This is going to be the last post in the series, as I’m turning 50 later this month!
So, in my previous post, I mentioned that I’m never a money guy, but nowadays I’m often thinking about money 😅 because I need to figure out how much I’ll have to save before retiring from my draining full-time job.
In Singapore, the official retirement age is set to 63 while the pension payout starts at 65. How much I receive monthly will be decided by how much I’ve saved in their retirement account by 65. I’m hoping to receive around SGD2000 a month, which isn’t a huge amount but livable enough for those leading a modest lifestyle like me. 😅
In addition, from age 60 to 80, I’m expected to receive a small monthly payout from an insurance savings plan, but other than that, I won’t have any other income, such as dividends from stocks, etc. So, if I’m to retire early in my 50s, I’ll have to solely rely on my bank savings until the payouts from the insurance savings plan and the pension are kicking in at 60 and 65 respectively.
At this moment, I’m aiming to retire at 55, as I’d rather retire early with less money to spend on than working into 60s and continuing losing my precious time on this planet, because there is no guarantee that I’ll remain healthy and live a long life. That said, quitting work while still having the full-time income is scary to say the least, as I can never come back to a decently-paid job at 50 something, especially considering my low employability. 😅
In fact, there are a number of benefits being employed as full-time. First and foremost, I get money every month. 😅 Also, there’s a basic insurance covering dental care, etc., optical benefits (free glasses), long-service bonuses, among others.
Once retired, I’ll lose all of these, but saying like that, I can never retire. 🤣 So, when the right time comes, I’ll need to take the plunge, give up the potential income and free myself from the life-sucking job before it gets too late.
Anyway, let’s see how things will go and pivot if needed. I’m not too scared to go into 50s. Although I’m always exhausted from work, I don’t feel old mentally or physically, not at all. With retirement on the horizon, I have no doubt that the best days are ahead of me. 😀
P.S. I’ll probably do another series when I’m reaching 60. I cannot imagine me being 60 😅 but it’ll come, as long as I’m around!
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