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 Basic retirement savings of RM240,000 by age 55

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dogbert_chew
post Sep 26 2024, 09:44 PM

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QUOTE(noien @ Sep 26 2024, 12:44 PM)
1k self cook no debt then ok
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QUOTE(gashout @ Sep 26 2024, 12:50 PM)
240k, can only withdraw 1k+/ month.
enough to eat i guess, basic survival expenses.
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QUOTE(tatabun @ Sep 26 2024, 01:03 PM)
by that time if house settled n car paid off 1k a month can manage kot… really frugal
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QUOTE(ListenToTheWind @ Sep 26 2024, 01:10 PM)

RM 33 pocket money per day, okay la, do-able.
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QUOTE(Chrono-Trigger @ Sep 26 2024, 02:17 PM)
actually can....
after retirement, no.1 expense is food.
RM500 for food old people is enough one.
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Guys, just try for one month.

Am debt free, tried extreme frugal living for 6 weeks in a small town, cycled to speedmart, wet market, basic phone plan, cooked daily one meal breakfast outside roti canai or nasi lemak, one fridge, no aircond fan only, self wash clothes no wash machine, basic groceries eg toothpaste, detergent, bananas, cooking oil, toilet paper

Exclude any internet bills, medical cost, haircut, pet expenses, car trips visit kids, toll & petrol (assume no car) teh tarik with friends, race & competitions, home appliance purchase or repairs, house maintenance, clothings, etc

Spent RM2,430 for 6 weeks. PM me for breakdown if interested. Conclusion - need at least RM1.5K monthly for single healthy retired male in small town with fully paid and furnished premises (with no maintenance fee)

dogbert_chew
post Sep 27 2024, 10:20 AM

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QUOTE(keybearer @ Sep 27 2024, 10:10 AM)

The groceries are not fully cheapo kind either, once in a while buy 2kg ribs or some premium cut for cooking, full seafood course for a week, durian takeouts, etc.

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I can't go below RM1.5K, likely the groceries are main differences
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dogbert_chew
post Sep 27 2024, 10:35 AM

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QUOTE(keybearer @ Sep 27 2024, 10:26 AM)
Yeah but the point is why do people budget >5k per month just for groceries?

You probably don't go out to eat as much, don't even eat that much in general either for that matter at that age.
My parents even don't want to travel to anywhere that uses airplane anymore, they said the whole transit via airport thing is too exhausting at their age.
Doesn't really cost much if you're just chilling, gardening at home, etc.
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Sidetrack a bit..

As an athletic still participating in races, nutrition is crucial even in old age. Eg power gels, protein shakes.

Suggest your parents ensure some form of anaerobic activity

 

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