Born in Burma and migrated to Sg when I was 15 and grew up here in SG. Fortunate enough to have studied, lived and worked in UK, TH and JP for last 22 years. After all that, I can say home is where the heart is and would still raise my kids here in SG. Once the kids are all set on their own paths, don't know when that will be, me and missus will retire somewhere else but will continue to have a home here in Sg. Geographical arbitrage is the biggest advantage we have as Singaporeans. If we plan ahead and plan well, the golden years can be very comfortable and rewarding elsewhere too. The thought of uprooting oneself to go and live in another country can be daunting for a lot of people, especially those that have not had the chance to live abroad beside the travels. But trust me, It is very rewarding experience. There are many Singaporeans living everywhere else in the world and have many tales to tell. To me, the place to retire will need to have just one condition, a direct flight back to SG any given time.
Singapore is run more like a big corporation. The usage of human resource is more productivity, more work, less welfare. If you earn a lot and on top of the game then you can retire in Singapore. If you earn so-so and not enough to live comfortably, then you have to find other countries to retire.
Retiring overseas where you don’t have a residence visa and medical insurance could be tricky, depending on the country you retire. That’s mainly my consideration of retiring in a different country. Another option can be staying for like 6 mths or a year in every different places and based in Singapore
I'm retired in the US and want to move to Singapore. But Singapore does not want people to retire there. I would love to retire in Singapore, but there us no retirement visa. Singapore wants you to work and not be idle.
Guys don’t forget about age and visa eligibility if you are thinking about retiring in Australia. Can’t just waltz in at retirement age and retire unless you are filthy rich and qualify for the “premium” visas.
Born in India, lived and worked in SG 3 years before moving to UK for work last year in view of long term settlement but after coming and living here few months, we feel SG is where heart is . We cannot get the Home feel we got in Sg. Weather, Safety, reliable, affordable and faster healthcare, affordable and good education are my considerations and yes they come with respective cost to it. And hence SG is the best in my humble opinion. But it would be great if SG can come up with clear criteria for settlement like other countries.
I brought a property in Johor 10 years ago at Ringgit $1m n I couldn't sell it for the same price.. Moreover with the depreciation of Ringgit n if I sell it n convert back to Sing$, I Iost big time . In Spore, My sister brought a private apartment for $1.2,m n today she can sell it for $1.8m .
Retirement will also need to consider how long is your life expectancy. I do not think my saving and retirement fund will last beyond 30 years in Singapore. What happens after your retirement fund ran out? We do not have the proper social safety net here for that. Retiring overseas at a much cheaper location will give me more chance of not outliving my retirement fund. That is the sad truth.
Hi can you deep dive more into retiring in Japan especially for couples without kids or grown up kids who doesn’t live with them? How long can a singaporean or Malaysian stay in japan on a single trip there and what are the local laws and regulations in japan for purchase of flats in the city? Or maybe city fringe areas.. Are there any sort of visa for foreigners who wish to stay there as a permanent resident? Appreciate more content on this ! Retiring in Malaysia seems kinda no-brained for most singaporeans because we are so close to each other! We can literally buy a certain property there and stay there and come back SG touch and go back again…
Jp basically has an open policy on property ownership for foreigners. Ofc, food can be higher priced but in terms of quality, I still think it’s way cheaper than sgp.
We can't just retire in a certain country, can we? 😅 There should be some sort of investment, businness, permission to work etc -- some sort of contribution to the country before one can get a permit of residence?
i am 55 now and i am fortunate to have good saving, i just feel sad for the younger people in this STATE in the future because the way things are moving it will just be more and more expensive if that person want to have a certain living standard. must i live in 5 rm BTO or DBSS or condo or EC or landed why not 2 rm, or 3 rm and not resale bto. the way we perceive life and its destiny will determine my actions now. the world is not responsible for my HEALTH and WEALTH while i am alive it is myself.
I think the Singapore figure is based on if you are a foreigner. It is much cheaper for Singaporeans to retire here cuz you would have a fully paid flat by then (for most peopl) and you get subsidies etc for medical. For a foreigner without all the government subsidies and a flat, the cost is going to be soooooo much higher.
As cost of living rises here, aggregate cost of living elsewhere becomes more acceptable even to the extent to be equally expensive simply for the experiences in life… no regrets living!
about the old people and young people, you are 100 percent right. that is what the STATE SYSTEM is all about to keep the ECONCOMY OF THE STATE IN VERY GOOD SHAPE IT IS ABOUT GDP.
It sounds like here we are talking about retirement from a young person's perspective. My parents are retiring this year. It’s only until now that they realised the most important thing in this new era is to stay close to family and friends. So they plan to move to the city where my uncle stays. As young people of course we can consider moving to different countries and cities and we always figure out a way to build up a circle around us. This is not easy for elderlies. Leave alone whether it’s overseas or not, loneliness after retirement could be a serious issue that is often neglected. We sometimes imagine ourselves retiring somewhere else but forget by then what we need and are capable of will be completely different.
Interesting point when discussing finance in a more international context, you will always see people mentioning that they live in a "LCOL, HCOL, VHCOL area" LCOL = low cost of living HCOL = high cost of living VHOL = very high cost of living In Australia, most finance chats on reddits will mention "Rural, urban & capital vs non-capital cities".
My main consideration in retiring overseas growing up was mainly just cause I had qualms about the sustainability regarding our economy. I think now it does feel like Singapore is becoming more segregated and there's some sense of neglect towards the lower middle socioeconomic groups (though, I do note such sentiments is also what led to Trump being elected so perhaps it is more common that I thought) - it doesn't help when the new generation of leaders seem so detached from the common man. Which also, are sentiments not that far off in most countries. But again, I think what forces me to stay here boils down to just 3 main factors, i) comfort, ii) potential xenophobia, iii) lack of subsidies as a non-citizen elsewhere; uncertainty if PR/citizenship can be obtained elsewhere
I've had the privilege to live and work in Indonesia for the last 5 years and my family and I have more or less decided to retire here. The part that you mentioned about geographical size rings true - when the world was in lockdown in 2020-2021, I was doing road trips around Java island.
TBH, I think The Plain Bagel covered it pretty well on his channel, so we're not going to reinvent the wheel here! In my very limited knowledge of the issue, the fall of SVB shouldn't technically have a widespread effect on the broader market. However, given that investors are irrational (and have their confidence shaken), it is entirely possible the fear spreads! Cheers - RM
Oh. I LOVE the Chinese restaurant food in Batu Pahat. Very good and quite cheap. Got “shame” to retire in cheapie places, meh? Must reconsider those friendships. If I had friends who successfully retired in cheap places, I would be sooo eager to learn from their experiences. To see if I could also do so.
When we compare retirement living, costs should be from the same perspective of foreigners living here n us, as foreigners living elsewhere. For me, having residency in a few Asian countries, enjoying similar lower costs of living as in sgp, I still think we hv the highest aggregate cost. Ofc some will argue with cheap hawker food which I hv to rebut considering overall quality of dining experience… aircon, service, nutritional factors, etc
Keeping your options open also means the singapore government will keep its options open too when it comes to your application. It's very hard to be a Singaporean now and will become harder
You guys talk about retiring in japan/australia but how easy it is to get a retirement visa? I don't think you can so why are they on the list of places being considered?
Great podcast. But I think you missed the point about how retiring overseas is traditionally for the "upper classes" and the financially mobile. In fact many rich asian scions make it a pojnt to retire/invest heavily overseas for the growth potential. (e.g. CP group. Li Ka Shing, Ayala group etc). Staying in a safe/stable environment will not benefit the kids too...
Given the current trend where salary could not match cost of living, it is VERY HARD to retire EVERYWHERE. The only way is for companies (big and small) to shave large portion of profit and do away with the year-on-year profit sheet.
Would like to point out as someone who has lived in Australia: As a non-Chinese Singaporean, I've experienced racism in Singapore as well. Just that in Singapore, the racism is less overt/less physical than Australia.
In singapore u can still work when u 60 plus… many old auntie and uncle still work coz they dont plan for their retirement.. government will help you to find job.. i dont see there is issue to retire in singapore
Overall is what lifestyle you yourself want to be... being a blue collar worker I can't make over 1 million but I still can retired comfortable in sg. Food is very reasonable price if you choose eat at hawker center. Occasionally eat a bit premium when there is special day. Not sure how they come out need over a million to retire in sg.. just be wise how you spend if not 5 million also not enough...
I’m a PR, M’ysian, still working in S’pore….I found out that the Spore insurance policies I took up years ago for medical purposes cannot be claimed if you do medical treatments in M’ysia… such a waste. Looks like, rent a home in Malaysia during retirement to live comfortably and come back, stay in my fully paid HDB for medical purposes in order to use the insurance policies that I have paid for years…. Any thoughts?
I am insured within Asia. U can add-on yr existing policy to include Malaysia n fully rent out yr HDB or cash it in for liquidity. That income or cash can sustain occasional hotel stay in sgp later.
That’s why I always tell friends they need to top-up Medisave n use its interest to buy medical insurances while they r still healthy… (I’m neither an agent or working in cpf.)
Why should countries provide retirement viability for all? They should not. Only for their own people yes, but not for foreigners like us. You mention UK welfare, that is for UK people, we are not entitled to citizenship of any country just because we are human beings. Do you see Singapore handing out retirement visas to foreigners?
yo bros, just speak boldly, and don't sugarcoat/be so worried about being 'cancelled', etc. if you want people to listen, then you have to stop caring what unreasonable people think about you. you are trying to avoid being cancelled (believe me if you get big enough, they will come regardless), but you may not realise that you lose out on viewers because it comes across as weak, uncompelling, and hard to listen to.
Have you considered that this is exactly how they discuss issues irl? I find their views quite balanced and informative. Feedback is helpful, but can be more tactful, bro.
@@ohmans sorry, feedback police, I won't do it again. lol no, they literally talk/joke about being cancelled all the time. maybe you should go back and watch more videos to boost their algo and support their channel.
don't bro this bro that. no one here is your brother. If you want to bring your chic and informally easy going western culture here, same thing believe me. no one is going to take you seriously, as you come by uncompelling, and hard to listen to. sorry I won't repeat it again. lol
Singapore technologies are so advanced that with a tap of gov fingers..they can trace one's assets . So gov should return ppl 65 yrs and above 50% of their retirement fund regardless whether they hit the 1 plus k or not .. but of cos gov needs to check their personal needs individually... that will make pol of that ages a little happy .. continue to work or have a choice to rest for a year or 2 ...should be good
seniors engaging in active retirement life can also contribute to economy, like spending or working in recreational interest such as arts, culture and sports etc. but in our policy makers brains they fail to see this. hence they keep touting seniors to keep working as cleaners and dish washers. massive fail and poor policy making for our seniors. i will not be retiring in SG.
The gov care for Singapore then Singaporean...so we Singaporeans should care for our lives 1st cost we low income are not well paid like the gov ppl ,,, so we care for ourselves st . Gov has make Singapore the world most expensive in the world but left out the low income ppl who needs struggle to work after even 65yrs old ..many of them ...and is because their money got locked by retirement fund system ...
MIGRATION IS ALWAY ABOUT MY OWN FAMILY AND NOT OUR PARENTS, RELATIVES, SIBLINGS ETC. MANY OF MY FRIENDS WHO ARE IN AUSTRALIA LEFT THEIR LOVED ONES BEHIND. IN LIFE WE GAIN AND WE LOSE .
if my whole life i work than not do other thing else which need money than i am the most miserable person. so the CPF tries to address this issue for the elderly
I am proud of SG COE policy. I feel proud if can afford a new car to drive on sg roads. Not anyone can afford to do so even if citizens and pay tax. I am not saying i support Elitism cos roads are built using contributions from various forms of tax we pay eg. GST, income tax etc. I wondering what viewers think , is being most expensive city, most expensive cars, most expenisve public housing Evidence of Progress and Happiness? If so, we should have COE at 200k and hdb flats should be 2m at least. I believe Spore is heading im the right direction. Dont believe? I believe majority support and feel that sg is heading in the right direction
Well, u can buy a car at 3x the price plus paying a car loan interest, 3% for say, 10 years, 30% more on price, making it 4x the price of driving the same BMW in my, tw or hk when most people there can pay it off on purchase. So long u are happy…
Interesting discussion but there's quite a number of contradictory and confused points. It is quite unlikely for a normal retiree 60yo+ to have to worry about schooling but worrying about healthcare and the emotional attachment on where your grown up children will be. For the FIRE retiree, not many will have FIREd if they have young children. If you are rich enough, then you can retire anywhere, everywhere, anytime.
Why should the talk be about what the Singapore government thinks? Firstly is what they think morally correct in the first place? And have you guys followed the politics of Singapore to even conduct this conversation when it has always been PAP's promise for Seniors to 'retire with dignity and comfort' yet you guys are now conducting this conversation which practically showed how this government has failed to deliver their promise despite having such tremendous power.
