Asking Singaporeans How Much They Need To Retire In Singapore | Street Interview
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- Опубліковано 10 лип 2024
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0:00 - Intro
0:17 - How much should you be making annually to live comfortably in Singapore
1:20 - Biggest financial stress
2:47 - How much do you need to save up for retirement
6:23 - Thoughts about the cost of living in Singapore
8:34 - Are you comfortable with the standard of living that you have right now?
10:00 - Tips on how to budget your finances
11:19 - Conclusion
Moomoo X Nasdaq free 3 months trial is valid from 01/05/2024 12AM to 31/07/2024 1159PM only. Full T&Cs apply to all campaigns indicated in the video. All views expressed in the video are the independent opinions of Kelvin Learns Investing. Neither Moomoo Singapore or its affiliates shall be liable for the content of the information provided. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Just be smart and plan carefully. Be frugal and don't spend unnecessarily. It's just simple arithmetic
Agree with Chris...and stay in Malaysia. Crazy to retire in Singapore, getting o more out of reach. Work in Singapore and live overseas.
Not many can do that .. . He got long way to go in life
Exactly.
Kelvin, please interview those people with kids. To give others a wider point of views on the different stages of life on the financial needs in SG. Trust me, the answers for your questions will be very different.
Truly, Singapore is NOT an expensive place to live in after travelling to over 2 dozen countries for work, mainly developed countries. It all depends on one’s lifestyle. If one chooses Montessori kindergarten over PCF, or an iPhone instead of a Google/OPPO, or an up-class hair salon over S$10 hair cut (male) at neighborhood barber/salon or dine frequently at restaurants (cafes) rather than at hawker centre/food court (Singapore has the cheapest food in the world among all developed countries, where else can you find a S$4-$5 meal?). Or buying groceries at class-branded supermarkets over those located at (HDB) neighborhood or buying a car and yet cursing at high COE but conveniently ignoring/overlooking the efficient public transportation etc, the list goes on! Also, too many Singaporeans over stretch/invest in their home, thus hurting their cash flow. For first-time home buyer, why buy a private property or HDB resale instead of a BTO (with the exception of some who really cannot wait because of urgent reasons). There is almost always (relatively) cheaper alternatives in many things and choose only those that are within one’s affordability. In fact, many of those people who constantly complain and fanning the flames of discontent about high living costs could be the group with rather “atas” lifestyle. They turn their WANTS into basic NEEDS! I think the prices of 80% of basic necessities here are relatively reasonable. With 80/20 rule, I believe Singapore is a livable country. Of course, they are always the lower income group who are struggling, and need government assistance….
Interestingly, people are still talking about budgeting for a car in their monthly expenses for retirement... 😂
Hey Kelvin, what was the name of the event you attended in the video?
Seedly personal finance festival
@@KelvinLearnsInvestinghuh so long ago. Not enough content ah
why people say car house, not house, then maybe car? when car came to the mind before the house, that's a problem
1m to semi retire. interest from the 1m can cover personal expense already (differ from person to person)
From 50% withdrawable at 55 to $5k
From your 4.08% compound interest after 65 to not your interest
From $205k FRS to $55 daily allowance, CPF Life indeed is a very powerful revenue generating tool
where is the event when u did the interview?
Seedly Personal Finance Festival 2024!
I spend more after I retired. Fortunately it is planned. Retirement sum = Monthly expenses x 12 x how long is yr remaining years. eg. 5kx12x30yr=$1.8m. Couple $3.6m. My calculation is keeping it Simple for folks already confused with Passive Income, Inflation & Rate of Return. They already underestimate their expenses, longevity, medical & long term care. Interview youngsters abt retire - talking abt having baby after retire?
Why even need $3:6mil??!!! U duno how to invest? $2mil invested into Reits or Banks will already give you $10k per mth passive income!
@@deschua76My calculation as stated is for simple minded. My portfolio has Reits n Bank since 2002. My expenses is more than $10k pm.. so I m watchful over my portfolio 😂
Truly, Singapore is NOT an expensive place to live in after travelling to over 2 dozen countries for work, mainly developed countries. It all depends on one’s lifestyle. If one chooses Montessori kindergarten over PCF, or an iPhone instead of a Google/OPPO, or an up-class hair salon over S$10 hair cut (male) at neighborhood barber/salon or dine frequently at restaurants (cafes) rather than at hawker centre/food court (Singapore has the cheapest food in the world among all developed countries, where else can you find a S$4-$5 meal?). Or buying groceries at class-branded supermarkets over those located at (HDB) neighborhood or buying a car and yet cursing at high COE but conveniently ignoring/overlooking the efficient public transportation etc, the list goes on! Also, too many Singaporeans over stretch/invest in their home, thus hurting their cash flow. For first-time home buyer, why buy a private property or HDB resale instead of a BTO (with the exception of some who really cannot wait because of urgent reasons). There is almost always (relatively) cheaper alternatives in many things and choose only those that are within one’s affordability. In fact, many of those people who constantly complain and fanning the flames of discontent about high living costs could be the group with rather “atas” lifestyle. They turn their WANTS into basic NEEDS! I think the prices of 80% of basic necessities here are relatively reasonable. With 80/20 rule, I believe Singapore is a livable country. Of course, they are always the lower income group who are struggling, and need government assistance….
Wah lau, why u ask elites like Chi Keng lol
Good luck to these youngsters.. their CPF are mostly locked in their Housing so by 55, I see they hardly can even get the FRS.. so they have seriously rely on cash savings which is very tough for moat people esp they are thinking minimally to have $1mil CASH 😊
1 mil is the benchmark now, 10 years later the answer will be 2 mil
This old trope of doing interviews with arbitrary people on the streets about their financial plans, upkeep or goals is getting tiresome. The answers given are mostly random and not data centric and doesn't apply to everyone
I wonder why financial youtubers rarely ask people what their monthly spending is VS monthly income from different sources. I mean without positive cashflow, how can one even talk about retirement or investment? That would be a more useful insight for everyone
These crazy-rich kids!
By the way, why ask these youngsters how much is enough. Should ask those retirees instead.
Cool
Need consult the best fortune teller to read how long you can live 1st ...hahaha then plan
DCA BTC YoY cagr 40% beats S&P
when I was in my 20+, I think 3-4k a month is enough. As you get older, u are wiser... than maybe u need 8-10k haha..
The guy want 100k- how he made it?
These questions actually have no ending la....now better worry abt present and not future...with all bills up and health most important ...i have few friends all just left the world due to sickness n some got stroke suddenly...all ages less than 70yrs...so whats the retirement issues? Our gov will take care of us or those really cannot manage when old ...im sure abt that ...thats why sg and gov is best of all countries...spend wisely and control unnecessary spending most important...thats my weakness...hahaha but what i really want will just enjoy and spend within bughets or else will be like some suddenly leaves the world and missed lots of things he didnt enjoy
Think or plan too much is downside risk - over plan can be issue too.
So long you guys thinking to retire in singapore, then a big pot of millions then alright to substain very comfortable retirement. Be realistic. How many ordinary S'porean can you attain it. Unless, very basic living is then achievable here.
Smart move. Get Malaysian wife. 😊
Please don’t wear the oversized blazer😂
Hahaha
What's wrong with it. Look good, Kevin.
So many have fun staying poor folks… If you cannot achieve financial freedom by the age of 45, you only have yourself to blame…