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How much do you need to retire?

  1. #11

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    I guess maybe I was trying to peer at others on the other side of marriage, possibly with kids, and to see what kind of number they feel like they need to feel secure.
    Things to factor in

    - Will both the spouses work
    - Will insurance be covered
    - What sort of social security net do you have back home if you need/want to leave HK
    - Will you and your spouse want to continue working after the kid(s) or will you retire/semi-retire/start a business
    - Do/Will you enjoy your work or the field you're trained in

    These questions are random... Lots of other factors to consider.
    traineeinvestor likes this.
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  2. #12

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    Thinking of FIRE before marriage and potential kids is like dreaming of retirement fresh out of collage before even starting a career.. Too many unknown variables, completely pointless exercise to come up with any number IMO..

    jrkob, TheBrit, shri and 1 others like this.

  3. #13

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    Quote Originally Posted by shri
    Things to factor in

    - Will both the spouses work
    - Will insurance be covered
    - What sort of social security net do you have back home if you need/want to leave HK
    - Will you and your spouse want to continue working after the kid(s) or will you retire/semi-retire/start a business
    - Do/Will you enjoy your work or the field you're trained in

    These questions are random... Lots of other factors to consider.
    OP will have two spouses? If that's the case, FIRE is clearly out of the question.
    shri, hullexile, mrgoodkat and 1 others like this.

  4. #14

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    Quote Originally Posted by shri
    Things to factor in

    - Will both the spouses work
    - Will insurance be covered
    - What sort of social security net do you have back home if you need/want to leave HK
    - Will you and your spouse want to continue working after the kid(s) or will you retire/semi-retire/start a business
    - Do/Will you enjoy your work or the field you're trained in

    These questions are random... Lots of other factors to consider.
    Private vs public school too. That is a monster decision, financially.
    jrkob likes this.

  5. #15

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    Quote Originally Posted by tck
    Haha. Yeah. Sorry for the lack of details, I was really trying to get a perspective of everyone else's goals.

    Even I find it difficult to actually project my monthly spending down the line. I'm unmarried and without kids, currently own my residence, albeit a one bedroom bachelor pad, so that significantly reduces monthly costs for now.Personal consumption is pretty low, though I do splurge with regards to services like personal training, physiotherapy, etc.

    Really not sure how spending would blow up after marriage and with potential children. Would probably have to move to a more suitable apartment for one. All this feels unimaginably far out though hence the relatively arbitrary 100k number. My actual consumption is just a small fraction of that.

    I guess maybe I was trying to peer at others on the other side of marriage, possibly with kids, and to see what kind of number they feel like they need to feel secure.
    After kids, a lot higher. Add several zeros to your spend at present, and then add a few more.

  6. #16

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    Quote Originally Posted by TheBrit
    Private vs public school too. That is a monster decision, financially.
    Also, will you be wanting private healthcare for your two wives and kids?

  7. #17

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    Quote Originally Posted by nivantj
    Thinking of FIRE before marriage and potential kids is like dreaming of retirement fresh out of collage before even starting a career.. Too many unknown variables, completely pointless exercise to come up with any number IMO..
    Well, maybe we can prevent him/her from breeding and FIREing early!
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  8. #18

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    By the way @tck - do let us know if you start getting PMs from financial advisors offering to meet you over a coffee to help you plan.

    MandM! likes this.
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  9. #19

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    Quote Originally Posted by nivantj
    Thinking of FIRE before marriage and potential kids is like dreaming of retirement fresh out of collage before even starting a career.. Too many unknown variables, completely pointless exercise to come up with any number IMO..
    Coming up with a number even a few years out with the number of kids, spouses etc is still an uncertain exercise.

    That said, putting a number (any number) down on paper gives you an initial target to aim for - the sooner we start planning, saving, educating ourselves and investing the sooner we get there - playing catch up is hard work. Some of my early financial projections and targets turned out to be absolute rubbish - but just going though the exercise and marking a start meant that the effort wasn't wasted.
    shri, pin, jrkob and 3 others like this.

  10. #20

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    Dec 2018
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    Quote Originally Posted by shri
    Things to factor in

    - Will both the spouses work
    - Will insurance be covered
    - What sort of social security net do you have back home if you need/want to leave HK
    - Will you and your spouse want to continue working after the kid(s) or will you retire/semi-retire/start a business
    - Do/Will you enjoy your work or the field you're trained in

    These questions are random... Lots of other factors to consider.
    Depending on where you want to live, you may also need to think about rising taxes - far too many politicians think that they can win office by increasing taxes at the moment.

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