a lot of people keeps claiming that xxx amount not enough to retire.
some say rm5mil, some say rm2mil, some say rm10mil also not enough.

reality is majority of people never do hit this "savings" amount in their entire lifetime and majority people still somehow survive it.

true, one may not get to experience the luxury lifestyle that one aspires to or get used to when working in their prime, but let's accept the fact that most people do get by with much smaller savings upon retirement.

KWSP official stand is to target for minimum RM240k by 55. am pretty sure they have certain basis for it. you wanna be better or over achieve it, good for you if you do.

but to what end? continue to chase your RM10mil, RM20mil, etc? work until the day you die?

Some parents prefer to leave a certain amount of money to next generation. so...

Some of them likes to work. so....

While some of them like us struggle to maintain a positive cash flow month to month

There isn't one size suit all but what i can confirmed is that 240k livable assuming no masuk private hospital and having fully paid property and vehicle

I am confirming die die also don't want to wait at gov hospital, so i target to achieve 2M

Bro...the RM240k is a joke. Totally unrealistic. Their basis was based on decades ago and only been updated once or twice to the RM240k figures now.

When I was a kid, chap fan can be eaten for RM1. Now RM10 also cannot.

Yes, you need to do a calculation because everyone's assets are different. But if you want to live comfortably (and I mean no lavish lifestyle), RM 3 mil is roughly the net worth mount you will need in order to generate passive income PERPECTUALLY between RM5k to RM10k per month, depending on the type of assets your net worth is.

Sure you can get by with say RM500k....but you better find some source of active income and continue working and basically no retirement for you.

Here is a recent article on this issue. Although it's much lower than my calculations (because I want it runs PERPECTUALLY), this article at least set a much more realistic target even if you expect the retirement nest to dwindle down to zero but at least have 20 years to it. Again, RM240k is a joke.

https://ringgitplus.com/en/blog/retirement-...o-30-years.html

This post has been edited by CommodoreAmiga: May 19 2023, 05:41 PM

beggars are also...

financially independence n retire early.... hmmm...

There r many hidden millionaires among us based on the recent scam reports. Victims like teachers, lecturers.... being scammed million RM.

240K is surely tak cukup.
Calculate based on current living costs per mth + 7% inflation multiplier + medical costs + funeral package costs and times the remaining years till at least 80. Consider also costs for nursing or old folks home costs at RM3-5K per mth. If got filial kids to pay all these, then its all fine and dandy.

<-- a person who work in healthcare center.

I gonna tell you, for plating/orthopedic/fracture/implant/PRP injection case, private will have faster access.
HOWEVER,
For those serious stuff that requires ICU care and ventilation care.... 100k can be easily depleted every week... and government ICU care is very awesome, i gotta tell you.
Burn case also , better go to government care with burn unit...

For me , i arrange in such way :
Critical care / Red case : Definitely government (Polytrauma with multiple systemic issue)
Yellow high risk : Government
Yellow low risk : Private (normal arm fracture , or Osteoarthritis need change joint aka THR / TKR )
Green risk : Private / F/Up at Klinik Kesihatan for medication


This post has been edited by Haloperidol: May 19 2023, 06:30 PM

Can explain with more examples for red case/yellow high risk case since you're working in healthcare sector?

It is a joke because they based upon everything is cheap at rm1k per month for the next 240 months whereby healthcare and transportation are govt subsidised 🤦‍♀️ hence why rm1k is the figure taken upon into it for living and cost of foods factored into it 🤦‍♀️

For those case that requires urgent attention, you can be rest assured that you will be treated accordingly.

Example,
Open fracture
- you fall off the motorbike, there is a wound until you can see the bone.
- according to guideline you need the surgery within the golden hours or else infection rate comes in sky high rate.

Example,
Appendicitis
- If you dont open it and take it out, has big risk to perforated aka burst and become more bad
- Usually appendix will do on Midnight as Morning/Afternoon for more life-or-death scenario case.

Example,
Severe TBI (Traumatic Brain Injury)- mostly will send to Gov to do lol.

there are some more example, mostly is "if you dont do it now, you will worsen over time" that kind of case.
- those case can go to government as they will treat you ASAP.
- of course this knowledge is kinda privillaged as it is up to certain doctor/specialist/consultant that decide which operation is urgent


---
For those which best seek care at private

Example, Cataract
- ofc gov has initiative to do those surgery but waiting list so long.
- waiting list in 3 to 6 month plus lol.

Example, Reducible Hernia
- waiting list for GA (with general anaesthesia) around 7 to 10 month lol
- waiting list for LA around 3 to 6 month lol
- trust me you wont like Local Anaesthesia operation hahaha.

Example, TKR / THR, Joint Replacement, Steroid Injection (maybe)

Mostly elective surgery that you dont feel like to wait lol

This post has been edited by Haloperidol: May 20 2023, 08:12 AM

Basically, for something you gonna die, go to gov hospital. Something that is non lethal, proven treatment, go to private for faster treatment and no long queue.

non lethal, proven treatment, -- this statement isn't correct lol
Government gives you proven treatment , heck , is more regulated some more.

You can ask , "will you die on tomorrow or next 1 week (???) after this incident" , if yes , better go government Emergency
(but you need an appropriate judgement on this , best taken from HCW perspective , it is very bad if you think you are fine but actually you has emergency condition)

Generally if they say they wanna put you on Elective list (operation in few months) and you can't wait it, then you can go private.
My relative was put on elective list for hernia like ... 8 months to come.
Decided to use insurance to go private, able to get the surgery on next week

This post has been edited by Haloperidol: May 20 2023, 08:22 AM

since you have retired, can you please share your usual monthly expenses? and if you are doing well so far?

are you net positive or net negative end of every month? (all dividend+ interest+ profit - expenses)

im trying to estimate my own financial health

Every month, can be positive or negative. But if I don't count my budgeted major expense (mainly my kid's education for next 3-4 years), I look at yearly net worth, it's actually still positive the last few years.

Anyway, I live frugally where possible.

If you don't mind me asking, are you below 50?

You saying kid still have 3-4yrs education presumably tertiary.. hence armchair deduction/assumption you are below 50?

This post has been edited by gamenoob: May 20 2023, 08:49 AM

Early 50s now..hehe

so only for yourself, 1.5k enough for 1 month?

generous a bit, 2k ok right? excluding splurges like holiday etc.

so 24k/ yr, ok right

but your epf is giving you around 4k+ per mth, so technically its net positive, right?

so everyone should just strive for 1 mil epf if they wanna FIRE

This post has been edited by gashout: May 20 2023, 09:01 AM

Eh cannot lah...haha..need more than that. Ayam seekor RM20 already. If count per person, maybe RM 2.5k lah on safe side.

Holidays lain kira lor...like this year blown on Japan Horiday. Ok lah, not like I go every year. Local holidays I have no interests...waste money only. Want to go, either go big or go home (literally) and watch Netflix.

Yesterday blown RM1.6k because Graphic card rosak..., but these are very abnormal kind of spending.

This post has been edited by CommodoreAmiga: May 20 2023, 09:06 AM

so agak agak berapa a month?

excluding trips... those are luxuries

Ah OK OK. I'm in same situation except no retirement yet. Got to slaughtered for 3 more years and then I can chillax a bit and get that JDM coupe or convertible while I'm officially "loanable" by the bank.