KV ftw

I won't want to retire in Singapore
Not everyone can achieve that, so I mean FIRE thread many wishing for 5 mil to retire, it's as if 99.5% of Malaysians won't be able to survive after retirement.

Life goes on.

The stats when compared with DSOM's number...

T01 individual income is like 30K rm pm. 2.2 million is equivalent to 6 years of gross income.
If one is earning 30K, I would assume savings of 10K to 15K is fair.
So 2.2 million is 12 to 18 years worth savings.

Don't know if our life is too cheap or fair.... haha.

I wonder.... if one has RM 16.1 million (ie qualify to be T01 in SG), would it be better to retire in Klang Valley/Malaysia or retire in SG.

I vote KV 

Don’t get me wrong - retirees in Singapore have it good. Almost free public healthcare, great public safety, good public facilities etc. But, it’s a small country and can be restrictive in places to go and things to do. Retiring in Singapore is not for everyone.

definitely no right or wrong answer....

my guess is that if one has exactly RM 16.1 million (T01 in SG) and one has a choice of retiring in KV(Malaysia) or SG, especially if said retiree is comfortable with both places, then he/she most probably will choose the place with better bang for bucks. Imagine being T01 in SG but queue for public healthcare.... 
(ok, I don't really know how bz SG's GH can get, but I assume the queue to see doc or get treatment would be as long as ours here in MY. Which comes to mind: maybe I should start trying out our Klinik Kesihatan to save some money on hbp medicine... )

And the way you answered about free  public healthcare and public facility do indicate this somewhat I believe. Public safety is acceptable in Malaysia as long as the retiree is aware where to go and how to behave.

hence my choice of MY earlier...  

I fully agree with you bro. To be honest, my wife and I already hold assets in just bonds and dividend stocks substantially in excess of SGD16.1m, not even taking into account our real estate holdings - and we’re still adamant we won’t be retiring in Singapore.

We’re not really considering Malaysia as she’s given up her citizenship years ago (although I’m still stubbornly hanging on to my passport haha) so it’ll be hard for her to regain residency status as a PR much less a citizen if we decided to return to Malaysia.

Australia looks like our best bet so far.

definitely no right or wrong answer....

my guess is that if one has exactly RM 16.1 million (T01 in SG) and one has a choice of retiring in KV(Malaysia) or SG, especially if said retiree is comfortable with both places, then he/she most probably will choose the place with better bang for bucks. Imagine being T01 in SG but queue for public healthcare.... 
(ok, I don't really know how bz SG's GH can get, but I assume the queue to see doc or get treatment would be as long as ours here in MY. Which comes to mind: maybe I should start trying out our Klinik Kesihatan to save some money on hbp medicine... )

And the way you answered about free  public healthcare and public facility do indicate this somewhat I believe. Public safety is acceptable in Malaysia as long as the retiree is aware where to go and how to behave.

hence my choice of MY earlier... 

I stayed in Singapore for 33 years
Public healthcare in Singapore are similar to Malaysia. waiting 2-3 months to see specialist and another 1-2 months for operation schedule. Healthcare is not free, it's subsidized.

Like that, then maybe better (a very relative term) to seek treatment in GH in Malaysia... it is almost free....

also, a T01 in SG (ie with 16.1 million ringgit) and above 63 years old, most probably can afford to pay for almost all treatments in private hospital in Malaysia. Normal brain surgery and even open heart surgery for bypass costs below 300K ringgit (saw the whole actual bill for a ex-colleague and a relative). I now really believe that even if one has 100s of millions to spend for medical treatment, the body also cannot endure the hardship of such treatments.

Would you know how much these would cost in SG, out of curiosity?

Yep. Money isn't everything. When you realized money cannot help you, then its too late. Chinese says "Yee Fan Toul Sai Yeok Fai".

I stayed in Singapore for 33 years
Public healthcare in Singapore are similar to Malaysia. waiting 2-3 months to see specialist and another 1-2 months for operation schedule. Healthcare is not free, it's subsidized.

Like that, then maybe better (a very relative term) to seek treatment in GH in Malaysia... it is almost free....

also, a T01 in SG (ie with 16.1 million ringgit) and above 63 years old, most probably can afford to pay for almost all treatments in private hospital in Malaysia. Normal brain surgery and even open heart surgery for bypass costs below 300K ringgit (saw the whole actual bill for a ex-colleague and a relative). I now really believe that even if one has 100s of millions to spend for medical treatment, the body also cannot endure the hardship of such treatments.

Would you know how much these would cost in SG, out of curiosity?

I've shown this before but I will remove it because people tend to take it the wrong way and it rubs on some people.

So this is in good faith and I hope this is the right arena.

This is my current "savings" via EPF. On this rate, even if I don't get a single cent if increment, by the time I choose to retire, I am looking at double digit in millions.

Not comparable to some of the folks here, but for a simple retirement life it's more than sufficient.

My T1 definition is no reduction in what I currently enjoy lifestyle wise and spending wise. I think I used to want a lot more stuff, but when you read the messages by people who are really rich or books like Psychology of Money, it sets you up in the right mindset of exploring and enjoying what you cherish. So my T1 goal is I get to do that without any worries about money at all.

[Edit to remove pic as promised]

Just to share, I did get an increment heh 

Just to share, I did get an increment heh 

Congrats, can share revised picture of your epf projection?

Not that big of a difference, around 500k additional if I push to the current retirement age.

The difference is more if I opt to retire early. If I retire wanna retire by 50, EPF total falls to about half. Power of compounding.

power of constant top up... and big amount at that

What was it that someone said? The 8th wonder of the world, the "compounding interest"?

Truer words were never spoken     

Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it”.

Thank you! And when Einstein speaks, we would do well to listen