You Need 1.4k per old person to meet basic living standard

[therock]

Wow... that's a lot

 

https://www.straitstimes.com/singapore/study-finds-1379-a-month-needed-to-meet-basic-living-standard-for-single-elderly

 

  Quote

 

SINGAPORE - For the first time, researchers in Singapore gathered people aged 55 and above to talk about what they considered to be their basic standard of living, and calculated that a single man or woman aged 65 and above would need at least $1,379 a month to sustain it.

A couple aged 65 and above would need $2,351.

The researchers, from different institutions, based their calculations only on those items that all participants agreed were necessary to them - which they had to justify - and which included occasional inexpensive meals out with family or friends, homes that are safe and comfortable, and an annual holiday to a nearby destination that costs about $500.

Left out of the list were things deemed extravagances, like air-conditioning and a car.

Published on Wednesday (May 22), the household budgets study, What older people need in Singapore, raises a range of policy concerns, said the researchers, as to how the older population would have enough to meet their aspirations.

Among other things, it may not be sustainable for coming generations to rely on family support as a source of retirement income, while basic retirement payouts from the Central Provident Fund (CPF) alone may also be inadequate.

 

 

The qualitative study, led by Assistant Professor Ng Kok Hoe from the Lee Kuan Yew School of Public Policy (LKYSPP) and included Associate Professor Teo You Yenn, head of Sociology at Nanyang Technological University, involved focus group discussions with 103 participants from diverse backgrounds.

 

[Throttle2]

Basic living at 65 means 2 - 3 boxes of premium cuban cigars a month.

$1500 is just nice, i agree.

CPf annuity just nice to cover.

 

Huat ah!

[Kusje]

My wife, kid and I spend less than this amount right now. 

 

What's in the list of items they are talking about?

[Ct3833]

$2.35k per month per couple is about the amount of monthly disbursement from he couple's CPFlife accounts combined. That forms the basic financial support level, it is not a lot. Plus taking out small amount of cash saving progressively or some passive income, net up to about $5k a month should be realistic and comfortable. Assuming ...

1. People could meet the basic CPFLife amount of $170k .

2. Have some cash saving or investment when reaching retirement.

Edited May 22, 2019 by Ct3833

[Ct3833]

  On 5/22/2019 at 3:46 PM, Kusje said:

My wife, kid and I spend less than this amount right now.

 

What's in the list of items they are talking about?

You sure boh. If you drive, you would have blew this amount easily. If you dont, still quite impressive with your financial management.

[therock]

I've helped out at these one room rental homes, where some of these elderly live.. and they may get $280 per month from the government..

It's a hard life.. not a lot of spare cash for little luxuries in life..

 

And at such an age, they do wonder if life is worth living just getting by..

 

Anyways, I gather my friends and we take these folks out for dinner - that old Chinese saying, it's simple to add another pair of chopsticks at the dinner table is true. Many of us don't bat an eyelid spending $280 per meal..

 

So bring a senior out, cheap meals are fine. Just let him enjoy a moment of companionship and let him talk... it means a lot to them.. trust me.

[Throttle2]

  On 5/22/2019 at 3:46 PM, Kusje said:

My wife, kid and I spend less than this amount right now.

 

What's in the list of items they are talking about?

Dont ill treat your family leh.

Money keep so much, must spend a bit

[Throttle2]

  On 5/22/2019 at 4:00 PM, therock said:

I've helped out at these one room rental homes, where some of these elderly live.. and they may get $280 per month from the government..

It's a hard life.. not a lot of spare cash for little luxuries in life..

 

And at such an age, they do wonder if life is worth living just getting by..

 

Anyways, I gather my friends and we take these folks out for dinner - that old Chinese saying, it's simple to add another pair of chopsticks at the dinner table is true. Many of us don't bat an eyelid spending $280 per meal..

 

So bring a senior out, cheap meals are fine. Just let him enjoy a moment of companionship and let him talk... it means a lot to them.. trust me.

Only your per meal is $280

Ours is only $28 and on very rare occasions

[Kusje]

  On 5/22/2019 at 3:59 PM, Ct3833 said:

You sure boh. If you drive, you would have blew this amount easily. If you dont, still quite impressive with your financial management.

 

Wife and I take public transport to work and back leh.

 

Past one year, only brought my family to eat in a restaurant 3 times. No cafes.

Edited May 22, 2019 by Kusje

[Datsun366]

I think the official figure is being generous.

 

Not incorrect but generous.

 

I can appreciate their efforts by being generous in the posted figure.

 

Generous only for this moment.

 

The somewhat rapid increase in costs has reduced the effect and impact of the fifty dollar note.

 

I mean usually hand out fifties in place of tens nowadays.

 

Its going to be that much harder to be elderly in twenty years.

 

Maybe 20k per couple per month?

[Datsun366]

  On 5/22/2019 at 4:05 PM, Throttle2 said:

Dont ill treat your family leh.

Money keep so much, must spend a bit

My experience with my licher lilations is that they hab open tabs at orchard restaurants. Lonely makan sessions whereas going to kopi tiam for fish porridge in overpack vehicle is very happy/noisy/gossipy one.

 

I poor driver have to clean ears. Hahahaha

[Evillusion]

  On 5/22/2019 at 4:05 PM, Throttle2 said:

Dont ill treat your family leh.

Money keep so much, must spend a bit

Kids......they should be lucky to have own room with complete bedroom set, aircon/fan, tuitions and pocket money.......teach them eating at home is the best and most healthiest. By the way i dont expect my kids to pay me back what had already been given......its my duty! Life will be much tougher for them with the ever increasing necessities and they will get whatever that will be left in my cpf account comes the day...

[Ct3833]

  On 5/22/2019 at 4:10 PM, Kusje said:

Wife and I take public transport to work and back leh.

 

Past one year, only brought my family to eat in a restaurant 3 times. No cafes.

Very disciplined in spending, you will retire rich but remember to spend and enjoy while you are younger.

[AndrewLee72]

Buy insurance lah... Its useful de.

[Sdf4786k]

  On 5/22/2019 at 11:06 PM, Evillusion said:

Kids......they should be lucky to have own room with complete bedroom set, aircon/fan, tuitions and pocket money.......teach them eating at home is the best and most healthiest. By the way i dont expect my kids to pay me back what had already been given......its my duty! Life will be much tougher for them with the ever increasing necessities and they will get whatever that will be left in my cpf account comes the day...

That’s a very pragmatic viewpoint..

 

Better to start them early on and to prepare for life ahead as school life is different from working life. N that’s where we fail badly.. in the US once u 18 u get kick out of the house n start to learn the harsh reality of making a living. Probably for us it’s kick out n going to army but where lies the ability to jumpstart on being independent?

Edited May 22, 2019 by Sdf4786k

[Evillusion]

  On 5/22/2019 at 11:48 PM, Sdf4786k said:

Thatâs a very pragmatic viewpoint..

 

Better to start them early on and to prepare for life ahead as school life is different from working life. N thatâs where we fail badly.. in the US once u 18 u get kick out of the house n start to learn the harsh reality of making a living. Probably for us itâs kick out n going to army but where lies the ability to jumpstart on being independent?

Ya...the younger gen needs to learn life is never a bed of roses. Western countries once the kid finished their studies they either pay rent to their parents or move out. Teaching them to be independent can be seen as cruel for most of us. I will be happy if they can help out with the marketing or utilities bill.

I dont send my kids to school....they are given transport allowance...unless its urgent or there is something heavy to be delivered to school.....dont want to give them idea that as a father i am obliged to sent them to school or work (this one i know a few cases...

[Victor68]

Good to share what this $1.3k being spent on. Utilities, mobile line, strictly hawker food, no entertainment, no friends birthday, wedding, wake, etc. What kind of housing? Shoes, apparels, household barangs, nothing?

[Mockngbrd]

Pap will says fakenews