Retire with S$2k p.m. for Singles. Can?

Someone just chatted that $2,000 p.m. is enough for retirement for him as a single.  Maybe he is about 35?

So I free free check.


Can Singles retire with $2,000 p.m. (present value) now?

H&S: $1,000 p.a.

Home conservancy fee: $100 x 12 = $1,200 p.a.

CareshieldLife: $0 (pay by MA)

Utility n Broadband/Telco: $130 x 12 = $1,560

CI: $0

Term Insurance: $0

Home loan: $0 (fully paid)

Home Property Tax: $100 p.a.

Transport: $30

Parent allowance: $100 p.m.

Total annual fixed cost: $3,990 p.a. (= $330 p.m.)

~~~~~

Planned budget: $2,000 p.m.

Food: $15 daily x 30 =$600 p.m.

Surplus: $2,000 - $330 - $600 = $1,070 p.m.


In summary,

1. Previously someone said $1,000 p.m. (married with adult child, stay in condo, 5 Siblings support aged parent): $1,000 p.m. is not enough.

2. Here is the other way for Singles: $1,000 p.m. may even be possible. GxGx.

3. In 25-years time, $1,000 p.m. would be $2,000 per month, at 3% inflation rate compounded.


Poor me, even with $7,000 p.m. (singly) with 3% escalated inflation, I won't dare retire at age 62? In 3-years time.

By the way, in 25-years time at age 85, $7,000 p.m. would be $14,600 p.m.  (It's per month expenses at present value $7k p.m.).


Maybe you can try out on the DBS Nav Planner?

~~~~

Actually for Singles into retirement, one can don't bother with return. Treat it as 0 return!

Just focus to save enough towards age 55. 

To retire at age 40, with $360k sum to fund $2k p.m. for next 15-years, till age 55. ($2k x 12 x 15 = $360,000).

Once crosses age 55, our fat CPF can fund them. At age 65, CPFLife at ERS will pay $3k p.m. at Std Plan.

~~~

Retire with $1k p.m. can?  Don't scare me:

https://ferrarilim.blogspot.com/2023/02/retire-with-1k-monthly-bluff-me.html


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