How Much Money Do You Need To Retire?

Money to Retire - How Much Money Do You Need In Order To Retire or Be Financially Free.
Singapore
March 6, 2007 12:58am CST
I've got no clue. Maybe you can share some advise. Regards, Edmund Ng http://www.internet-empire.com http://www.purchaseresume.com
2 responses
@wealth168 (409)
• Singapore
7 Mar 07
The answer depends on several factors: 1) At what age do you want/intend to retire ? 2) Do you have financial committments (e.g. housing/car loans) ? 3) Do you have dependents ? If so, how many are still financially dependent on you when you retire. 4) What kind of lifestyle do you want to live ? 5) Do you want to travel overseas for holidays ? 6) How much money you managed to save (e.g. bank account) ? 7) How much assets do you own (e.g. house, stocks/shares) ? 8) Do you incur liabilities (e.g. legal cases) ? 9) Do you have passive or residual incomes ? 10) What are the expenses you incur daily, monthly etc. ? 11) What is your expected life span ? 12) Do you have health problems ? 13) Do you have insurance policies ? 14) Do you have expensive hobbies ? 15) Do you wish to spend on continuing education ? 16) How much money you spend on maintenance (e.g. food, repairs, transport, licences, subscriptions, medical fees, health care etc) ? 17) The prevailing GST and income tax rates 18) Bank interest rates 19) Balances in your CPF account 20) Eligible Govt. bonuses, subsidies & top-ups 21) Amount set aside for emergencies 22) Any others (you can think of) but not listed above. As you can see above, if we depend on our CPF, most of us will not have enough to retire unless we plan our finances early and carefully.
• Singapore
7 Mar 07
Yes. Agree. Most of the CPF are tied up for housing. Regards, Edmund Ng http://www.internet-empire.com http://www.purchaseresume.com
@ram_cv (16516)
• India
8 Mar 07
No clue is the right answer. Given today's inflation and macro economic issues like Oil and War, you just don't have any clue as to what is required for retirement. But, of course, you can see the trend and make some investments wisely to plan accordingly. For example having a mixed portfolio of investments in stocks and commodities with some safer investments in mutual funds and pension schemes could be helpful for the future. Then again you would need to revise your strategy all the way till you actually retire to reach the milestone you need at that stage. Cheers! Ram
• Singapore
8 Mar 07
Great advice. When do you forsee a rebound? The current state looks like an intervention from major central banks. Regards, Edmund Ng http://www.internet-empire.com http://www.purchaseresume.com