$1.1 million to retire on? That works out to be '$1,500 per month for 35 years', The Sunday Times article reported. For some, that may be more than enough to live on. As for me, that is almost nothing, unless I have already paid off my mortgage and car loan. Otherwise, I will be living in deficit (just like America!).
In the same article, a Ms Chong, whose husband holds a high post in an MNC, hopes to build up a retirement nest egg of $3.5 million in 15 years' time. In the meantime, they are ploughing whatever extra cash they have into savings and investments. Holiday is checking into 'a local hotel to enjoy the beach and cycle'. Home is a HDB maisonette.
Unless a simple life is what you are after, building up a nest egg that you can be comfortable with, should be achievable even if it is not in the regions of millions of dollars. However, if you wish for a more comfortable life, money may never be enough.
There are many who dream of driving a fast car, live in a private apartment and travel to exotic holiday destinations. You have not forgotten Singaporean's 5Cs (cash, credit cards, car, condo & country clubs)? If you are one of these people, how then do you expect to retire at all? Don't forget, you will need millions of dollars to feed your not-so-simple lifestyle.
Well, you could struck gold with a successful business venture (a small group of graduates just earned billions of dollars from a successful dot.com company that they sold off to SPH), as a popular singer (Stefanie Sun just signed off a record deal that added millions to her kitty), by owning lots of shares that have risen in value many folds (blue chips are now looking very bright with the rise in the stock index), or simply holding a winning lottery ticket!
Otherwise, you will just have to work your butt off for the rest of your life whilst enjoying a great lifestyle. Or else, lead a life of austerity, have a big, fat bank account for retirement, at a time when you have least energy to live life to the fullest.
Life's one big dilemma or what!
In the same article, a Ms Chong, whose husband holds a high post in an MNC, hopes to build up a retirement nest egg of $3.5 million in 15 years' time. In the meantime, they are ploughing whatever extra cash they have into savings and investments. Holiday is checking into 'a local hotel to enjoy the beach and cycle'. Home is a HDB maisonette.
Unless a simple life is what you are after, building up a nest egg that you can be comfortable with, should be achievable even if it is not in the regions of millions of dollars. However, if you wish for a more comfortable life, money may never be enough.
There are many who dream of driving a fast car, live in a private apartment and travel to exotic holiday destinations. You have not forgotten Singaporean's 5Cs (cash, credit cards, car, condo & country clubs)? If you are one of these people, how then do you expect to retire at all? Don't forget, you will need millions of dollars to feed your not-so-simple lifestyle.
Well, you could struck gold with a successful business venture (a small group of graduates just earned billions of dollars from a successful dot.com company that they sold off to SPH), as a popular singer (Stefanie Sun just signed off a record deal that added millions to her kitty), by owning lots of shares that have risen in value many folds (blue chips are now looking very bright with the rise in the stock index), or simply holding a winning lottery ticket!
Otherwise, you will just have to work your butt off for the rest of your life whilst enjoying a great lifestyle. Or else, lead a life of austerity, have a big, fat bank account for retirement, at a time when you have least energy to live life to the fullest.
Life's one big dilemma or what!
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