How To Plan For Your Retirement: Shockingly Simple Math For Retirement Planning In Singapore!

Key parts on this video on #retirement
1) Problems with retirement planning calculation
2) What you need to prepare before reaching retirement

Fear of running out of money is a problem I hear from retiree clients.
80% of retirees have their savings after 20years. Many hoard onto their cash. Some even grew their assets! Scarcity mindset is real

50% of Singaporeans feel they need to rely on children for their retirement

From studies, 70% of your current expenditure is a good projection for your retirement expenditure.
If you spend $3,000/m now, expect to spend about $2,100/m when you retire.

Check These Video Tutorials Out!!

Sources

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About Josh:
Josh holds a degree in Accounting.

In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips to help you kickstart your journey towards financial freedom.

As a ChFC charterholder, Josh has agreed to be bound by the ChFC®️/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video. No products were advertised.

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[joshconsultancy]

✅ ENGAGE Josh Tan on a fee for financial planning to build towards for your retirement!

[cslee]

Thank u Josh. Starting my retirement financial planning post 40 YO. Ur videos are holistic, pragmatic and sound. Will continue to follow and do keep the content going. Thank u

[DonYang]

Looking back at this 3 yrs later, all my replies in your videos ave been consistent, true and honest. All the best, keep going JT

[hummit]

Thanks for the very educational video! Actually, another component that goes down after retirement is personal income tax, which would be quite substantial for a pair of working couples. Then selling the car to take public transport would be another cut off the monthly expenses. I have a feeling that inflation will be much higher in the future than current levels because rising sea levels and changing weather patterns affect food production and food prices increase will escalate. Water will also be increasingly more expensive when rising sea water contaminate fresh water supplies. Much hotter climate will mean more expenses on air-conditioning.

[yangmumingsg]

Watching your video is much more addictive and valuable than Tiktok

[tripmehard]

Hi sir, just a suggestion, if you could put a timestamp on every topic you touch on! That would be helpful for us!

[catherinelim]

I think we need to do research on the spending of retiree. I do not think we have the same expenses as we do when we are working. I am not sure how much retiree needs.

[hhspore]

The scarcity mindset is so real and thanks for pointing this out to many people who are not aware of this. :-)

[milktea]

Thank you so much for your video. I've just started working and your video has helped me a lot in my future planning! <3

[moneyss]

As the required retirement sum is based on the life expectancy (average/mean), 50% will run out of money following the figure. Best to meet 99% confidence level, but that would make most to flip or give up.

[pth]

Does the $2, 100/mth include all your policy premiums that u need to service through your retirement? This amount of expenses could be fund by cpf life enhance retirement sum. Also not to forget about other expenses such as replacement of spoilt electronic stuffs and electrical appliance eg air cons, fridge, tv and travel expenses and medical expenses. My calculation end up with about $40k per year excluding policy premiums.

[tanphilip]

Hi Jose, this is Philip well I been following your clip n also gather all important point that you said that close to my actual lifestyle n expenses that I foresee going to happen in next 20 years to come . I am 50 next year n well been doing my planning in term of early retirement plan. Guess there could be more questions and advise that need from you from time to time . Thanks

[cpchow]

I did some similar calculations myself a couple of years back. Very glad to see that we came up with very similar figures (i.e. 800-900k). 👏

[ubiquitous]

Re-Subscribe to your channel. Amazing content. IMO honest and sincere sharing with factual information is crucial. Cheers

[marilyntay]

I am 61 and retired 3 yrs ago, I am interested to know what kind of bonds or annuity give u 3%?

[tgfss]

@10:45.. Is the $2100/mth for retirement flat through out the 40yrs. How abt inflation?

[MsCorydorus]

3% returns maybe today. 10 years later, It may go lower. 30 years later ... it can be even lower. There is no concrete science that it can maintains 3% for 40 years simply with ever lower rates that will push down more safe investment products.

[boliaohill]

perhaps can also include CPF life payout as a supplement to the $2100 draw down per month

[Emz]

Hi Josh, thank you for your video. Just a qus, did you factor in old age ailments' treatment cost e.g doctor consultations and medications per month during retirement for your calculation.

[madhavich]

Pls do a video on couple retirement planning .. as no point seaparte planning.