Cowboyjohnnylah:
Posted from Redwire Times
Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement. A majority estimate their savings to cover only nine out of the 17 years they expect to live in retirement. This was the conclusion of a study done by Hong Kong Shanghai Banking Corp (HSBC). Close to half of those polled indicate they expect to continue working past retirement.
More than 1000 people in Singapore took part in the study.
People in Singapore also say that they will require more than 60% of their current annual household income to live comfortably. That works out to be around $5000 per month.
“There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise.”
- Paul Arrowsmith, Head of Retail Banking and Wealth Management, HSBC Singapore
"60% of their current annual household income to live comfortably. That works out to be around $5000 per month" that means current annual income is $100,000 !!
$5000 per month or $60000 per year, if you want to live 17 years, you need to have $1million, not counting inflation over the 17 years!! bankers will always tell you, put your money in their banks, if you have the $1million, and they draw big salary for managing your money, for your retirement.
By the time we retire, most of us would have paid up our HDB, children grown up, why do we need $5000 to live comfortably?
Listen to the bankers, you will live miserably, thinking that others are better than you, you might as well die.
-
Originally posted by Cowboyjohnnylah:
Posted from Redwire Times
Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement. A majority estimate their savings to cover only nine out of the 17 years they expect to live in retirement. This was the conclusion of a study done by Hong Kong Shanghai Banking Corp (HSBC). Close to half of those polled indicate they expect to continue working past retirement.
More than 1000 people in Singapore took part in the study.
People in Singapore also say that they will require more than 60% of their current annual household income to live comfortably. That works out to be around $5000 per month.
“There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise.”
- Paul Arrowsmith, Head of Retail Banking and Wealth Management, HSBC Singapore
Hong Kong people need US$56,217 annually to retire ??
-
Just sell the million dollar hdb flat and retire
so simple
-
then stay where lol....east coast crowded
-
Isn't that the reason why public housing can go up so high?
So that people can feel rich?
-
:lol:
-
Originally posted by charlize:
Isn't that the reason why public housing can go up so high?
So that people can feel rich?
when you die, who takes over the million dollars HDB, bring along?
-
Originally posted by sgdiehard:
when you die, who takes over the million dollars HDB, bring along?
If you can make hdb reach one million dollars, you can find a way to bring along to where you go.
Really.
-
Originally posted by charlize:
If you can make hdb reach one million dollars, you can find a way to bring along to where you go.
Really.
hdb reaching 1 mil is only a possible in our lifetime, but meeting the creator is certain.
can bring along? you think you need it there? crematorium only burn your body, sai gong can burn your house, but made of paper, otherwise everytime when there is a funeral, there is a fire in HDB....
-
Some people think can.
so they amass milliobs and millions of dollars.
-
Maybe the other side got public housing, private condos and bungalows.
-
Cheaper better faster is the way to go.
-
No money, so how?