55yo man with no savings worried about retirement asks what he can do for the ne

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https://www.msn.com/en-sg/entertainment/news/55yo-man-with-no-savings-worried-about-retirement-asks-what-he-can-do-for-the-next-10-years/ar-BB1kOUjp?ocid=hpmsn&cvid=d2adbfd292e542fb9a23ba2a92a33990&ei=12

In his post on r/singaporefi, he provided details about his present circumstances, stating, "Current salary is $3.5K. Did not manage to save much money over the years as all went to my 2 daughters' education."

"I have a paid off 5 room HDB flat. Wife is working and making $2K. 2 daughters are recent Uni grads. I have $20K in some DBS shares and $10K cash savings. CPF I am not going to really count it."

"My goal is to retire when I am latest 65. I don't think I can still be working any more by then. In the next 10 years, what can I do?"

He also mentioned that since his daughters will soon be able to move out and rent their own places, he is considering renting out the entire house.

"I hope to have passive income of about $3K/month to sustain me and my wife. With the household contribution from my girls, that might give us additional $1500."

Below his post, Singaporean Redditors expressed their confusion as to why the man didn't want to count the CPF, which is presumably the most significant contribution to his retirement savings.

One Redditor said, "Not sure why you don't want to count CPF, but you can look up CPF Life and see if you can hit FRS and collect $1.6k a month from 65yo onwards for life."

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Others, on the other hand, chastised him for expecting his daughters to provide for him financially.

One Redditor asked him, "Are you sure your girls plan on giving you pocket money after they start working? You sure they will be able to earn enough to rent outside on their own while letting you rent out your existing place? Discussed it already?

A lot of young people cursing their parents for making them give an allowance, even though they sleeping in the parents house, using parents food and electricity and wifi. Their motto is – I did not ask to be born."

Another commented, "Haha, $1500 in total from both daughters. That's quite optimistic.

Some of my friends don't even give their parents money. And others that do, are often at $500 thereabout cause they have their own family to take care of."

A Redditor who happened to be a fresh graduate also chimed in, sharing her perspective on the matter.

She wrote, "Coming from a fresh graduate pov, unless your daughters are doing a very high paying job like 6k to 8k, and I would expect them to give arnd 500 to 600 for them to be comfortable.

I am paying my bills for myself and giving whatever I feel is comfortable in order for myself to have savings for the future. My dad understands this well because of the rising costs."

Others also suggested that he consider downgrading his 5-room flat to a simpler 3-room one. This way, he could utilize the proceeds from the sale to bolster his CPF life.

In related news, a Singaporean took to social media earlier this year after learning that there will be no more Special Account for CPF members 55 and above in 2025. He asked, "Should we plan to retire by 55yo?"

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i honestly have no idea wtf is this guy talking. having 6k (assuming he did his sums right), since i presume maybe CPF will pay him 1k-ish monthly

and a fully paid 5 room flat

he say until want to die. plus he still can work and wife can work

if dont want to work each person worst case scenario has 2k per mth

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u think about our gen and the next gen with million dollar flats, possibly economy going down

then talk more

all these boomers and gen x-ers say until damn chee cham but last time keep saying they worked harder than our gen and previous gen

bought 5 room for probably 300k or less

now 5 room near central 1m also cant buy

worst case scenario sell then rent place or buy another 3 room, more than sufficient for him and his wife to leave still can pocket at least like 200-300k even if they choose places like boon keng

kao peh similanjiao?

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i got uncles, aunties and plenty of cousins kao peh lanjiao say until they damn chee cham but got minimally 5 room flat

or 1 hdb + condo

or landed + hdb........ at least 2 assets

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no matter how i calculate, he and his wife will at least have 5k by any means per mth, selling flat, sell back lease, rent out rooms, go jb or continue working simple work

now AI and machines havent fully replace yet. dunno is humble brag or full of shit or both

wait another 20+ yrs when our time to retire i dont dare to imagine honestly. maybe wont even be able to live till then. maybe wont even be guaranteed job like him in 5 yrs

and we dont even have a fucking 5 room flat

somemore he is 55, say he can work another 5-10 yrs at his current pay, each yr can save 5-10k if he really wants, by 65 he can have like 50-100k possibly