Hi guys,can U advise whether a low income M/C operator can afford retirement at 62?
#11
8-7-2019 9:41 AM
Oneworld said:
Current age?

say 30.
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#12
8-7-2019 9:27 AM
chettiar said:
Case study 1 : A machine operator who choose to remain single for life .He stays in 2 rooms HDB flat.

He earns average 1500 per month . After CPF deduction , the take home pay is $1200 . Monthly expenditure as follow

Monthly Expenditure
1. Food : $400
2. Transport : $100
3. Insurance : $100
4. Entertainment : $ 100
5. Parent care : $ 200
6. Others : $100 ( utility , hp bill etc )
Total ----------------> $1000

Monthly Saving : $200

I don't think he can retire but has to work for many years.
But then better than jobless.
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#13
8-7-2019 9:46 AM
Jac Lau Jac said:
Assumed you are a moron like Sgbuffett.

Quit after A levels, work as a machine operator or fast food worker.

40 years of hard work before 62.

Average CPF contributions $10K a month, based on average $2K salary over 40 years, very conservative.

At 62 with 2.5% compound interests, your CPF savings will have $700K.

Put $500K into CPF Life for payout after 70.

Retire happily.

All here agree?

Brother , can you explain " Average CPF contributions $10K a month"?
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#14
8-7-2019 9:51 AM
hfourhappy said:
How about supporting his parents?

parent care : $200
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#15
Short cut: Upgrade by marrying a rich wife.
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#16
8-7-2019 9:53 AM
chettiar said:
parent care : $200

Sorry bro, I just saw it and amend my post.
It is indeed very tight pocket especially if he can save less.
But better than save none.
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#17
8-7-2019 9:27 AM
chettiar said:
Case study 1 : A machine operator who choose to remain single for life .He stays in 2 rooms HDB flat.

He earns average 1500 per month . After CPF deduction , the take home pay is $1200 . Monthly expenditure as follow

Monthly Expenditure
1. Food : $400
2. Transport : $100
3. Insurance : $100
4. Entertainment : $ 100
5. Parent care : $ 200
6. Others : $100 ( utility , hp bill etc )
Total ----------------> $1000

Monthly Saving : $200

What sort of entertainment for $100 monthly?
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#18
8-7-2019 9:38 AM
Huliwang said:
You expenses does not cover many areas like hdb rental, utilities, phone, medical which are big items.
I think if all these are included he cannot survive on $1500 and wud have been dead before 62........ Thinking

Utility and phone bills - Under others : $100. HDB installment by CPF , medical treatment - use medisave .
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#19
1500 pay better dont think of any retirement here..either you eat the same 2 meal everyday and walk to work nearby and dont think of planning a 1000 dollar tour oversea. Minimum Now at Current High Cost of Living I would say 2000 to 2400 Bare Minimum to SURVIVE
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#20
8-7-2019 9:33 AM
chettiar said:
why mati ? Please provide your explanation . Big Grin

I don't think it is the end of the world for him.
He is still employ and he still working.
The only thing is his salary is low.
Nothing wrong with it nor ashamed of.
Not stealing nor killing.
So long he is comfortable and happy with it, why care others think of him right bro?
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