Author: Retire by 50

A different perspective on the Supplementary Retirement Scheme

The Supplementary Retirement Scheme (SRS) was started in 2011 and is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age. It is operated by the private sector (mainly local banks). Participating in SRS is voluntary and you can contribute any amount to your SRS account, subject to a cap ($12,750 in 2015 and $15,300 from 2016 onwards). In 2013, the three local banks administering the scheme said they have seen up to 20 per cent annual growth rate in the number of new SRS...

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Mustachian Googler lives in a van while working in Google and saves 90% of his income

In recent Mustachian news, a Google engineer called Brandon received his 15 minutes of fame when he was found to be living inside a 16-foot 2006 Ford truck and lived in the Google parking lot for free. Unless you have been living under a rock, you’d know that it’s common knowledge that Google pays its employees well and provides one of the healthiest, happiest and most productive work environments possible. Living in a truck was an option that Brandon subjected himself to. Brandon’s story in a nutshell While Brandon was interning at Google last summer, he was living in the cheapest corporate housing...

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Avoiding scam investments: 7 things you should know

Every few years, an investment scam surfaces and clears the coffers of naive investors. Whether it is some miracle water or precious gold bars, smooth-talking salespeople will try to get you to part with your life savings in exchange for them with promises of buying them back later at a higher price. We see scams like this all the time. The business model is often unsustainable and sounds too good to be true. The latest Here are 7 things you should know about scam investments and if you ever come across one, avoid at all costs! Introduce a product...

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Getting the maximum payout with CPF Life plans and private annuities

In my last article about CPF Life policy changes, I’ve analysed how the policy changes will affect my retirement plans and how I would aim to achieve the target of my projected Full Retirement Sum at the age of 55. Ever since changes to CPF Life plans were announced this year, I’ve been been thinking of different ways of maximising my payouts while keeping the option of a bequest available for my family when I pass away. Let’s do a quick recap on CPF Life policies. Retirement Sums, what are they? Doing away with the name, CPF Minimum Sum, CPF has...

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1 out of 3 Singaporeans refuse to eat leftovers – Crazy!

As part of a six-week community initiative inspired to raise awareness of food waste in Singapore, Electrolux conducted a food waste at home survey with 1,000 respondents of ages between 18-65 from Singapore and the results are astounding (at least to me)! Almost 1 out of 3 respondents refuse to eat leftovers! What’s wrong with these people? Unless you cook in perfect portions that are just right for the number of people at the table, it’s impossible not to have leftovers. The fact that a third of the respondents can choose not to eat leftovers clearly shows that Singapore has a food wastage problem on our...

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Retirement lessons I learnt from long distance cycling last weekend

I can pretty much consider October as the charity month of 2015 for me, having participated in a few charity events this month and the main highlight is Ride for Rainbows, a fundraising cycling event that is organised by Club Rainbow. Club Rainbow (Singapore) is a charitable organisation that relies solely on donations from compassionate corporations and kind-hearted individuals to support us in our mission. Set up in 1992, the organisation provides a range of comprehensive support services for the families of children who suffer from major chronic and potentially life-threatening illnesses. Children in Club Rainbow range from newborn babies and youths up to...

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Expense Report: September 2015

It’s back to the norm in September without any travelling and much discretionary expenses. Just when I thought last month’s Net Savings rate was going to be my all-time record high, I’ve smashed it yet again this month, recording a 83.92% Net Savings rate in September. Booyah! Transportation: $65.52 Commuting charges on the B.M.W (bus, MRT, walk) is up by 25% as I haven’t cycled much this month because to the haze. No point saving money and destroying my health in the process. Food: $312.50 I’ve come to realise that when there’s an increase in the use of public transportation, food expenses...

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