Hi all, need your opinion. I'm 56 yrs old, is $1,500 enough if I retire now for the next 9 yrs till I received my CPF Life? My house is fully paid for. Utility bills are all paid by my son.

Depends on your needs and wants.

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• on utilities, is it confirmed that your son will pay all the way or will he be moving out and u need to pay for it yourself one day
• Also what other expenses are there example car related expenses can burn fuels as fast as it burns cash.
• on your wants.. what are your retirement plans? Are you going for restautants and going on holiday? All these can add up to your expenses too

The information you have provided is rather general. Only you can know for sure if the amount you have in mind is sufficient. As a general guide, you will need at least 60% of what you would spend every month (while you are working) to continue with a similar lifestyle.

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I would suggest the following :

• Write down every expenses you make in the next month
• Write down every special events which require you to spend more than your regular monthly expenses e.g. new year ang pow, gifts for family & friends, budgeted travel expenses, etc.
• You will now have an idea of how much you need if you remain well & healthy
• Do keep in mind inflation, therefore your $1500 will be able to buy less every year

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Now to consider additional "aging" costs :

• Review your insurance and know how much medical expenses are covered
• Review your medisave account, if you reached the maximum limit of your account with a additional medical insurance, then you could breath easily
• As you age, you might require more help (i.e. if you become weak and unable to take care of yourself). If your son will not take care of the helper's costs, then it will be additional expenses (generally, it will increase your monthly expenses by $700 to $1000)
• As you age, you might require special equipments, e.g. walking sticks, wheel chair, electrical adjustable beds (with bed rails).

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On a side note :

• Take advantage of all the assistance provided by the government (grants & such) e.g. AIC (www.aic.sg)
• There are often discounts available for seniors in private and public establishments (senior bus fare & such)
• There are off peak offers & discounts available (you no longer have to rush to have lunch during the peak lunch period)

I hope the above is useful to you and helps you in some way.

I don't think it'll be enough considering transport, daily meals, etc. unless you can find a way to plan your finances super frugally i don't think it'll be sufficient.

Depend on ur desired SOL