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Announcements Improve How I Manage My Money Grow & Protect My Nest Egg My Home and I Ready for Retirement Kids & Family Matters Everything Fun Polls
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  4. Planning to retire early
  • PI
    pikapika Planning to retire early

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      Want to find out what are the various way to build and plan for it, i.e. building a passive income.

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      retirement
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    • HA
      ham
      last edited by @Soulsensei

        @soulsensei - thinking about the rule of thumb for 10x last drawn income at age 67. What's the formula to use for earlier retirement? If say I want to stop working at age 55?

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      • SO
        Soulsensei
        last edited by

          I think start with how much you need in your retirement funds first. there are some rules of thumb for your reference:

          1. save at least ten times your last-drawn annual salary by the time you reach 67
          2. expect to spend about 2/3 of your last-drawn monthly salary during retirement
          3. spend an average of $2450 per month (according to Department of Statistics, 2014)

          check out the CPF Life calculator and Retirement calculator on the CPF Board website.

          I elaborated my thoughts on retirement planning in Singapore here: https://diaperfinancingfund.blogspot.com/2021/06/money-work-retirement-planning-in.html

          1 Reply 0 Reply
        • HA
          ham
          last edited by

            I started by making an estimate of how much I'd need to retire, and then working towards it. The first steps I took were (1) Save up a rainy day sum in Multiplier / Fixed deposits, (2) Put money towards CPF to grow my CPF retirement sum and get tax deductions, (3) Open SRS and invest in ETFs / blue chip stocks (and also get tax deductions), (4) Buy health and accident insurances.

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