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7/21/2008

Fear not retirement plan

Singaporeans got it made for life. They should not fear being unemployed and penniless. I am not referring to the CPF Life. That one is bull. The real stuff is to cash out when property prices are up. And it is up and up as it has been reported almost daily. Just pray that more foreigners keep coming onto our shores to support the property market. After selling their HDB flats, should be between $500k to $750k, park the money in fixed deposits and live frugally. That will be enough to last them for 30 or 40 years. Where to stay, squat in a temple if possible or with the children. If not, rent a room from the FTs who have bought over their flats. Two old folks, why do they need more than a room? They could not even have the energy to mop the flat. Renting a room will remove such a chore. Let the FTs look after and maintain the flats. Never mind if they become the new landlords. When you have more than half a million in the bank, nothing to worry about. Sell everything, don't own anything. Just convert to cash. This is the latest mantra now I think. And the beautiful surroundings and parks will be like the garden of Eden to be enjoyed in the twilight years.

9 comments:

Mockingbird said...

A couple that has $600,000 cash after selling their 5-room flat in Queenstown should perhaps buy an annuity so they can be assured of a monthly income until their dying day.

Mockingbird said...

Downgrade to a 35 sqm $69,000 HDB studio apartment would suffice.

Anonymous said...

Yeah, if they do build enough of those studio apartments, I for one would not mind downgrading to one. You came into this world empty-handed, you leave this world empty-handed.

redbean said...

to leave nothing behind, better to rent and spend the rest when the days are nearer : )

there is already a CPF which is some kind of compulsory annuity.

Anonymous said...

I agree. There are definitely merits in renting rather than buying when your days are nearer.

But the trouble is, they are making it extremely difficult for people to qualify for rental flats. They are forcing people to buy, at all cost, to prop up the property market. They cannot let the property market go down because all our CPF life-savings are invested in the bricks and mortar.

redbean said...

not really. we can sublet to fts. so we can also rent from fts. free market.

soon the majority of hdb flat owners may be fts. or the fts may be owning more of the bigger flats.

Anonymous said...

after selling flat. put some money in annuity, put some money in banks. go batam rent service apartment or live in kampung house. if want to see Singapore very easy take ferries, no more work, should be very very happy.ha ha.

Anonymous said...

Can apply Batam citizenship or not? I have lived in kampong before and can tolerate the spartan lifestyle. Sounds enticing.

redbean said...

no need citizen also can. marry a pretty young thing there and the family will take care of you. come back once a month or once in 3 mth will solve all immigration problems.