Can you enjoy retirement on S$1,000 to S$2,000 a month in Singapore? Three retired 60-somethings – a former IT professional, firefighter and salesman – share what life after retiring is like, and how they built their nest eggs.
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On a budget of about S$2,000 a month, Phua Foo Guan leads an active lifestyle going running, stair-climbing, playing table tennis and travelling. He once made a 30-day trip to Beijing, Siberia, Moscow and St Petersburg on a carefully-planned budget, and has also been to Cuba, Mexico and Alaska with his wife. He has been saving in cash and CPF since young, and investing his money over the years.
After working hard and scrapping by to put his four children through university, former airport firefighter Mohd Amin now enjoys time with family and friends – a modest lifestyle that requires only some S$1,000 a month. Downgrading from their 5-room to a 2-room HDB flat helped ensure a comfortable nest-egg.
Patrick Lee, who is single, found more time in retirement to care for his mum who has dementia. His budget of S$1,200 a month lets him take regular short holidays to Vietnam or Phuket, and indulge in cooking for friends or champagne brunches. His retirement income includes unit trust dividends and cash from renting out a room in his HDB flat.
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I get %11 annually from investing $746k in high dividend stocks or ETFs, about 70 k a year without touching principal, Couple that with little diversification you won’t be the queen of England but at least you’ll be good for life at least
If one can retire on 1-2k mthly in Sg， our Govt wouldn’t need to give cash handout n all the rebates etc yearly for the past 15 years….. get real lah.
They need to do an update for 2024 with the insane inflation increase over the years. That $2k is now $3.5k or $4k easily even owning your home outright with no mortgage.
Cut out the carbs and sugar for people with dementia. Go read up.
Poor thing these retirees. Lucky that their hdb generate them profits unlike newer generation where they have to take up higher loans.
If you own a place to live, S$1K-2K a month is feasible to live on. Grow your own vegetables and walk.
We also chose to educate our children, but we also have regrets about what we did with our extra money though we travelled extensively through Europe and the country of my birth. My husband is retired after working till he was 72. I am recently retired after 48 years of nursing. A year ago, our youngest son 30 years old, built a large house as an investment and then gifted it to us to live in for as long as it takes. Every day I give my thanks and gratitude because we are more fortunate and blessed than many.
Yeah sure $2k per month for retirement? They also say you earn $1000 per months also can buy BTO.
Maybe they forgot there was another ZERO after all the ZERO of the $2000 for retirement!
Kong jiao wei but hey….last count 61%…BELIEVE!
$4,400 for 30-day trip? From Beijing to Lake Baikal, Moscow and St Petersburg. Hard to believe it. Can you give the breakdown of the itinerary, please. $1000 to $2000 is enough to cover your daily expenses but not other things like going for tour, and other urgent expenses to pay for house maintenance and household items.