Can retire with $1k monthly? got bluff me?

 Someone who is my cohort just retired last year.  He candidly shared that his average monthly expenses is less than $1000.

Some background that I gathered:

1.  Married with a working adult child.

2.  Stay in condo; ever spinned n profited from few property sales.

3.  Still need to support aged parent with 4 siblings.

4. No car.

So I did some quick calculation to see sure or not to retire with $1k monthly expenses.


Think his $1k p.m. is thin retirement.

Utility & PS, water : $100 p.m.

Telco: $20 p.m. 

MCST: $200 p.m. (where got so low maintenance?)

Medishieldlife: $800 / 12= $66 p.m. (can pay by CPF-MA)

H&S Shield Plan: $1200 / 12 = $100 p.m. (excluded $680 deducted from MA)

Support his parents: $2000/5 = $400.

Basic fixed monthly overhead: 

100+20+200+100 + 400 = $820

With just $1000 p.m., net available for meal = $1000 - $820 = $180 p.m. (or $6 per day)

Not forgetting that he just retired, he need to fully pay his last year personal income tax.

------

In summary, my assessment is that $1k p.m. for his personal expenses is not enough.  


Even if he did spend just $1k p.m., why suffer in retire?  Frugal and prudence expenses?   

Maybe he missed out something? 

Maybe his working child gives him a $3k monthly allowance? 

Comments

  1. Mr Ferrari6 February 2023 at 06:47

    In summary, my assessment is that $1k p.m. for personal expenses is not enough.

    Maybe he missed out something?

    Maybe his working child gives him a $3k monthly allowance?

    ReplyDelete

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