Awesome points on how much is really enough financially. Contentment is always hard and greed is always present. In pursuit of finances people tend to forget they have opportunity costs like family time, experiences and adventures, it is the individual's choice to make at the end of day if those trade offs are worth it to them.
Fully agree on your point at 11:00.. we are often clouded by $$ during our prime years at the expense of memories and sacrifices only to realize at our deathbeds that the money in the bank is just a currency for this lifetime.. other than passing on to the next generation..
Absolutely agree with your sentiments. These people usually throw such opinions online without doing any detailed calculation & planning for themselves. Lifestyle is a choice
In the future, inheritance gained from both working parents and maybe grandsparents will be much higher as well. If a person is married - this amount will also be x 2. So family background and household income does play a part too.
Hey Josh. I m in Korea for 2 months of hiking in their mountains. Its been 6 weeks already. 3 meals a day cost 40 dollars per head easy. The sting of purchasing power can be felt. Travelling cost really shot up. CPF is only sufficient to spend in SG.
The calculation I think didn’t wrong that was included housing, expenses all together, bear in mind not all of us are holding housing at 30 years old. Car is optional, so if purely depending on food after 30 years I don’t think we need such amount to cover our life base on the 4% inflation.
Brilliant assessment and breakdown Josh as to how we should look at retirement and how much we really need. Most important it is also dependent on the lifestyle that you intend to live in both your active and slightly not so mobile years. Simply put, it differs with every individual and family.
long term nursing care is 6K per month in Australia and this is average cost. The waiting time is two year or more. and the cost has only way to go which is up
Healthcare expense will be the biggest ticket item in old age. I met a friend recently who is retired. Hospice care 2k a month after govt subsidy! This is the amount my friend is paying for her mom. She lives in a 4rm hdb. Cannot imagine what the cost will be in future!
Nursing home care is $3K/mth after appealing to MP (opposition party) to get govt subsidy. It's what I learnt fr a friend who had since passed away. This was for her father then (who passed away 3 days after learning her death). She lived in 3-room HDB flat with her retired 70 y.o. mom and mentally-ill unemployed elder sister. She was the sole breadwinner.
Love this content Josh. However I think as parents, capital preservation sometimes works as a form of legacy to let our kids have a better head start. However I think your sharing of deflation of retirement makes absolute sense that expenses will start to get lower and appetite will get smaller as we age as well.
Hi Daniel thanks. If we live till 85, kids are 50s already and head start phase is no longer a worry. In fact we hope they are better than us financially. And most in SG are property owners, we leave that behind already. Its really ok to spend your savings =)
$18k pm? Ridiculous! I'm 67 and retired since 60. Most months I spend less than $1.5k pm if I don't travel. I travelled almost every other month before the pandemic alternating long trip(Europe, America's) medium trip(Asia, Australiasia)and short trip(ASEAN). Net worth?
very much agree on the 1m on last day example. 钱是带不走的. money is only of value if its used to exchange for experiences, for memories or for goods. if not that piece of paper is worth as good as nothing
Some people choose to have that for their next gen. I am sure i will die with more than a million bucks but that is intended for my children. So nothing wrong as thats the intention. This does not mean i disagree with your 1m on last day example.
I thk needed how much of $ to retire per month is a very subjective to each individual and their background.. For example, a company normal worker and a senior management to retire, both hv different expectations and basis cost of living on their retirement lifestyle ..
I think apart from living for today, having enough money to not depend on kids or anyone gives people security and confident . The thing about spending , it can be addictive and one leads to another and some might not be able to control lifestyle expenses. I think the key is what you suggested fine balance between too extreme on both side. Good video ^^
6k present value per month if you are in 30s and 40s very possible but when you are in 50s and 60s your expenses are very different….no children expenses, housing fully paid, etc. I am retired now 55yo….my monthly expenses is about 3k very comfortable
I agree, especially as we age, not easy to spend big money. We wont eat much, wont need to care of whole family... We need to plan to deplete our bucks. These days, i share my Toast Box set portion w my friend. Afford few great fine dining... We should hv enough as we arrive 70s. 50s - must spend heartiestly 60s - no urge to spend 70s - nothing to spend on 80s - no energy to spend
a lot of ppl calculate it base on lifestyle lika being about to travel overseas once a year . I have gone overseas once in 40 over years.. does it mean I am weird.. and they count it base on how many times you dine out etc.. They count it based on the lifestyle of those more well to do people..
Eating prata is an impromptu thing which most people only do for supper or breakfast. Would not specially go BM to eat but would keep in mind prata continues to be $1 there (thanks). Actually I already started to fry my own instant prata during covid19 lockdown periods in 2020. I eat plain, with leftover curry from dinner or lunch or with not-so-nice canned curry.
How much is enough to retire depend on individual life style. If you live simple and eat simple you don need much. Do not compare. Be yrself so long you are peaceful and happy and healthy. Cut down on social media as it add burden to yr life.
I think the the logic of aim for the stars but hit the moon is still logical. Aim small miss small. Aim 18k but hit 10k not too bad but of course not at the expense of life regrets.
I like aiming for stars. Just that when it comes to expectations, targets move. Thats where knowing a base number to die die hit may be a better approach??
Hahaha, good video with facts and sensible advice to trash those who like to frighten people about "not having enough" for old age. Inflation is here. So, less eat outs and make your own kopi teh at home. Can save alot already. ANd, probably healthier too.
with cpf life n srs at 62 onwards I can fall on. so 55 to 62 this 7yrs still can withdraw abit from cpf. so more or less is enough onwards at age 55yr old
The $18k/mth minimum retirement sum is too much and not realistic. Without going into details, I estimated my retirement sum to be $3-4K/mth per pax. And this sum do changes over my retirement period, it does reduce a fair bit when I’m pass 80s. Btw I’m 50 now. Our lifestyle will be different compared to current. To just depends on FRS, it can provides basis needs but may not be comfortable. Would recommend aim for ERS if possible and top up the rest with other annuities or investments. My cpf balance will be use as emergency fund when needed.
sigh brother i same age as u... married. NAV of 1.8 mil..if u ask me get 5.4 mil. I got long way to go... So we have put off holding kids..no point. thanks for ur advice.
To each hs own. There is no one correct answer. My number for retirement is more than $18k per month leh. For some other people it is $200k per mth. Some others, $4k per month enough and comfortable already. No need to be too upset. The key word here is not “NEED” . Its pointless to discuss your needs versus mine and for that matter, your wants vs mine. Take it easy mate.
What about health care... or lets say we are genetically bless but nevertheless mobility and mental strength will drop and we cant do as much "research" for best deals. Better stay safe than sorry :P
Good point. Echoes with the book "Die with Zero": Dont overwork and under-live.
Yes great book, enjoyed it
Awesome points on how much is really enough financially. Contentment is always hard and greed is always present. In pursuit of finances people tend to forget they have opportunity costs like family time, experiences and adventures, it is the individual's choice to make at the end of day if those trade offs are worth it to them.
Yes. Id like to highlight the opportunity cost message to balance out the materialism we see around
Fully agree on your point at 11:00.. we are often clouded by $$ during our prime years at the expense of memories and sacrifices only to realize at our deathbeds that the money in the bank is just a currency for this lifetime.. other than passing on to the next generation..
Really appreciate this honest and genuine take on retirement.
Absolutely agree with your sentiments. These people usually throw such opinions online without doing any detailed calculation & planning for themselves. Lifestyle is a choice
Yes Chris! And they shouldnt impose what they think onto others. Everybody has a different circumstance...
In the future, inheritance gained from both working parents and maybe grandsparents will be much higher as well. If a person is married - this amount will also be x 2. So family background and household income does play a part too.
TQ Josh. He speaks from the heart💫
This is really true.. Time is Money, Money is Time! Well said and I like your presentation on this topic!
Thank you, share with someone who should see too
@@joshconsultancy will do!
Hey Josh. I m in Korea for 2 months of hiking in their mountains. Its been 6 weeks already. 3 meals a day cost 40 dollars per head easy. The sting of purchasing power can be felt. Travelling cost really shot up. CPF is only sufficient to spend in SG.
Haha maybe thats because the locals would know where to find cheaper stuff?
@@joshconsultancy i eat with the office workers. They do not have hawker centres like SG.
The calculation I think didn’t wrong that was included housing, expenses all together, bear in mind not all of us are holding housing at 30 years old. Car is optional, so if purely depending on food after 30 years I don’t think we need such amount to cover our life base on the 4% inflation.
Yup. And mortgage should be cleared by 65? And mortgage cost is locked in with purchase now, doesnt inflate
Brilliant assessment and breakdown Josh as to how we should look at retirement and how much we really need. Most important it is also dependent on the lifestyle that you intend to live in both your active and slightly not so mobile years. Simply put, it differs with every individual and family.
Thank you. Share with someone who should hear the message too
You've got some balls to spill the beans like this. 😂 Maybe one of a kind in the FA industry. 👍
Be present to enjoy every moment in our life. Spending more quality time with your loved one.
Like! Thanks for analysing and addressing these fear to outlive our capital but forgot to live for today
Welcome. Id be putting out this message to address this fear more in the coming weeks ahead. Stay tuned
long term nursing care is 6K per month in Australia and this is average cost. The waiting time is two year or more.
and the cost has only way to go which is up
Have on hand long term care insurance. In SG its about $3k
Healthcare expense will be the biggest ticket item in old age.
I met a friend recently who is retired.
Hospice care 2k a month after govt subsidy!
This is the amount my
friend is paying for her mom.
She lives in a 4rm hdb.
Cannot imagine what the cost will be in future!
Maintain healthy lifestyle from now to avoid big healthcare expense in future would be a choice =)
Hospice is ya costly. Last stage needs
Nursing home care is $3K/mth after appealing to MP (opposition party) to get govt subsidy. It's what I learnt fr a friend who had since passed away. This was for her father then (who passed away 3 days after learning her death). She lived in 3-room HDB flat with her retired 70 y.o. mom and mentally-ill unemployed elder sister. She was the sole breadwinner.
Love this content Josh. However I think as parents, capital preservation sometimes works as a form of legacy to let our kids have a better head start.
However I think your sharing of deflation of retirement makes absolute sense that expenses will start to get lower and appetite will get smaller as we age as well.
Hi Daniel thanks. If we live till 85, kids are 50s already and head start phase is no longer a worry. In fact we hope they are better than us financially. And most in SG are property owners, we leave that behind already. Its really ok to spend your savings =)
$18k pm? Ridiculous! I'm 67 and retired since 60. Most months I spend less than $1.5k pm if I don't travel. I travelled almost every other month before the pandemic alternating long trip(Europe, America's) medium trip(Asia, Australiasia)and short trip(ASEAN). Net worth?
Exactly =)
very much agree on the 1m on last day example. 钱是带不走的. money is only of value if its used to exchange for experiences, for memories or for goods. if not that piece of paper is worth as good as nothing
钱是带不走的 - ya very few would want to side with us on this
Some people choose to have that for their next gen. I am sure i will die with more than a million bucks but that is intended for my children. So nothing wrong as thats the intention. This does not mean i disagree with your 1m on last day example.
thanks for this video!
I thk needed how much of $ to retire per month is a very subjective to each individual and their background.. For example, a company normal worker and a senior management to retire, both hv different expectations and basis cost of living on their retirement lifestyle ..
I think apart from living for today, having enough money to not depend on kids or anyone gives people security and confident . The thing about spending , it can be addictive and one leads to another and some might not be able to control lifestyle expenses. I think the key is what you suggested fine balance between too extreme on both side. Good video ^^
Thank you. Ya one part of the message to good savers is that maybe you dont need that much after all
I would still like to eat Japanese food when I am getting old but maybe not often.
6k present value per month if you are in 30s and 40s very possible but when you are in 50s and 60s your expenses are very different….no children expenses, housing fully paid, etc. I am retired now 55yo….my monthly expenses is about 3k very comfortable
Good sharing
Thats true. No need so much when kids grown up and start working. We old folks just need minimum to be happy.
Yes! And more does not = happy
very practical video
I agree, especially as we age, not easy to spend big money. We wont eat much, wont need to care of whole family... We need to plan to deplete our bucks. These days, i share my Toast Box set portion w my friend. Afford few great fine dining... We should hv enough as we arrive 70s.
50s - must spend heartiestly
60s - no urge to spend
70s - nothing to spend on
80s - no energy to spend
Well said haha =)
Why is there a product create for a really need plan b: reverse mortgage in the first place? too many people money in brick and mortars?
Reverse mortgage products ya helps people unlock value in their homes for consumption
a lot of ppl calculate it base on lifestyle lika being about to travel overseas once a year . I have gone overseas once in 40 over years.. does it mean I am weird.. and they count it base on how many times you dine out etc.. They count it based on the lifestyle of those more well to do people..
Every week needs to go KTV, $18K not enough....
Just because you can’t reach, doesn’t mean you don’t need it.
dont need it
Market rate for roti prata already $1.20 on 20 apr 2022. When too expensive, more people would fry $0.35-$0.40 instant prata at home.
Come bukit merah buy LOL... Ya true theres instant prata for an elderly to cut cost!! Will use this idea =)
Eating prata is an impromptu thing which most people only do for supper or breakfast. Would not specially go BM to eat but would keep in mind prata continues to be $1 there (thanks). Actually I already started to fry my own instant prata during covid19 lockdown periods in 2020. I eat plain, with leftover curry from dinner or lunch or with not-so-nice canned curry.
How much is enough to retire depend on individual life style.
If you live simple and eat simple you don need much.
Do not compare. Be yrself so long you are peaceful and happy and healthy. Cut down on social media as it add burden to yr life.
well said!
I think the the logic of aim for the stars but hit the moon is still logical. Aim small miss small. Aim 18k but hit 10k not too bad but of course not at the expense of life regrets.
I like aiming for stars. Just that when it comes to expectations, targets move. Thats where knowing a base number to die die hit may be a better approach??
Hahaha, good video with facts and sensible advice to trash those who like to frighten people about "not having enough" for old age. Inflation is here. So, less eat outs and make your own kopi teh at home. Can save alot already. ANd, probably healthier too.
3-1 kopi in NOT healthy!!! Joking... cya around
For me, if I could live with 2k per mth when I retire, I'm more than satisfied. Is really down to your lifestyle. I'm a simple man living simple life.
i am also a 2k man
$2K per month for a family of 3 persons is enough
Awesome video 👍
Thank you 👍
Agree 100%.
Thanks
Thank you for Patricia for your support 🙏
with cpf life n srs at 62 onwards I can fall on. so 55 to 62 this 7yrs still can withdraw abit from cpf. so more or less is enough onwards at age 55yr old
well said
Is this a live video or u scheduling the upload?
episodes on THE JOSH TAN SHOW will be live shows. This is edited and scheduled
The $18k/mth minimum retirement sum is too much and not realistic. Without going into details, I estimated my retirement sum to be $3-4K/mth per pax. And this sum do changes over my retirement period, it does reduce a fair bit when I’m pass 80s. Btw I’m 50 now. Our lifestyle will be different compared to current. To just depends on FRS, it can provides basis needs but may not be comfortable. Would recommend aim for ERS if possible and top up the rest with other annuities or investments. My cpf balance will be use as emergency fund when needed.
Yes agree, aim for ERS for anyone who has been a career long and well enough.
@@joshconsultancy aim for ERS for bigger monthly payout? I heard of people advocating FRS is more than enough. So what is your take?
Why does Josh sound like a long lost friend in this video?
Hi, is it still good to buy golden agri-resources now?
Cannot directly advice. I still have my GAR
@@joshconsultancy Understand and thanks. =)
sigh brother i same age as u... married. NAV of 1.8 mil..if u ask me get 5.4 mil.
I got long way to go...
So we have put off holding kids..no point.
thanks for ur advice.
Dont put off kids =)
a kid is a recurring cost for 18-24 yrs which probably wont pay off. haha. just saying.
18k per month is like at least a director/ceo take home pay? How many ceo are there in one corporate org.
The $18k as described is a $6k/m expenses inflated for 30years number
You’ll be surprised: some old people eat a helluva lot…..My father-in-law is in his 70s and eats more than I do.
LoL... okok =)
some people need 1k a month some people need 20k a month to retire
at the end of the day everyone's goals and needs are different
agree!
His toilet paper is gold plated, I can live on 18k a year easily if I am single, no kids
Let's be nice better
To each hs own. There is no one correct answer. My number for retirement is more than $18k per month leh. For some other people it is $200k per mth. Some others, $4k per month enough and comfortable already. No need to be too upset. The key word here is not “NEED” . Its pointless to discuss your needs versus mine and for that matter, your wants vs mine. Take it easy mate.
Yep. Cya around DY
lol i want 1 million aslo hard to hit. prata now 1egg 1 plain is now at less $3
Josh showing some hipster spirit there, spelling "younger" as "yonger".
Oops... pardon the spelling errors haha
What about health care... or lets say we are genetically bless but nevertheless mobility and mental strength will drop and we cant do as much "research" for best deals. Better stay safe than sorry :P
Got a comment on the instant prata idea to save $ LOL
Not the first today :
Happy to cya. happiness = understanding cant be first for everything =)
I can’t wear half a shirt in 30 years.
not dooms day not dooms day
Singapore nice
My wife always tell me to spend my $$$, else I would regret…
True especially in retirement phase~!
@@joshconsultancy but prudent habits hard to break… like you say… we all worried about insufficient fund if we outlived.
I know the haters to this 18k/mth comment are quietly accumulating TQQQ SPXL..
Hmm why le?