Search the Community

Hi all this is an old topic which i am trying to approach from a slightly different angle. How long can SGD1mio last a household based on the following assumptions; 1) Household consists of husband and wife with a teenager in local Uni (final year) 2) The teenager son/daughter cannot be depended on for any income source and is infact a current liability untill he/she is financially independent. 3) Both husband and wife have reached mandatory retirement age 4) All houselhold loans and liabilities have been paid off. The house, car etc have all been paid off 5) The household has no other source of income other than their cash savings of SGD1mio 6) Assume null balance in CPF. No value is given to money that you cant see smell or touch. 7) Everyone is in normal health with no big health issues for now. 8) The household has a japanese sedan (Toyota) 1.6l which has 5years COE left 9) The family intends to retire and live here in Singapore Based on the above, if they want to maintain their current lifestyle can they retire now and live on SGD1mio cash? How long will this last them? We had this talk with some colleagues over lunch and the estimates were quite surprising.